FAQs
Got Questions About Personal Insolvency? You’re Not Alone.
If you’re struggling with debt, chances are you’ve been overwhelmed by questions:
What are my options? Will I lose my home? What will people think? What happens next?
We’ve helped hundreds of people across Ireland find real solutions through Personal Insolvency Arrangements (PIAs) and Debt Settlement Arrangements (DSAs).
Here are the most common questions we hear — answered clearly and simply.
PIA/DSA FAQ’s
What are the Personal Insolvency Solutions that a Personal Insolvency Practitioner can provide?
A PIA, or Personal Insolvency Arrangement is for both secured and unsecured debt.
A DSA or Debt Settlement Arrangement is for unsecured debt only.
Both resolution mechanism are legally binding and supported by law. Every month you pay your creditors one affordable payment through your Personal Insolvency Practitioner who in turn distributes that payment to your creditors. Any unsecured debt balances that remain after the PIA or DSA is complete are written off, while secured debt balances are dealt with according to the terms of the PIA agreement.
What is a Personal Insolvency practitioner (PIP)?
How long does a PIA/DSA last?
A DSA has a maximum duration of 5 years which can be extended by a year if you have an emergency and have to take a payment break.
What debts can be included in a PIA/DSA?
A DSA is for unsecured debts that would mainly be loans, credit cards, store cards and overdrafts.
PIAs differ from other debt resolution mechanisms in that you must have at least one secured debt to apply. Unsecured debts can also be included. Secured debts would include mortgage arrears, hire purchase agreements and any loans secured to a property that you can no longer afford to pay.
Do I have to actually live in Ireland to have a PIA/DSA?
Will I have to sell my home?
What if I have a buy-to-let property but I’m renting at the moment?
In general, buy-to-let properties will typically be sold to reduce debt and restore you to solvency.
What will happen to my assets if I have a PIA/DSA?
Will I lose my car?
Could I lose my job if I have a PIA/DSA?
In our considerable experience to date, not one client has lost employment due to entering into a PIA or DSA.
Could a PIA/DSA stop me getting a job?
Can I have a PIA/DSA if I am self-employed?
Can I have a PIA/DSA if I am unemployed?
Do I have to deal with my creditors?
Does a PIA/DSA affect my credit rating?
Yes, a PIA/DSA will affect your credit rating and it is unavoidable. However, if you are applying for a PIA/DSA your credit rating has already been affected. By completing a PIA/DSA you will begin the journey/process to restoring your credit rating.
What if I change my mind and don’t want to do the PIA/DSA anymore?
Can I keep an inheritance or lottery win?
In general, 75% of winnings will go into a PIA/DSA.
Can I keep a credit card?
Can I keep my bank account?
Bankruptcy FAQ’s
What does it mean to be declared bankrupt?
When you are declared bankrupt, your property and possessions are transferred to a person called the Official Assignee. They then arrange for those items to be sold and the money generated from the sale is distributed to the people you owe money to (your creditors).
Do I have to deal with my creditors?
Am I entitled to a reasonable standard of living?
What type of debt could be included in a bankruptcy?
What are the consequences of bankruptcy? For example, what happens to my family home and other assets?
How long does bankruptcy last?
For detailed information, and access to the ISI Bankruptcy guide, please follow this link.
Still Have Questions?
Use the form below to ask your question, and one of our team will get back to you as soon as possible.