Brought to you by the Insolvency Service of Ireland.
It’s all too easy to slip into debt.
You try to get on top of things but the debt just keeps growing. Being in debt can be a vicious circle and it’s sometimes hard to see a solution. It may not seem like it at the time but there are always options.
It's hard to know where to turn when you’re struggling with debts but it pays to get some expert advice. In these situations, knowing your options is the first step to turning things around. It may be a cliché but knowledge is power.
Imagine having free access to an expert debt advisor who could answer all your questions with no judgement? Well, now you can. It doesn’t matter if you’re asking about credit card debt, if you’re constantly borrowing to pay your bills or if you’re struggling with a mortgage.
JOE and the Insolvency Service of Ireland (ISI) have come together to provide you with free money advice from expert debt advisors. All you need to do is ask us whatever money or debt questions you have and we’ll get you the answers that you need.
We can also tell you what solutions are out there depending on your circumstances. The following may be exactly what you need.
1. Debt Settlement Arrangement (DSA)
Debt Settlement Arrangement can help you deal with debts such as credit cards, loans and overdrafts. Your professional advisor will deal with your creditors on your behalf so unwanted phone calls, letters or visits will be a thing of the past.
2. Debt Relief Notice (DRN)
If you have a low income, few assets and debts of less than €35,000 that you can’t repay, then a DRN could be the solution. The “few assets” clause does mean that mortgage holders won’t be eligible for this solution.
3. Personal Insolvency Arrangement (PIA)
If you have secured debt and unsecured debt that you can't repay, a PIA could be the right option for you. This solution is for people with a mortgage who find themselves unable to deal with their debts. A PIA is a formal agreement with all your creditors that they will write off some of your unsecured debt and restructure any remaining secured debt.
4. Bankruptcy
Bankruptcy is an option if you owe more than €20,000 and have tried all the other options. When you're declared bankrupt, your property and possessions are transferred to an Official Assignee, who arranges for those items to be sold and the money generated from the sale is distributed to be given to your creditors.
If you want to find out more about the options that are available to you, you can ask our experts and their answers will be posted. Your questions will remain totally anonymous but we’ll be printing all our experts' answers in an upcoming "Ask the Money Experts Q&A" in JOE.
The Insolvency Service of Ireland (ISI) is an independent government organisation with a range of debt solutions for people with all levels of problem debt – from credit cards to mortgages.
The ISI - together we will get you back on track. Check out the website here.
Brought to you by the Insolvency Service of Ireland. 
