Our Solutions aim to achieve Financial Stability and bring Peace of Mind back to your Life.
Resolve Mediation endeavours to put into place tailored solutions to your financial issues based on your individual situation.
These solutions can range from informal agreements to more structured solutions.
Where Mediation and Negotiation have not achieved the desired result, there are further options available through our affiliation with PKF-FPM Accountants Ltd.
These solutions utilise the Insolvency Act 2012 and may be the most suitable option to obtain financial stability and ease the stress and worries which accompany financial difficulties.
Negotiation and Mediation
The option which is usually the starting point is that of Negotiation and Mediation.
Resolve Mediation become the Financial Institution’s point of contact.
We then begin the process of discussing options as to how to put an alternative re-payment plan in place or discuss options for a more definitive solution such as a settlement figure.
We have had very positive results using this method.
Personal Insolvency Options
With the new Insolvency Legislation, there are now several options available which can help people in debt before resorting to bankruptcy.
These options can only be considered where Mediation and Negotiation fails.
The options listed below are considered to determine the most suitable for your individual circumstances and are put in place through our affiliation with PKF-FPM Accountants Ltd.
Depending on your income and assets, the type of debt, and how much you owe, these options include:
Debt Settlement Arrangement (DSA):
This solution may be suitable if you have unsustainable debts but do not have any loans secured on property.
Under a DSA, you pay off as much of your debt as you can and, at the end of the DSA period, the remaining debt is written off.
Under Irish law, an individual can only avail of a DSA once in their lifetime so it is very important to take advice before deciding whether this is the best option for your particular circumstances.
Debt Relief Notice (DRN):
If your debts do not exceed €35,000 and you have little or no income or assets, you may be eligible to apply for a DRN.
A DRN lasts for three years, during which time you do not have to make any payments to your creditors. At the end of the three-year period, your debts are written off.
You can only have one DRN in your lifetime.
Personal Insolvency Arrangement (PIA):
Under a PIA you can settle or restructure both your secured and unsecured debts, i.e. your mortgage (secured) and your credit card debt (unsecured).
You apply for a PIA through a Personal Insolvency Practitioner. The duration of the PIA is usually six years during which time your creditors cannot take any legal or debt collection action against you.
You can only avail of a PIA once in your lifetime.
In this option your family home is protected.
Bankruptcy:
If your unsustainable debt exceeds €20,000 you may be able to apply for bankruptcy.
This is a High Court procedure. When you become bankrupt your assets are sold and the proceeds distributed among your creditors.
Any outstanding debt is then written off. Usually, you will be discharged from bankruptcy after one year.
It is very important that you speak with someone when you are in financial difficulties and get the appropriate advice. Whether you use our services or not, we would recommend that you speak with MABS.
MABS is free, confidential and independent.
MABS Helpline
0761 07 2000
(Monday to Friday, 9am to 8pm)
For a callback from the helpline, email:
helpline@mabs.ie