Since the Insolvency Service was launched in 2013 there have been just 6800 applications for debt relief. Made up of about 1000 DRNs and 5000 PIAs and the rest were DSAs
Of those applications – 24.5% were from unemployed people and 63.7% were from working people. The rest were from students/ retired or housewife/househusband.
Male applicants made up 52.3% and female made up 47.7%.
The highest rate of Insolvency applications were from Co Waterford (32.6 per 10,000 adults). In second place was Co Wicklow at 21.8 per 10,000 adults.
The county with the lowest application rate was Limerick at 5.9 per 10,000 adults.
Co Kildare had the highest rate of Bankcruptcy applications – 7.5 per 10,000 adults – whilst Kerry had the lowest (2.2 per 10k)
A DEBT RELIEF NOTICE (DRN) PROVIDES FOR THE WRITE-OFF OF QUALIFYING DEBT UP TO €35,000 SUBJECT TO A 3 – YEAR SUPERVISION PERIOD.
A DEBT SETTLEMENT ARRANGEMENT (DSA) PROVIDES FOR THE AGREED SETTLEMENT OF UNSECURED DEBT WITH NO LIMITS INVOLVED OVER A PERIOD OF UP TO 5 YEARS.
A PERSONAL INSOLVENCY ARRANGEMENT (PIA) PROVIDES FOR THE RESTRUCTURING OR SETTLEMENT OF SECURED DEBT
UP TO €3M AND THE SETTLEMENT OF UNSECURED DEBT OVER A PERIOD OF UP TO 6 YEARS