MABS welcomes passing by the Oireachtas of Personal Insolvency (Amendment) Bill 2020

The Money Advice and Budgeting Service (MABS) welcomes the passing by both the Dáil and Seanad of the Personal Insolvency (Amendment) Bill 2020. The Bill will be sent shortly to the President for his signature.

The Bill, initiated in September 2020 by Minister for Justice and Equality Helen McEntee T.D., makes a number of urgent changes to the Personal Insolvency Act 2012, to help people who are struggling to pay their debts to have more effective access to personal insolvency processes and solutions, in light of the COVID-19 pandemic.

The Citizens Information Board (CIB) and the Money Advice and Budgeting Service (MABS) have been working with the Department of Justice and Equality to bring about these much-needed changes.

Speaking on behalf of MABS, Michelle O’ Hara, South Leinster, Regional Manager, said: “You can now have assets (including savings) of up to €1,500 and be eligible to have your debts of up to €35,000 written off if you are struggling to pay them”. She added: “There is also good news for mortgage holders, if they have been refused a personal insolvency arrangement (PIA), they can now seek a court review regardless of when they fell into arrears’.

She advises those with mortgage arrears to contact Abhaile – the free mortgage arrears support service. These service supports are available through MABS.

Michelle added: “We in MABS are dealing every day with people who are struggling with debt and the economic impacts of Covid-19. Our recent research shows that the impact is both emotional and financial. Our helpline, messenger service and local services are dealing with clients who have a range of concerns from utility bills and credit card debt to more serious mortgage arrears difficulties. MABS always has your back and is here to support you.”

We are in the process of updating our information on Debt Relief Notices (DRNs). If you’d like to get more information or speak with an adviser call the MABS National Helpline on 0818 07 2000, Monday to Friday, 9am-8pm, WhatsApp 086 035 3141 or find your nearest MABS office.