Gather your information
It is a good idea to find all the information you will need now.
That way, you will have it ready to send when you are asked for it.
Your IP will need:
- Proof of your income
These can be payslips or benefit letters and bank statements. They must show your name and be dated in the last three months.
- Details of your debts
You will need statements from each of your creditors. The account number, name, and the address for each creditor must be on these. They must also be dated in the last three months.
You do not need to send these yet. But keep them handy. Your IP will tell you where to send them when they get in touch.
Contact one of our recommended insolvency practitioners
Get in touch with one of these insolvency practitioners:
This is your chance to ask any questions. You will get to know the IP that will manage your PTD.
They will talk through the application process and make sure you are happy to go ahead.
Your IP will complete your application for you
Most of the work is done for you. There is some information you will need to send to them to get started.
When you have signed and returned the application to the IP, they can send it to your creditors. It will be accepted unless more than half of your creditors object to it.
Once it is agreed, your PTD is put on the public Register of Insolvencies. It will also show on your credit file for six years.
You will need to make the agreed monthly or lump sum payments. The IP takes a fee from this for looking after your PTD or selling any assets. The rest will be shared among your creditors.
Apply for a Debtor Moratorium
This means creditors cannot take court action against you for six months. This is not the case for any that action has already started.
To make a request, follow these steps:
- Visit https://roi.aib.gov.uk/roi
- Click ‘accept‘
- Click ‘create debtor moratorium’
- Fill out the form and follow the steps
Tell your creditors you are getting our help
Please contact your creditors and ask for time to deal with your debts.
Ask them what "forbearance" is available.
This means you are asking your creditors to hold back from forcing you to pay your debt, or taking further legal action.
They will usually:
- Stop their collection process
- Give you time to set up your debt solution
- Leave you alone for 30 days after you tell them you are getting help.
Give them a call or send them an email. There is a template in the 'Your next steps' section of your Personal Action Plan.
If you successfully apply for a debtor moratorium, creditors cannot take court enforcement action against you for six months. This is not the case for any action has already started.