Credit Rating

In general terms, it is important to understand that all debt solutions are likely to result in damage to your credit rating. This can cause difficulties in obtaining credit in the short term and there is some likelihood that such difficulties may continue in the medium to long term.

In connection to all debt solutions we draw your attention to the following specific subjects:

Certain account specific information is held on your credit record. Missed payments, late payments, or reduced payments, might be reported to credit reference agencies and the information that is reported may remain on your credit file for five years.
A damaged credit rating will potentially restrict access to all types of credit. The terms upon which any type of credit is offered to you may be less beneficial than those available to persons with good credit records.

In connection to personal insolvency debt solutions (bankruptcy, PIA, DSA, DRN) we draw your attention to the following additional subjects:

Restrictions may be placed upon obtaining any further credit.

Public information, such as that held on personal insolvency registers, may be added to your credit file.

You may wish to make checks in advance that your employer and/or professional membership body will allow you to enter into a personal insolvency procedure without consequence for your employment or ability to carry on trading in your profession.