The Insolvency Service of Ireland, which helps people tackle personal debt problems, said it saw an increase in demand for its services last year with applications for insolvency solutions, other than bankruptcy, increasing by 20% compared to 2022.
In its annual report today, the ISI said 72 people were adjudicated bankrupt in 2023, down from 105 in 2022. 99 people also exited bankruptcy last year.
More than 1,560 new insolvency applications were made last year, while the ISE website reported a total of 87,791 visits.
The ISI added that a total of 1,001 debt solutions were put in place, while a total of 1,325 Protective Certificates were also issued, 90% of which were for Personal Insolvency Arrangements - the solution that deals with mortgage debt.
During the year, the Government announcement of the extension of the Abhaile scheme - which offers free support services to people in mortgage arrears - until December 2027.
The scheme is one of the main gateways to a Personal Insolvency Arrangement (PIA), the solution dealing with mortgage arrears, and the ISI said its extension is especially important as the majority of debtors using the service are in mortgage arrears of more than two years.
Today's report shows that 1,625 Abhaile vouchers were issued for a free "Personal Insolvency Arrangement" - PIP - consultation last year.
The ISI noted that of those borrowers who availed of a PIA, 96% had terms which saw them remain in their family home while 42% of debtors had a reduction in their mortgage debt through a write-down.
The director of the Insolvency Service of Ireland, Michael McNaughton, said that 2023 was another difficult year for households and individuals who had to cope with significantly elevated cost of living levels.
Mr McNaughton noted that over the 10 years since it was established, over 14,000 people have used the solutions available through the ISI to return to solvency.
He encouraged anyone with serious debt issues to visit www.backontrack.ie or call the ISI on 01-7644200. People can also freetext GETHELP to 50015 for a call back from the ISI.
