Debt settlement arrangement (DSA)

• Affordable repayments – Repay only what you can realistically afford.
• Legal protection – Creditors cannot take enforcement action while the arrangement is in place.
• Debt forgiveness – Remaining unsecured debts are written off at the end of the arrangement.
• Stress-free process – Our PIPs handle negotiations and legal requirements.
• Faster resolutions – We offer accelerated DSAs for quicker financial recovery.

You may qualify for a DSA if:

1. You are unable to pay your unsecured debts as they fall due.
2. You owe money to at least one unsecured creditor.
3. You have a surplus income after covering reasonable living expenses.

However, you are not eligible for a DSA if:

• You have gained 25% or more of your unsecured debt within the last six months.
• You are subject to another insolvency arrangement or bankruptcy restrictions.
• You have had a DSA before (with limited exceptions).

1. Consultation with a Personal Insolvency Practitioner (PIP) - Your journey begins with a consultation with a licensed PIP who will assess your financial situation.
2. Prepare a prescribed financial statement (PFS) - This document details your income, expenses, debts, and assets and forms the basis of your proposal.
3. Apply for a protective certificate - A protective certificate, issued by the Insolvency Service of Ireland (ISI), shields you from creditor actions during the negotiation period.
4. Proposal development - Within 70 days, your PIP drafts a customised repayment proposal to present to your creditors.
5. Creditor vote - The proposal is approved if creditors representing 65% of the debt value agree.
6. Debt resolution - Once approved, your DSA becomes legally binding. You make affordable payments for the agreed term, and upon completion, remaining debts are written off.