Debt Settlement Arrangement

A Debt Settlement Arrangement (DSA) will provide for the agreed settlement of unsecured debt with one or more creditors over a period of 5 years, with a possible agreed extension to 6 years.

You may apply for a DSA if the level of your income, assets and debts would make you ineligible for a Debt Relief Notice. You must be able to make some repayments to your creditors in return for a discount of your debts.

The DSA will be a voluntary arrangement and it will have to get the support of creditors representing at least 65% of your total debt. You must process your application through a Personal Insolvency Practitioner (PIP).

This is a professional who will have been approved and registered by the Insolvency Service of Ireland to operate DSAs and Personal Insolvency Arrangements. When the agreed period ends, and if your DSA has operated successfully, you will be discharged from the debts that it covered.