Debt Settlement Arrangement (DSA)

What is a DSA?

A Debt Settlement Arrangement (DSA) is a legal agreement between someone who owes money and their creditors. It can only include unsecured debts, such as credit card debt or personal loans. A DSA can last up to 5 years, with a possible 12-month extension, and can only be obtained once in a lifetime.

A DSA is a debt solution that allows you to make affordable payments towards your unsecured debts over a period of up to 5 years. At the end of the DSA, any remaining unsecured debt is written off.

To get a DSA, you need to work with a Personal Insolvency Practitioner (PIP). A PIP will look at your income less reasonable living expenses to determine how much should be paid to your creditors. The PIP will create a plan that you agree to, and then it must be approved by a majority of your creditors. The plan is then processed by the Insolvency Service of Ireland (ISI), approved by a court, and registered on a public register maintained by the ISI.

While the DSA is in effect, your creditors cannot take legal action against you or your assets. If you successfully complete the DSA, you will be discharged from your unsecured debts at the end of the relevant period.

In summary, a DSA is a way to legally settle unsecured debts with creditors, and it can protect you from legal action while it is in effect.

What is a PIP?

A Personal Insolvency Practitioner, or PIP for short, is a licensed professional who can help you explore debt solutions such as a Personal Insolvency Arrangement (PIA) or a Debt Settlement Arrangement (DSA). As a PIP, we can confirm that we are independent professionals who are authorised by the Insolvency Service of Ireland (ISI) to provide debt advice and solutions to individuals who are struggling with debt. We are not associated with any specific bank or financial institution, and our advice is unbiased and objective. Our primary goal is to help you explore all the available options and find the best solution for your unique situation.

Am I eligible for a DSA?

To apply for a DSA, you must be unable to pay your debts in full as they fall due.
At least one of your debts must be to an unsecured creditor i.e. credit card, credit union etc.
If your unsecured debt is less than €35,000 you may be eligible for a Debt Relief Notice. You should contact your local MABS office more information on this. A DSA is usually more appropriate to debts greater than €35,000.
If the answer to the above is “yes”, you could contact us to verify your eligibility on 1800 99 00 99.

Am I too late?

Are legal proceedings under way? To avail of a DSA an application for a protective certificate should be applied for. A protective certificate gives you protection from your creditors and can put a halt to any enforcement actions i.e. registering of a judgment mortgage against you. In such urgent circumstances you should contact us by freephone 1800 99 00 99 to discuss your case.

What type of debt may/may not be included in a DSA?

Unsecured debts such as credit cards and personal loans may be included in a DSA. Secured debts like mortgages cannot.

What is a Protective Certificate?

A Protective Certificate is a certificate issued by the courts that protects you from legal action by your creditors while you are seeking a DSA. It lasts for 70 days.

What are your main duties and obligations in connection with a DSA?

Your main duties and obligations in connection with a DSA include making regular payments towards your debts and providing accurate financial information to your PIP.

Will it affect my credit rating?

Participating in a DSA may affect your credit rating and your ability to obtain credit in the future.

Will my details be published anywhere?

Details of your DSA will be published on the ISI’s register of DSA’s. Once you successfully complete your arrangement, your name will be removed from the register.

Can I fail my DSA?

Yes, a DSA may fail if you fail to make your payments or if you breach the terms of the agreement. You can only enter one DSA in your lifetime. If it fails, all of your debts plus continuing interest will be reinstated.

I believe I have a legal case against my lender. Can a DSA assist with this?

Unfortunately not. A DSA deals with agreed debts with your lenders. If you have a dispute with your lender, a DSA is not a legal remedy to resolve this. In that case, you should contact a solicitor or the financial ombudsman.

How much will a DSA cost?

The cost of a DSA will depend on your individual circumstances and the fees charged by your PIP. However, the fees must be reasonable and proportionate to the work carried out.

What Our Clients Say

"Thank you Cathal for all your work to secure our home and give us peace of mind in our final years"

V & A
PIA Clients

"I am so grateful to you for all of your work to keep me in my home. The stress was just unbearable. But the moment we first met I knew you understood my situation and were there to help.

V Mc
PIA MTR Client

"We had buried our head in the sand and were up in court for repossession. We met with Cathal who worked on a plan to not only keep us in our home but put us on a path to own it. The debt collector's are now gone and we can focus on living stress free again.

N & U
PIA Clients