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Debt Settlement Arrangement

A Debt Settlement Arrangement (DSA) is suitable for the agreed settlement of unsecured debt. You must be insolvent i.e. unable to pay your debts as they fall due with no prospect of solvency for 5 years.


Eligibility Criteria:

  • For unsecured debts of any amount. There are no maximum or minimum limits.
  • It only applies to unsecured debts i.e. if you did not give property or goods as security against non-payment you may be eligible. If you did give security against your loans then Option Three – the Personal Insolvency Arrangement (PIA) would be suitable.
  • You must be domiciled in the Republic of Ireland or you must have, within the past year, been resident in the Republic of Ireland or had a place of business there.
  • 25% or more of your debt cannot have been acquired in the past 6 months.
  • You cannot have availed of a DSA previously.
  • You cannot be the subject of either a DRN now or within the last 3 years, a PIA now or within the last 5 years.
  • You cannot be a bankrupt or subject to a bankruptcy measure or have been discharged from bankruptcy within the last 5 years

How it works:

  • You must complete a Prescribed Financial Statement and make a statutory declaration confirming it is complete and a true statement of your affairs.
  • It lasts for 5 years and may be extended by another one year.
  • During the term of the DSA, the debtor is protected from legal proceedings by his/her creditors.
  • 65% of your creditors must approve the arrangement proposed.
  • Debt consolidation, parking of debt, interest only options, sale of non-performing assets, debt plans, debt forgiveness at the end of the arrangement are all options which may be considered under a Debt Settlement Arrangement.
  • If you comply with the arrangement, as agreed, you will be discharged from the debts which are the subject of the DSA at the end of the period, and you will be solvent.
  • You must apply through a qualified and registered Personal Insolvency Practitioner (PIP). www.isi.gov.ie

If you feel that a Debt Settlement Arrangement would be the best way forward for you or you would like to discuss the options confidentially, please contact us.
This service will focus totally on your specific, unique circumstances, providing you with confidential, expert support to allow you to avail of relief under the new legislation.
Our team understand your needs and concerns and are able and ready to assist you in making the key decisions to move on with your life.

*In contentious business, a solicitor may not calculate fees or other charges as a percentage or proportion of any award or settlement