A Debt Settlement Arrangement (DSA) is an insolvency solution for people who have unsecured debts/credit cards/loans/overdrafts and cannot meet their repayments. You are eligible for a Debt Settlement Arrangement if you have no mortgage related debt, but you may also be eligible even if you have mortgage related debt where this is affordable but the unsecured debts are not.

A Debt Settlement Arrangement is a formal agreement with creditors that allows for some write-off of debt. With this solution you agree to pay a percentage of your overall debt over a specified period of time. At the end of that period your unsecured debt will be written off and you will be solvent.

The PIP fee for agreeing and implementing a DSA is built in to the arrangement and is included in your DSA payment. Your DSA payment is calculated after allowing for reasonable living expenses and any special circumstances you might have, such as ongoing medical costs. There may be a fee for the initial consultation, which will be agreed with you in advance.

In order to apply for a Debt Settlement Arrangement you should contact a Personal Insolvency Practitioner (PIP) – these are a network of qualified professional advisors regulated by the Insolvency Service of Ireland to deal with Debt Settlement Arrangements and are experts in the area of debt advice.