Firm Advice Debt Settlement Arrangement

Debt Settlement Arrangement – (DSA)

A DSA is only for unsecured debts including credit card loans, personal loans,
personal loans and store cards. There is no limit on the amount of debt, and you are protected once the DSA is in place.

  • Personal Insolvency Practitioners (PIP’s) are licensed by the Insolvency Service of Ireland (ISI) to make an application for a Debt Solution on your behalf.
  • At the meeting, we will assess your options and let you know if a DSA is the right solution for your situation.
  • We will apply to the court for a Protective Certificate which stops your creditors taking any further action. You are not required to go to court.
  • The PIP will put forward a DSA proposal to the creditors ensuring you will be left with enough money to maintain a reasonable standard of living.

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Starting the DSA Process

Personal Insolvency Practitioners (PIP’s) are licensed by the Insolvency Service of Ireland (ISI) to make an application for a Debt Solution on your behalf.

The assistance of a PIP is required to set up a DSA.

What you need to do

Start collecting details of your debt. This includes a list of what you owe and to whom, details of payments you have missed, as well as details of your income, average spending needs and any assets you may have. Bring these with you to your meeting with the PIP.

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What Firm Advice will do

At the meeting we will assess your options and let you know if a DSA is the right solution for your situation.

We will apply to the court for a Protective Certificate which stops your creditors taking any further action. You are not required to go to court.

The PIP will put forward a DSA proposal to the creditors ensuring you will be left with enough money to maintain a reasonable standard of living.

If the creditors agree to it and the court is happy with your application, your DSA is formally agreed.

During your DSA Arrangement

  • The PIP will inform you of your monthly payments and the DSA Bank Account.
  • All payments to your lenders will cease and you will make payments to the DSA Bank Account.
  • You must let us know if your income or living costs change.
  • You will have an annual review.
  • If you need credit of more than €650.00 your must inform the lender of your DSA.
  • Your credit rating will be affected during a DSA but will improve over time if you do not run up any more debt.
  • If you fail to make the agreed payments your DSA will be cancelled and you will no longer be protected from legal action being taken by your creditors.
  • At the end of your DSA you will be discharged from any remaining debt and your name is removed from the Register of DSA’s.
  • You are now solvent.
  • Please also refer to the DSA Guide published by the ISI.