A DSA is only for unsecured debts. These include credit card loans, personal loans, store cards and business loans. You cannot include secured debts such as your mortgage.
A DSA will normally last up to 5 years (or 6 years in some cases). During this time the unsecured creditors named in your DSA cannot take any legal or debt collection action against you.
A DSA allows you to pay off as much of your unsecured debt as you can, with the outstanding balance after 5 years (or 6 years in some cases), written off.
You must apply for a DSA through a Personal Insolvency Practitioner (PIP). This is someone licensed by us to make DSA or PIA applications. You can find a list of PIPs on our website www.isi.gov.ie
Here is how it works:
1. You apply for a DSA through your PIP.
2. If the ISI and the Court are happy with your application, your PIP gets 70 days to develop a proposal, to be put to your creditors.
3. You have to agree to the proposal.
4. Creditors representing 65% of your debt must agree with the proposal.
5. The ISI and the Court carry out final reviews of your case and you will then get a DSA.
6. We will put your details on a public Register of Debt Settlement Arrangements. (It will include your name, address, date of birth and the date of the DSA). Anyone can view the register.
You can only have one DSA in your lifetime.