What is a DSA (Debt Settlement Arrangement)?
A DSA is a formal debt solution designed for individuals who are insolvent and unable to repay their unsecured debts (e.g. credit cards, overdraft, personal loans). It allows for affordable repayments over a set period (typically 5 years), with legal protection from creditors. Once completed, any remaining debt is written off, giving you a fresh financial start.
Is a DSA Right for You?
Every debt solution has different criteria. To determine if a DSA is suitable, seek professional debt advice from a qualified source such as:
- MABS (Money Advice & Budgeting Service)
- Citizens Information
- A licensed insolvency provider like McCambridge Duffy
Your advisor will assess:
- Your available options
- What you can afford to repay
- Whether you are insolvent
- If a DSA is the best fit for you, or if another solution is more appropriate
💡 At McCambridge Duffy, this advice is completely free and without obligation.
How to Apply for a DSA
You’ll need a Personal Insolvency Practitioner (PIP); a professional authorised by the Insolvency Service of Ireland (ISI). McCambridge Duffy has four in-house PIPs, or you can find others on the ISI register.
How a DSA Works
- Your PIP prepares a Prescribed Financial Statement (PFS) and applies for a Protective Certificate (PC) which will stop all creditor action, while your PIP works to get your solution in place.
- The DSA proposal is drafted and sent to creditors.
- If 65% (by debt value) of creditors approve, the DSA begins.
- You make affordable monthly payments for the agreed term.
- Your PIP manages the arrangement, conducts annual reviews, and distributes payments to creditors, ensures that your DSA is a success for all parties involved. They will be available for any queries or problems you have throughout the arrangement.
- On completion, remaining debts are legally written off.
💡 With McCambridge Duffy, if your DSA is not approved, you pay nothing. Fees are only charged if your DSA is accepted and are included in your affordable monthly payments.
When to Consider a DSA
You may be eligible if:
- You cannot repay your debts
- You have one or more unsecured debts
- You live in Ireland
- You need a structured solution to regain control
Pros and cons of a DSA
Pros
- One affordable monthly repayment
- Legal protection from creditors
- Interest and charges frozen
- Remaining debts written off on completion
- Can be completed faster with a lump sum
Cons
- Requires creditor approval
- Affects your credit rating temporarily (although it is likely already impacted if you are insolvent)
- Missed payments may cause the DSA to fail
- Registered on a public insolvency register
Real DSA case example:
Patrick from County Laois
Background:
Patrick, a lorry driver, struggled with debts from a failed business and rising living costs. He tried negotiating with creditors but got nowhere, so contacted our team at McCambridge Duffy. After being advised of his options, he decided to proceed with a DSA, which was accepted by creditors.
Before DSA
- Total debts: €42,050
- Monthly repayments: €784
After DSA
- Total repaid: €14,100
- Total written off: €27,950
- New monthly repayment: €235 for 60 months (including PIP fees)
✅ Patrick now has peace of mind and a fresh financial start.
Need debt advice?
If you’re struggling with debt, you’re not alone and there are real solutions available.
We offer free, confidential advice tailored to your situation. Our experienced team will listen, assess your options, and guide you every step of the way.
📞 Contact us today:
- Fill out the contact form below
- Message us on WhatsApp
- Call us on 01 539 57 90
- Email us
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