- A DSA is a formal agreement with all your creditors that may write off some of your unsecured debt (e.g. credit cards, loans and overdrafts).
- To achieve a DSA your PIP is required to complete detailed review and analysis of your personal financial information. Based on this information the PIP will determine if you satisfy the eligibility criteria for a PIA and will then apply for a Protective Certificate. On receipt of the Protective Certificate your PIP will draft a DSA Arrangement document. You will review and approve this document and it will then be sent to creditors to be voted upon. A majority of creditors will need to approve the Arrangement for it to be successful.
- A PIA or DSA can only be used once in an individual’s lifetime.
- A PIP will arrange the DSA and negotiate with your creditors on your behalf. Creditors are not permitted to contact you on issuance of a Protective Certificate and during the lifetime of the PIA.
- All parties are bound by the timelines set out by the Personal Insolvency Act i.e. you will receive an answer within a specified time period.
- Under a DSA you can agree (subject to creditor consent) to repay a percentage of your overall debt that you can afford in monthly payments over a given period of time.
- A DSA is a legally binding agreement between you and your creditors, ratified by court. This means that it cannot be changed without the consent of both parties.
- During the DSA you entitled to a reasonable standard of living. You will not be told how you should spend this allocation, so you are still in control of your spending.
- Once your final agreed monthly repayment is made and you have kept to the terms of the agreement, your creditors will write off your remaining unsecured debt.
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What suits you best? View the available personal insolvency options in our PDF.