A DSA (Debt Settlement Arrangement) is a formal agreement that can help you deal with your unaffordable unsecured debts, such as credit card debt, loans, overdrafts, store cards etc...
A DSA is suitable for you if you are struggling to pay your unsecured debts such as credit cards, loans, overdrafts etc... The main purpose of this solution is to allow you to regain control over your financial affairs in a way that is fair and realistic for you and your creditors.
The first thing we do when you get in touch is have a chat to see what all of your options are to addressing your debts. We will analyse your financial situation and work out what you can realistically afford to pay towards your debts each month, after giving priority to your other living expenses.
If you decide to proceed with a DSA with McCambridge Duffy, we will get to work on your case along with the help of one of our Personal Insolvency Practitioners (PIPs). When the proposal is ready, it is sent to the Insolvency Service of Ireland (ISI), the courts and your creditors. When they have all agreed to the DSA, it becomes legally binding and you can start making your lower monthly repayments (usually for 60 months). On completion of the Arrangement, any remaining debts are written off.
If you would like to find out more about a DSA or to find out what other options are available, fill in the form and one of our advisors will call you for a chat. At McCambridge Duffy, we offer free and confidential advice and we do not charge any upfront or consultation fees.
Our client, a retiree from County Wicklow, contacted us about her unaffordable debt repayments. due to only having income from her pension to live on. We carried out a free consultation and assessment of her household income, expenses and debts. It was clear that she was insolvent. We explained her options, and she decided that a DSA was her best option. She chose to proceed with our company. After negotiating her DSA with creditors, her proposal was approved and she is now making affordable payments to her lenders. On completion of her DSA, any remaining unpaid debt will be written off, allowing her to start over debt free.
Contact us for a free consultation. We will discuss you situation and explain what options you have available for addressing your debts. If you wish to proceed with a DSA with McCambridge Duffy, then we will draft your Prescribed Financial Statement (PFS) and you will progress to the next stage of Protective Certificate (PC) application.
Our PIP submits your application to the ISI and court. If they are happy, your Protective Certificate will be granted. The PC stops creditors from taking action against you for a specified period oftime. Your PIP will begin drafting your DSA proposal for the creditors.
Your proposal is sent to creditors for voting in a "meeting of Creditors". At least 65% of the creditors (by debt value) must vote in favour of the proposal in order for it to be approved.
The Insolvency Service of Ireland (ISI) and the Court carry out a final review. If they approve everything, your DSA will become legally binding. Your new payments and plan for addressing your debts can begin.
Your case manager and PIP will oversee your DSA, to ensure everything runs smoothly. Your case manager will be available to deal with any queries you might have and will carry out annual reviews during the term of the DSA. On successful completion, any remaining unsecured debts are written off, allowing you to start over.
You can enter a Debt Settlement Arrangement with your creditors when you are considered insolvent. You are considered insolvent when you are unable to pay your debts in full and as of when they fall due. You can be single, married, employed, self-employed, a homeowner or a tenant...
There are certain criteria involved in order to do a Debt Settlement Arrangement, such as debt level and number of creditors, but we can discuss this further when we chat. If a DSA is not suitable, we can recommend other various options for you to consider.
Your DSA payment is calculated by analysing your income and expenses on a monthly basis (not including any debt repayments). We then work out how much money you have left over each month. This left over amount is your potential DSA payment.
A DSA will only include unsecured debts; there is no limit to the amount of unsecured debt when entering a DSA. There are certain unsecured debts that cannot be included in a DSA and certain unsecured debts require the consent of the creditor before it is entered into a DSA. Secured Debts such as Mortgages cannot be included in a DSA. Unsecured Debts are Debts where the creditor does not have the ability to seize specific assets belonging to the debtor should repayments not be maintained.
Debts allowed in a DSA:
65% of your creditors (by debt value) have to agree to the proposal put forward by the Personal Insolvency Practitioner (“PIP”).
You are considered suitable for a DSA if you meet the following conditions:
You are not eligible to seek a DSA should the following requirements apply
When your DSA is in place, your lower repayments will commence. We will assign dedicated case managers who will look after you and your DSA for it's duration. Your case manager will be there to answer any queries you might have throughout the term of the DSA. When your DSA is complete you will be discharged from your debts.
Unlike most other Insolvency providers, we do not charge for our advice and we do not charge upfront fees as we believe this to be unethical. You will never receive a bill from us.
Only if your DSA is accepted will we receive any payments for fees for managing your DSA. If your DSA is not accepted then you pay nothing. Our fees vary depending on your circumstances and they are built into your affordable monthly payment to your creditors. All of this is clearly explained when you chat to us. It is your creditors who determine what we get paid and we cannot draw fees without their approval.
There are range of Personal Insolvency solutions available in Ireland that all help deal with different kinds of debt. Browse the solutions below or contact us to find out your options.
A Personal Insolvency Arrangement (PIA) is a formal debt solution that is designed to help protect your home and deal with unsecured debts, by way of restructure, to make room for affordability. There are several different approaches to how this can done, depending on your circumstances. Remaining unsecured debts are written off on successful completion.
If you cannot afford your mortgage payments, are facing arrears or repossession or missing debt repayments, then PIA might be a suitable solution for you.
Click the button to find out more about a PIA, or contact us for a free and confidential consultation.
A Debt Relief Notice (DRN) is a formal solution designed to help people who cannot afford to pay their unsecured debts, are on a low income and have little to no assets. A DRN is sometimes referred to as a form of 'mini-bankruptcy'. A DRN usually lasts for about 3 years and debts are written off on completion.
If you meet the criteria above and your total debts are not above €35,000, then a DRN might be a suitable solution for you.
Click the button to find out more about a DRN, or contact us for a free and confidential consultation today.
Bankruptcy is a formal procedure that deals with unaffordable secured and/or unsecured debts over the amount of €20,000. It is usually considered as a last resort option and you have to investigate the other available Insolvency solutions, before you can go down the Bankruptcy route. Bankruptcy usually lasts for one year and debts are written off on completion.
If you cannot repay your debts and have been deemed unsuitable for the other insolvency options, then Bankruptcy might be your only remaining option.
Click the button to read more about Bankruptcy, or contact us for a free and confidential consultation and find out your options today.
There are situations where a formal insolvency solution, such as bankruptcy or a structured insolvency procedure, may not be necessary to address financial difficulties. In some cases, an informal arrangement with creditors may be more suitable, allowing you to manage your debts without the formalities and potential limitations of insolvency proceedings. Informal arrangements often provide the flexibility to negotiate directly with creditors, offering a tailored approach that may involve partial debt repayment, an extended timeline or a plan to sell assets in order to discharge creditors in full.
We take a comprehensive approach, assessing your financial circumstances and exploring all available options. Our experienced team carefully evaluates the advantages and disadvantages of both formal and informal solutions, ensuring that you understand the best course of action for your situation. By focusing on a customised strategy, we can often help you achieve debt relief through informal agreements when possible. Click the button and fill in the form for free and confidential advice on your options.
If you are experiencing difficulty with debt (secured or unsecured), but aren't sure what to do about it, then you might like some general advice. Our experienced advisors provide a listening ear and expert advice, so you can gain some clarity on how to deal with the situation.
This service is completely free of charge and will give you the knowledge required to make a suitable choice. If we cannot help you with any of our solutions, we will signpost you to an appropriate provider or charity that can help, such as the Money Advice and Budgeting service (MABS).
Click the button and fill in the form for free and confidential advice on your options..
