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Debt Settlement Arrangements Advice

16th September 2013

Last month we announced the imminent arrival of new options to deal with personal debts in Ireland. Until recently it’s been extremely difficult under Irish law to deal with debts that have become impossible to repay. Since we added that article to Debt Divas the Insolvency Service of Ireland has now begun to accept applications for Debt Settlement Arrangements (DSA) and Personal Insolvency Arrangements (PIA).

Some of the team associated with creating Debt Divas have been involved in a new online project to provide further information online to Irish residents specifically about the Debt Settlement Arrangement (DSA) option. You can visit the new advice website at:   

This website sets about offering advice about personal insolvency in Ireland in a number of ways. There are a series of static information pages that describe what a DSA is, who can set one up and which types of debts can be incorporated into one amongst other subjects.  Articles will be added frequently to keep the site updated with developments and an online debt advice forum has been incorporated within the site. 

What is a debt settlement arrangement? It will mean slightly different things to different people according to their circumstances and viewpoint. It’s a procedure that helps an individual to tackle their unsecured debts once they’ve found themselves to be in an insolvent financial position. It is different to bankruptcy and may therefore be seen by some as a way of avoiding some of the stigma associated with bankruptcy. Depending upon the circumstances it might produce a better return for creditors than bankruptcy which is why it’s expected to be attractive to creditors as well.   

Like Debt Divas this new website incorporates an online advice forum. This feature facilitates interaction between members of the public who are concerned about their finances and debt advice professionals that are positioned to be able to answer their questions. You can visit this new Debt Settlement Arrangement advice forum at:

Like in the UK there are a number of different places that those seeking can debt help can do to source advice. Some will seek help from established and respected agencies such as the Money Advice and Budgeting Service in Ireland or from Citizens Information. Others may prefer to seek advice directly from the Personal Insolvency Practitioners (PIPs) that are becoming approved to deliver DSA and PIA services.

There is much scepticism in Ireland at the current time about whether the new personal insolvency system is designed to be able to help enough people and whether the Irish banks will stand in the way of it becoming established. It’s going to take a developing track record of successful Debt Settlement Arrangement applications before large numbers of people feel comfortable about using the legislation to tackle their own financial concerns. We’ll continue to report on the subject as this new personal insolvency system begins to become established.

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