You are insolvent if you are unable to pay your debts in full as they fall due and there is no likelihood of doing so within 3 years.

One of your options would be to seek a Debt Settlement Arrangement (DSA), you are only eligible to seek a DSA if you meet the general conditions set out below:

  1. You have one or more unsecured creditors;
  2. Your domicile must be in the Republic of Ireland, or you must have, within the past year, ordinarily resided or had a place of business within the Republic of Ireland;
  3. You must not have incurred 25% or more of your debt during the past 6 months;
  4. You must not be the subject of a Debt Relief Notice (DRN) now or within the past 3 years;
  5. You must not be the subject of a Personal Insolvency Arrangement (PIA) now or within the past 5 years;
  6. You must not be bankrupt or subject to a bankruptcy measure, or have been discharged from bankruptcy in the past 5 years;
  7. You must not have been the subject of a Protective Certificate issued in respect of a DSA in the past year.

May be included:

  • Personal Loans
  • Credit Union Loans
  • Business/commercial loans
  • Credit card loans
  • Store cards
  • Overdrafts
  • Personal guarantees

Requires consent of creditors to be included “Excludable Debts”:

  • Taxies, duties levies owed or payable to the State
  • Local government charges
  • Amounts due to the Health Service Executive under the Nursing Home Support Scheme
  • Annual service charges to owners management companies (apartments and housing estates)
  • Liabilities arising under the Social Welfare Consolidation Act 2005.
  • Local Authority Rates
  • Household charges

If you think this might be an option for you, please contact R. Hendy & Co. for our expert guidance and we will walk you through the process.

Talk to us – we can get your life back.

The Insolvency Service of Ireland has published an information booklet on Debt Settlement Arrangement

Options  Level / Type of Debt Income Assets Required Intermediary
DRN Under €35,000 Under €60 per month* Max. €400 Approved Intermediary
DSA Unsecured only No Max No Max Personal Insolvency   Practitioner 
PIA Secured** and unsecured No Max No Max Personal Insolvency   Practitioner