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Personal Debt Solutions in Ireland: Expert Advice on Debt Settlement Solutions

Personal Debt Solutions in Ireland: Expert Advice on Debt Settlement Solutions

If Debt Relief Notice is not applicable to you, a personal insolvency practitioner in Ireland will suggest another debt settlement solution. If you have unsecured debts, you can pay off only what you can afford and also get legal protection. Unsecured debts in Ireland include:

  • Personal loans
  • Credit card loans
  • Payday loans
  • Or any debt which is secured against an asset

A DSA is a debt settlement solution that can last up to 5 (or 6 years) in Ireland if the court allows it to be extended. The creditors are named in the agreement and won’t be able to pressure you or contact you to pay your debts.

After the time period sanctioned to you will be over, your leftover debts will be written off. You will be able to apply for a DSA only with the help of a personal insolvency practitioner in Ireland. At Irish Insolvency, there are expert PIP who will give you good debt settlement solutions to help you in every step for you to get Debt Settlement arrangement.

There are several criteria you need to meet if you wish to apply for a DSA.

  1. If you already have a DRN, you won’t be able to use a DSA.
  2. If most of your unsecured debts have been gained in the past 6 months.
  3. If you already have an ongoing DSA
  4. If you are already a subject of PIA or bankruptcy.

Process for getting a personal debt solution arrangement

  1. First and foremost, check whether you are eligible for getting a DSA.
  2. The next important step is to hire a PIP. A practitioner will help you go through the process and clarify your doubts. Make sure you gather all the information regarding your debt. You also need to carry all the required documents when you to your first consultation.
  3. During the consultation, your PIP will explain all the steps of the process that you need to go through. He will also help you complete your financial statement. He will also let you know if DSA is actually the right option for your personal debt solutions.
  4. Once you have decided on your PIP, he will apply for a protective statement for you. You will visit the court together with the relevant court after your details are checked by ISI.
  5. The very next step is to notify the creditors. The certificate will give you 70 days within this time and the creditors won’t take any action against you.
  6. The most important job of a PIP is to negotiate with the creditors and come to an agreement on what is the best way to deal with the debts. Also, he will make sure that you won’t need to leave your home.
  7. The creditors will give a vote on whether or not they will accept the proposal. It must get at least 65% of approval for all of your debts.
  8. Once all these processes are dealt with, the court will look at all the conditions for your personal debt solution. If they are satisfied with it, they will approve your DSA.

Benefits you will get from DSA

  • Before you apply for a DSA, you need to know the benefits you will get once you apply for this debt settlement solution.
  • As mentioned, your PIP will apply for a protective certificate. Not only that your PIP will be the one to deal with all the calls and messages from your creditors. You will no longer need to put up with the demands of the creditors.
  • The payment you will need to make will be quite affordable. It will only be a certain percentage of your total debt that you can afford with your monthly payments.
  • The DSA is a legal arrangement which means there will be no sudden changes like an additional interest or any charges. Your creditor won’t be able to pressure you for adding such changes.
  • You will be entitled to a reasonable standard of living. Furthermore, you will be in control of your own expenses.
  • You will naturally get peace of mind if your creditors stop contacting you. Also, at the end of the arrangement, your unpaid unsecured personal debts will be written off permanently.

FAQS on Debt Settlement Solutions in Ireland

You can enter a DSA after agreeing with your creditors. But you will need the help of PIP.
The DSA payment is decided once all the incomes and expenses, excluding your debt repayments, are calculated. Once you get the amount that is left over every month, it will be the DSA amount payable.
When a DSA is already in place as one of the debt settlement solution, the first payments for you to repay will be the lower payments. You will be assigned a case manager who will keep a track of your financial situation over the three years.
No, you don’t need the agreement of all the creditors, but rather 65% of your creditors will be enough for you to get a DSA.

Contact Irish Insolvency Today

At Irish Insolvency, you will get some of the best debt settlement solutions in Ireland. If you think you are eligible for a DSA, contact us today. We have some of the best PIP in Ireland.