A Debt Settlement Arrangement (also known as a DSA) is to address financial difficulties from Credit cards, personal loans, store cards, overdrafts etc which are above €20,000 in total. You’ll commit to paying what you can reasonably afford for an agreed period of time, usually over five years. If successfully completed then the remaining amount of debt is written off. Do I Qualify?
The arrangement needs to be approved by 65% of your Creditors, but as soon as it is approved all interest and charges are frozen and the Creditors must stop contacting you.
How it would assist: –
- Restructure multiple payments into one affordable monthly payment
- Allow for changes in circumstance during the term of the arrangement (such as change of employment)
- Regain control over your financial affairs
- Assist with budgeting
- Outline a set duration to be debt free
- Unaffordable debts written off on successful completion
A Debt Settlement Arrangement might be a very attractive prospect for you, but in many circumstances it will also be an excellent outcome for your creditors as well.
If this is the most appropriate solution we can walk you through the eligibility criteria, the likely process and the effect the arrangement will have as well as any questions you may have.