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Who is eligible for a DSA?

A DSA is not suitable or available for every debtor and there are other options under the 2012 Act available depending on the debtor’s circumstances, including the type and amount of debt incurred. A DSA can only be obtained once in a lifetime.

You are only eligible to seek a DSA if you meet the general conditions set out below:

  • You are insolvent in that you are unable to pay your debts in full as they fall due;
  • You have one or more unsecured creditors;
  • 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;
  • You have completed a Prescribed Financial Statement and made a signed statutory declaration that it is true and accurate;
  • You have obtained a statement from the PIP which confirms that the PIP is of the opinion that:
    • the information in the PFS is true and accurate;
    • the debtor is eligible to make a proposal for a DSA; and
    • having considered the PFS there is no likelihood of the debtor becoming solvent in the next 5 years;
    • if the debtor enters into a DSA there is a reasonable prospect they will become solvent within the next 5 years.
  • You must not have incurred 25% or more of your debt during the past 6 months;
  • You must not be the subject of a Debt Relief Notice (DRN) now or within the past 3 years;
  • You must not be the subject of a Personal Insolvency Arrangement (PIA) now or within the past 5 years;
  • You must not have been the subject of a DSA previously;
  • You must not be bankrupt or subject to a bankruptcy measure, or have been discharged from bankruptcy in the past 5 years;
  • You must not have been the subject of a Protective Certificate issued in respect of a DSA in the past year