A Debt Settlement Arrangement (DSA) is an insolvency solution for people who have unsecured debts - credit cards, loans, overdrafts etc. For mortgage-related debt please see Personal Insolvency Arrangement.
A Debt Settlement Arrangement is a formal agreement with creditors that allows for some write off of debt. With this solution a person agrees to pay a percentage of their overall debt over a specified period of time. At the end of that period of time they will be solvent.
How to apply for a Debt Settlement Arrangement
In order to apply for a Debt Settlement Arrangement, a person should contact a Personal Insolvency Practitioner (PIP) - these are a network of qualified professional advisors regulated by the ISI to deal with Debt Settlement Arrangements and are experts in the area of debt advice.