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Debt settlement arrangement

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  • 08-12-2014 10:21pm
    #1
    Suey
    Registered Users Posts: 10 ✭


    Hi , I'm probably posting this under the wrong heading but I can't figure out what it should be in ... Anyway I'm looking into entering a Debt Settlement Arrangement as I have debts to the bank , credit union , revenue for vat , in all totalling at nearly 80,000€ , it is unsecured , I have not got a mortgage , has anyone an opinion on the DSA that has entered into this already ? Is it worth it , seen as you have to live on a strict budget for up to five years? It's stressing me out , I can't move on with my life as the past is dragging me back , I was flying it a few years ago , then the recession brought it all crashing down
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    #2
    MarkAnthony
    Closed Accounts Posts: 6,934 ✭✭✭MarkAnthony


    Suey wrote: »
    Hi , I'm probably posting this under the wrong heading but I can't figure out what it should be in ... Anyway I'm looking into entering a Debt Settlement Arrangement as I have debts to the bank , credit union , revenue for vat , in all totalling at nearly 80,000€ , it is unsecured , I have not got a mortgage , has anyone an opinion on the DSA that has entered into this already ? Is it worth it , seen as you have to live on a strict budget for up to five years? It's stressing me out , I can't move on with my life as the past is dragging me back , I was flying it a few years ago , then the recession brought it all crashing down

    MABS or a good solicitor/insolvency practitioner. If its good enough for the rich and upwardly mobile it's good enough for you. If you were in business make sure you structure it properly next time in case it goes tits-up that's what limited liability companies are there for.


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    #3
    BornToKill
    Registered Users Posts: 1,053 ✭✭✭BornToKill


    The fact is that if you have €80,000 of unsecured debt you are struggling to repay then you probably already live on a strict budget.

    The reasonable living expenses of the ISI seem fair, and at the end of the process you are completely free and clear of all that unsecured debt. Its a real second chance.

    There is information and testimonials on <www.backontrack.ie>. Only you can judge whether it is for you though.


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