A [broken link removed] would see unsecured debts discharged over a 5 to 6 year period and your name on a register. The Central Bank Debt Scheme will see unsecured debts written off after 2 years if the borrower is " still in difficulty". What does "still in difficulty" mean in this context?
These are the things which a Pilot Scheme will have to sort out.
The Central Bank will have to provide a lot more definitions.
But you raise a very interesting comparison. People would be far better off getting their debts written off over 2 years than over 6 years. Having said that, I don't see why anyone would go for a 6 year DSA when they can go for a 3 year bankruptcy.