ACC Debt Settlement Arrangement

ACC Debt Settlement Arrangement

By sara
Monday, 1st October 2018
Filed under:

After 12 months Client has €55,000 Written Off Through Accelerated Debt Settlement Arrangement (DSA)


Josephine is 56 and lives in Wexford.  She is a lone parent with two young children and she receives no financial support from her ex-partner. 

Josephine was self-employed for most of her life but her business ended 3 years ago due to the recession and a long period of illness.  She had Revenue debt of €45,000 and two credit card debts from her old business.  She also owed money to trade creditors.  In total, her debts amounted to €67,000.

She is renting a house in Wexford and has never owned a house.  Her only assets is a car worth €10,000, which she needs to get to work.  Josephine is in receipt of lone parents allowance and also works in a part time job, but is struggling to make ends meet.  After she reasonably lives and pays her rent, she has no funds to give to her creditors.


Josephine met with a case manager from Grant Thornton Debt Solutions and they went through all of the options available to her.  Financially, bankruptcy was the best option for Josephine.  She had no surplus at the end of each month to offer her creditors.  However, for personal reasons, Josephine did not want to go bankrupt.  The second option available to her was an Accelerated Debt Settlement Agreement (DSA).  This involves offering a lump sum in full and final settlement to creditors, which reduces the term of the arrangement.  Her parents were willing to give her a lump sum of €12,000 in full and final settlement.

Once the protective certificate was granted, Grant Thornton Debt Solutions started to negotiate with Josephine’s creditors.  Revenue agreed to her proposal, but her credit card and trade creditors did not.  For a Debt Settlement Agreement (DSA) to be approved you need 65% of your creditors to agree.  Revenue had 67% of the vote so her proposal was approved.


  • Term of 12 months was agreed as her parents would need this time to gather the funds.
  • Josephine gave Grant Thornton Debt Solutions €12,000 within the 12 month term.
  • Grant Thornton Debt Solutions do not charge upfront fees and only get paid if an arrangement is approved.  
  • Grant Thornton Debt Solutions took their fee out of the €12,000 paid and distributed the rest to creditors.
  • After 12 months Josephine’s arrangement finished and she was returned to solvency.
  • In total €55,000 was written off.

In a similar situation?  Contact Us

If you are in a similar situation to Josephine, a Debt Settlement Arrangement (DSA) could be an option for you to overcome your debt problem.  For free and confidential advice, contact us at 087 7667731.

Featured Videos

Contact us today to talk through your debt problem and receive FREE confidential advice.

Talk To Us