What is a Debt Relief Notice?
A Debt Relief Notice (DRN) is an insolvency solution for people who have a low income, few assets and debts of less than €35,000.
It is a formal agreement that allows for the write off of debts up to €35,000 where it is unlikely that a person will be in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.
Debts such as personal loans, credit card loans, store cards, credit union loans and overdrafts could be included in a DRN.
However, it is not a suitable solution for people with a mortgage.
A DRN lasts for 3 years – or less if half of your debts are paid off. After this time any debts that you owe will be written-off.
You can only have one DRN in your lifetime
Applying for a Debt Relief Notice
In order to apply for a Debt Relief Notice, a person should contact an Approved Intermediary – these are a network of qualified debt advice professionals appointed by the ISI to deal with Debt Relief Notices and are experts in the area of debt advice.