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.

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