What you need to know about a Debt Relief Notice
Working through an Approved Intermediary, normally the local MABS office, 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 cannot include a mortgage.
In short
- Debts under €35,000
- Excludes mortgage debt
- Suitable for low income individuals
- Does not require majority creditor approval
- Review period 3 years
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