A Debt Relief Notice (also known as a DRN) is a formal arrangement for people having difficulty with loan and credit card debt of €20,000 or less, with a disposable income (monthly amount after payment of rent/mortgage and reasonable living costs) of less than €60 per month and assets of €400 or less excluding one item of jewellery of €750 or less and one vehicle of €2,000 or less. Do I Qualify?
Your affairs will be “supervised” for three years. At the end of this period your debts will no longer exist. If your financial circumstances improved during the period of supervision you may be asked to make some contributions towards your debts.
A Debt Relief Notice is likely to be administered through the Money, Advice and Budgeting Service.
If this is the most appropriate solution we can walk you through the eligibility criteria, the likely process and the effect the arrangement will have as well as any questions you may have.