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DRN (Debt Relief Notice)

What is a DRN?

A DRN (short for Debt Relief Notice) is a formal debt solution designed to help people that are unable to make repayments on their unsecured debts (credit cards, loans etc...), up to the total value of €35,000. The main aim of a DRN is to:

  • address unaffordable debt for people on a low income, who have little or no assets.
  • Write off any remaining unpaid debts on completion of the arrangement (usually after 3 years).
  • have formal protection from lenders.
  • have interest and charges are frozen on the qualifying debts.

If you are experiencing financial difficulty and would like to find out more about a DRN, fill in the form and we will get in touch. We will assess your situation and advise you on all options available. All advice is free and confidential and you are under no obligation by speaking with us.

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DRN Frequently Asked Questions

Browse our DRN FAQS to find out more about a DRN, or get in touch with us if you have any questions. Fill in the form on this page, or click here to send us a WhatsApp Message.

A DRN is like a form of mini-bankruptcy, designed to help you deal with your difficulties with unsecured debts, up to the value of €35,000. An unsecured debt is a debt that isn’t secured against any assets, so the likes of Credit cards, Overdrafts, store cards, some types of loans etc... If you are unable to make repayments on any of these types of debt and you have very few or no assets, then a DRN might be a possible solution to help you address your financial difficulties.

An assessment must be carried out to determine if a DRN is a suitable solution for your circumstances. This can be done by a Debt Advisor, who will be able to determine if it is the correct option for you, or you can contact an Approved Intermediary (AI), who is a specialist authorised by the ISI (Insolvency Service of Ireland) in administering DRN's. You can get in contact with your local MABs office (Money advice and Budgeting Service) or visit the ISI website for more information about AI's.

At the end of the DRN supervision period of three years, your debts are usually written off, meaning you can start over debt free. You do not have to make any payments towards your debts in the DRN, unless your circumstances improve considerably. If your circumstances change for the better during the three year period, you must inform the ISI. If you would like to find out more about a DRN, get in touch for free, confidential, no obligation advice.

Determining if you are eligible for a DRN really depends on your assessment, but there are some specific criteria involved. You must:

  • Be classed as Insolvent (unable to pay your debts).
  • Not have total qualifying debts above the value of €35,000.
  • Not have a disposable income above €60 per month (after Reasonable Living Expenses have been deducted from your monthly household income).
  • Not have any assets above the vaule of €1,500.
  • Not have given away or sold any assets at a value lower than it's worth.
  • Not have favouraby paid one creditor more than others.
  • Reside in Ireland
  • Not have been granted a DRN before.

When you are granted a DRN, you will have a supervision period of three years. After this time has passed, the debts will be cleared, meaning you can start over debt free. During the Supervision time you are protected from the creditors involved in the DRN. You do not make any payments to the creditors listed in the DRN, unless your circumstances improve considerably during the supervision period. There is no fee involved in obtaining a DRN. It is a free service.

  • Your unsecured debts are written off on successful completion of the DRN.
  • You have complete protection from the lenders / creditors involved in the DRN.
  • You do not have to make any payments towards your debts in the DRN, unless your circumstance improve significantly.
  • Interest and charges are frozen on your debts.
  • You can exit the DRN at any stage, provided you clear at least 50% of the total debt outstanding.
  • You will be allowed to have a Reasonable Standard of Living budget during the DRN.

  • Your credit rating will be impacted during the DRN. You can begin to repair your credit rating on completion of the DRN.
  • If your circumstances improve during the DRN supervision period of 3 years, you are obligated to inform the ISI. You may be required to make payments towards your debts.
  • Details of your DRN will be entered onto a public register of DRNs with the Insolvency Service of Ireland.
  • You can only do a DRN once in your lifetime.

There is no charge for making a DRN application. It is a free service.

Other Debt Solutions

If a DRN is not the right Insolvency solution for you, there may be other options available. You can read more about these below. If you would like any information on how you can address your unaffordable mortgage, arrears or other debts, please get in touch for free and confidential advice today.

Personal Insolvency Arrangement
PIA (Personal Insolvency Arrangement)

A PIA is a solution created to help people address their difficulties with secured debts and unsecured debts. The purpose of a PIA is to help you remain in your home wherever possible.

  • Affordable secured and unsecured debt repayments
  • Protection from creditors
  • Interest and charges frozen
  • Unsecured debt written off on completion
Read more about a PIA >>
Debt Settlement Arrangement
DSA (Debt Settlement Arrangement)

A DSA is a solution created to help people address their difficulties with unsecured debt repayments (such as credit cards, loans, overdrafts etc...).

  • Affordable debt repayments
  • Protection from creditors
  • Interest and charges frozen
  • Remaining debt written off on completion
Read more about a DSA >>
...
Bankruptcy

Bankruptcy is a formal solution for people who are unable to pay their debts (over the value of €20,000) and have explored all other Insolvency options. It is usually seen as a last resort debt solution.

  • Protection from Creditors
  • Addresses your debts
  • Allows for a reasonable standard of living
  • Peace of mind from your creditors
Read more about Bankruptcy >>

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nationaldebtrelief.ie is a trading style of McCambridge Duffy. McCambridge Duffy Limited is a Limited Company registered in Ireland | Registered number 527584 | Registered office Suite 6, Spencer House, High Road, Letterkenny, Co. Donegal, F92 V8XC

All our advice is free. A fee is only payable where further services are requested. All fees will be explained in detail and discussed prior to commencement of any debt solution.

Ronan Duffy, Daragh Duffy, Daniel Rule and Judy Mooney are authorised by the Insolvency Service of Ireland to carry on practice as personal insolvency practitioners. Ronan Duffy, Daniel Rule and Judy Mooney are authorised to act as insolvency practitioners by Institute of Chartered Accountants Scotland.