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:
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.
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:
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.
You can have an initial chat with us to find out your options, or you can contact a MABS Approved Intermediary (AI) to find out if you are eligble for a DRN.
If you contact us, we will have an initial chat with you to determine if you are Insolvent (unable to pay your debts), and what Debt soutions you might be eligiible for. This involves assessing your current situation, including gathering information about your debts. We also use 'Reasonable Living Expenses' guidelines to work out your monthly household budget. All of this information helps us determine your affordability and how much money you might have available to service your debts.
When we have all the required initial information, we will advise you of you all possible options for addressing your debts, including if a DRN is possible. You can then take the time to review these options and decide if you would like to proceed with any Insolvency applications. All advice is free and confidential and you are under no obligations to proceed with any solution by speaking to us.
If a DRN is your best option and you wish to apply for one, we will signpost you to a MABS AI who will be able to facilitate your DRN application and guide you through the DRN process.
Your AI will confirm that you are eligible for a DRN and explain everything about how a DRN works, including how the application process will go. They will guide you through a Statement of Affairs, which is a necessary step that must be completed during the DRN application process. You will be asked to gather documents for the next stage of your DRN application.
You will need to complete your Statement of Affairs and send it through to your AI along with any required documentation, such as proof of income, bank statements etc...
Your AI will review your paperwork and make sure everything is satisfactory. They will run through the aspects of the DRN, including how it will work, pros, cons etc... and explain any other options that you might have before submitting your application. If you are happy and still wish to proceed, you will be required to sign a "letter of Engagement" which confirms that you are happy to proceed. Your AI will begin contacting your creditors (if necessary) and confirming any outstanding balances.
Your AI will sign your application and send it to the Insolvency Service of Ireland (ISI). You will be required to swear under oath to confirm everything in your application is true and accurate. This can be done with a solicitor or commissioner.
There are two outcomes for your DRN. It will be either accepted or rejected.
If the ISI approves your DRN application, they will send it to the Circuit Court, who will either grant it or request further information. If your application is successful your AI will inform you and the ISI will confirm in writing, providing a copy of the court order and the conditions required during the DRN period of 3 years. Your name will be added to the public register of Debt Relief Notices.
If your application is unsuccessful, you can work with your MABS advisor or debt advisor to find alternative options for addressing your debts.
There is no charge for making a DRN application. It is a free service.
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.
A DSA is a solution created to help people address their difficulties with unsecured debt repayments (such as credit cards, loans, overdrafts etc...).
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.
If you would like a free Insolvency review of your financial situation, fill in the Fact Find form providing as much information as possible and send it through. Our advisors will review your information and get in touch to advise you of all options available.
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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, James Green and Judy Mooney are authorised by the Insolvency Service of Ireland to carry on practice as personal insolvency practitioners. Ronan Duffy, Daniel Rule, James Green and Judy Mooney are authorised to act as insolvency practitioners by Institute of Chartered Accountants Scotland.