Debt Relief Notice (DRN)
|Level / Type of Debt||Income||Assets||Required Intermediary|
|DRN||Under €35,000||Under €60 per month*||Max. €400||Approved Intermediary|
* after Reasonable Living Expenses are deducted
What is a DRN?
The Act makes provision for the issue of a Debt Relief Notice (DRN) in certain circumstances. Its purpose is to give relief from debt to people who are in debt and have little or no disposable income or assets which they could use to repay what they owe.
The qualifying debts they owe cannot exceed €35,000.
The DRN process enables eligible insolvent debtors to write off their debts where they can prove they are not in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.
A comprehensive guide is available for download here