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How will participating in a DRN affect you?

One of the main effects of obtaining a DRN is that it creates a ‘moratorium’ period of 3 years (although there are exceptions whereby this may be extended) during which time creditors cannot take any action to try to recover or enforce their debts listed in the DRN.

During the period of your DRN, you are not required to make any direct payments to the creditors in respect of debts that are included in the DRN, provided you comply with the Act and your circumstances do not change as indicated elsewhere in this guide.

After the 3 year period, provided you have complied with the Act, the listed debts specified in the DRN will be written off in full.