Debt Relief Notice

Working through an Approved Intermediary, normally the local MABS office, A Debt Relief Notice (DRN) is an insolvency solution for people who have a low income, few assets and debts of less than €35,000.

It is a formal agreement that allows for the write off of debts up to €35,000 where it is unlikely that a person will be in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.

Debts such as personal loans, credit card loans, store cards, credit union loans and overdrafts could be included in a DRN, however it cannot include a mortgage.