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Debt Relief Notice

A DRN or Debt Relief Notice is a formal debt solution designed to write off unaffordable unsecured debts

 Write off unaffordable debts up to €35,000
 Suitable if you cannot afford to repay your debts
 Complete protection from creditors
 A good solution if you have little or no disposable incomeor assets
 Your DRN can be complete within 3 years
 We provide free and confidential advice on your debts
Debt Relief Notice

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How does a Debt Relief Notice work?

A DRN is a suitable solution for you if you cannot afford to pay your unsecured debts (up to the value of €35,000), such as credit cards, loans etc... You must have no more than €60 left over each month (after all living expenses have been considered) in order to do a DRN. You must also have no assets above the value of €400, not including a vehicle up to the value of €5,000 and one jewellery item up to the value of €750.

A Debt Relief Notice is likely to be administered through the Money Advice and Budgeting Service (MABS). We do not offer them. If we find that this is the most appropriate solution for you, we can still tell you everything you need to know and walk you through the eligibility criteria, the likely process and the effect the arrangement will have as well as any questions you may have.

Debt Relief Notice FAQs

Below is a list of our most frequently asked questions relating to a Debt Relief Notice. If you have a question that isn't answered click here and ask us a question online.

You are considered suitable for a Debt Relief Notice if you meet the following conditions:-

  • You are insolvent in that you are unable to pay your debts in full as they fall due and there is no possible change in circumstances for the next three years.
  • Your Net Monthly Disposable Income is €60 or less after deducting your reasonable living expenses for that month. (Living expenses will be calculated by the “Authorised Intermediary” on a case by case basis using the reasonable standard of living and reasonable living expenses provided by Insolvency Service Ireland.
  • Your debts amount to or less in respect of qualifying debts.
  • Your Current Assets cannot exceed €400. (You are allowed 1 piece of jewellery not exceeding the value of, one motor vehicle not exceeding the value of €5,000 and necessary household equipment/tools with a combined value no greater than €6,000).
  • Your domicile must be in the Republic of Ireland, or you must have, within the past year ordinarily resided or had a place of business with the Republic of Ireland.

You are not considered suitable for a Debt Relief Notice if the following conditions apply:-

  • 25% or more of your debts have been incurred for the previous 6 months
  • You have had a DRN previously
  • You are subject to a Debt Settlement Arrangement (DSA) or a Personal Insolvency Arrangement (PIA) now or within the past 5 years.
  • You have been the subject of Protective Certificate issued in respect of a DSA or a PIA.
  • You have entered into certain transactions at less than market value in the past 2 years.
  • You have given preferential treatment to one creditor over another in the past 2 years (e.g. paying off a family member before your Bank or Credit Union)
  • You are Bankrupt, subject to a bankruptcy measure or have been discharged from Bankruptcy in the past 5 years.

Debts which can be included in a DRN are

  • Credit Card debts
  • Overdrafts
  • Personal Loans
  • Credit Union loans
  • Utility bills
  • Store Cards

Debts which can be included in a DRN but must have creditors consent (excludable debts)

  • Taxes, duties, levies owed or payable to the state
  • Local government charges
  • Amounts due to the Health Executive under the Nursing Home Support Scheme
  • Annual service charges to owner’s management companies ( Apartments and Housing estates)
  • Liabilities arising under the Social Welfare Consolidation Act 2005
  • Local Authority Rates
  • Household Charges

Debts which cannot be included in a DRN (excluded debts).

  • Family maintenance payments under court orders
  • Court fines in respect of criminal offences
  • Liabilities arising out of injury or wrongful death claims awarded by the Court
  • Liabilities arising from loans obtained by Fraud
  • Qualifying Debts cannot be greater than €35,000
  • Disposable income may not be greater than €60 Euros after living expenses have been deducted and are in line with the guidelines provided by the ISI.
  • A DRN will last up to 3 years
  • A DRN can only be obtained once in a lifetime.
  • A DRN can only be sought through an approved intermediary
  • A DRN will protect a debtor from legal proceedings and other actions by creditors during its validity period. However a secured creditor’s right to enforce security will not be affected
  • A DRN can be discharged early by paying 50% of the Debts to creditors that are specified in the DRN
  • If a DRN is successfully obtained then the name of the Debtor will be placed on a Public Register of Debt Relief Notices
  • Upon Completion of a DRN the debtors name will be removed from the Register of Debt Relief Notices
  • Debtor can have no additional Assets other than that allowed under the conditions of a DRN
  • A DRN cannot be obtained if the debtor has been involved in either a DSA or a PIA within the last 5 years
  • A Debtor is not eligible to participate in a DRN if they are currently bankrupt, are subject to a bankruptcy measure or have been discharged from bankruptcy within the past 5 years

Speak to us to see if you can reduce your debts

Call 01 539 57 90

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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

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