A DRN (Debt Relief Notice) is a formal agreement that can help you deal with your unaffordable unsecured debts, such as credit card debt, loans, overdrafts, store cards etc...
A DRN might be a suitable solution for you, if you cannot afford to pay your unsecured debts, such as credit cards, loans, store cards, overdrafts etc... To qualify for a DRN:
The first thing we do when you get in touch is have a chat to see what all of your options are to addressing your debts. We will analyse your financial situation, including your debts, your household income and your expenses. This will help us work out what you can realistically afford to pay towards your debts each month, and determine what options you have available.
If you qualify for a DRN and decide that it is the best solution for you, we will signpost you to an appropriate DRN provider, such as the Money Advice and Budgeting Service (MABS) who will be able to facilitate your DRN.
Contact us for a free consultation. We will discuss you situation and explain what options you have available for addressing your debts. If you wish to proceed with a DRN, we will signpost you to an appropriate provider called an Approved Intermediary (AI). An AI specialises in facilitating DRN's.
The AI will draft your Prescribed Financial Statement (PFS) which summarises any assets, liabilities, income, expenses etc... The PFS will help your AI determine that your DRN is suitable for you.
Once all relevant paperwork has been completed, the AI submits your application to the Insolvency Service of Ireland (ISI) for review. If the ISI are happy with everything, they will forward your application to the Court for consideration and approval.
If the Court is happy that all criteria has been met, they will grant your DRN. The ISI will record your DRN details on their public register and your DRN will take effect from the date of entry on the register. They will notify you, your AI and your creditors that your DRN has been granted.
Your DRN will be supervised for 3 years. If you have any changes in your income or financial situation during this time, you must inform the ISI. You could be required to make payment contributions towards your debts, via the ISI if there is a significant increase in income. On completion of the DRN, you will be cleared of all debts, allowing you to start over.
You are considered suitable for a Debt Relief Notice if you meet the following conditions:
You are not considered suitable for a Debt Relief Notice if the following conditions apply:
Debts which can be included in a DRN are:
There are range of Personal Insolvency solutions available in Ireland that all help deal with different kinds of debt. Browse the solutions below or contact us to find out your options.
A Personal Insolvency Arrangement (PIA) is a formal debt solution that is designed to help protect your home and deal with unsecured debts, by way of restructure, to make room for affordability. There are several different approaches to how this can done, depending on your circumstances. Remaining unsecured debts are written off on successful completion.
If you cannot afford your mortgage payments, are facing arrears or repossession or missing debt repayments, then PIA might be a suitable solution for you.
Click the button to find out more about a PIA, or contact us for a free and confidential consultation.
A Debt Settlement Arrangement (DSA) is a formal solution that addresses unsecured debts, such as credit cards, loans, overdrafts etc... In a DSA, you affordable repayments are negotiated with your creditors. Any remaining unsecured debt is written off on completion.
If you are struggling with debts similar to that mentioned above, then a DSA might be a suitable option for you.
Click the button to read more about a DSA, or contact us for a free and confidential consultation and we will advise on your options.
Bankruptcy is a formal procedure that deals with unaffordable secured and/or unsecured debts over the amount of €20,000. It is usually considered as a last resort option and you have to investigate the other available Insolvency solutions, before you can go down the Bankruptcy route. Bankruptcy usually lasts for one year and debts are written off on completion.
If you cannot repay your debts and have been deemed unsuitable for the other insolvency options, then Bankruptcy might be your only remaining option.
Click the button to read more about Bankruptcy, or contact us for a free and confidential consultation and find out your options today.
There are situations where a formal insolvency solution, such as bankruptcy or a structured insolvency procedure, may not be necessary to address financial difficulties. In some cases, an informal arrangement with creditors may be more suitable, allowing you to manage your debts without the formalities and potential limitations of insolvency proceedings. Informal arrangements often provide the flexibility to negotiate directly with creditors, offering a tailored approach that may involve partial debt repayment, an extended timeline or a plan to sell assets in order to discharge creditors in full.
We take a comprehensive approach, assessing your financial circumstances and exploring all available options. Our experienced team carefully evaluates the advantages and disadvantages of both formal and informal solutions, ensuring that you understand the best course of action for your situation. By focusing on a customised strategy, we can often help you achieve debt relief through informal agreements when possible. Click the button and fill in the form for free and confidential advice on your options.
If you are experiencing difficulty with debt (secured or unsecured), but aren't sure what to do about it, then you might like some general advice. Our experienced advisors provide a listening ear and expert advice, so you can gain some clarity on how to deal with the situation.
This service is completely free of charge and will give you the knowledge required to make a suitable choice. If we cannot help you with any of our solutions, we will signpost you to an appropriate provider or charity that can help, such as the Money Advice and Budgeting service (MABS).
Click the button and fill in the form for free and confidential advice on your options..
