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6
March
2017

Debt Relief Notice

posted by Debt Solv Mortgage Solutions

The Debt Relief Notice (DRN) process will provide debt relief for people who have virtually no disposable income or assets and no prospect of being able to pay off the debt in the next 3 years.

If a DRN is issued for you, it will allow for the write-off of your qualifying debt up to €20,000, subject to a 3-year supervision period. During this period your creditors will not be able to pursue you for payment, but if your circumstances improve during the 3 years, you may have to pay part of your debts accordingly.

At the end of the 3 years, all of the debts covered by the DRN will be written off, even if you have not managed to pay anything off them. *How do you get a DRN?* Your application must be made through an Approved Intermediary (AI).