DRN - A solution for unmanageable debts of under €35k

Debt Relief Notice

A solution for people with unmanagable unsecured debt

How do I know if a DRN is the right insolvency solution for me?

If you have a low income, few assets and debts of less than €35,000 that you can’t repay, then a DRN could be the right solution for you.

However, if you have a mortgage, a DRN is not a suitable solution, as you would be considered to have a considerable asset, even if you are not currently meeting mortgage repayments.

What are the benefits for me?

Freedom from your creditors

Your Personal Advisor (also known as an Approved Intermediary) will deal with your creditors on your behalf, putting an end to any demands for unpaid debt - no more phone calls, letters or visits.

Debt written off after 3 years

A DRN will last for up to 3 years. After that time the debts named in your DRN will be completely written off.

Reasonable standard of living guaranteed

Throughout a DRN, you are entitled to a reasonable standard of living. You will not be told how you should spend your allocated reasonable living expenses, so you are still in complete control of your spending.

Better credit rating

Availing of a DRN should indicate to potential lenders that you are proactively addressing your financial situation, and on completion of the DRN you will be solvent, which could make you more eligible to obtain credit.

How much will it cost me to apply?

The service is free. The ISI have waived its fees and Approved Intermediaries cannot charge a fee for their advice and assistance with the application.

How do I get a DRN?

First, make an appointment to meet with an Approved Intermediary – these are a network of qualified debt advice professionals appointed by the ISI to deal with DRNs and are experts in the area of debt advice.

Approved Intermediaries are located around the country and contact details can be found on the ‘Registers’ page of the ISI website www.isi.gov.ie or by calling the ISI’s information line 076 106 4200.