Debt Relief Notices

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Debt Relief Notice: As one of the three financial arrangements discussed by the ISI you may be happy to find that DRN is processed by MABS. A Debt Relief Notice is a formal agreement that allows you to write off your debts in full.

If you have not applied for this before, it might be the option for you, on condition that the following applies; Your unsecured debts are under €20,000, you do not possess any large assets, such as property, just small essential items; and your disposable income is less than €60 each month. It is a formal, legally binding solution whereby unmanageable debt is completely written off after three years.

One of the most distressing elements of owing money to creditors is the persistent calls and letters that can sometimes border on harassment. ISI research has shown that the vast amount of people in debt are struggling to honour their commitment to clearing outstanding balances while making sacrifices with quality of living.

When a reasonable financial agreement is drawn up, it is possible to make a confident recovery without the worry of answering the phone to a private number or collecting the mail with dread. An Approved Intermediary AI will act on your behalf and there will be no more contact from the creditor.

Debts such as personal loans, credit card loans, credit union loans and overdrafts could be included in a DRN. There is no cost for a DRN and AIs cannot charge a fee for their advice and assistance with the application. There is no application fee, as the ISI has waived its application fees until the end of 2015.

Details of the DRN will appear on the ISI public database, which is accessible to creditors for the duration of the order. However, if the debt is cleared prior to this the details will be removed.

To apply, first make an appointment to meet with an Approved Intermediary (AI) by contacting your local MABS office on 0761072520.

By Maria Shields O’Kelly