30 September 2015: The Insolvency Service of Ireland (ISI) has welcomed an amendment to legislation which will allow people on a lower income and with few assets to have debts of up to €35,000 completely written off.
The Debt Relief Notice, also referred to as a DRN, is one of the legally binding debt solutions provided under the Personal Insolvency Act available through the ISI. It allows for the complete write-off of debts such as personal loans, credit card loans, store card debts, credit union loans and overdrafts. An application for a Debt Relief Notice is approved by the Court and once it is granted, the person can no longer be contacted by creditors asking for those debts to be repaid.
Commenting on the legislative amendment, the Director of the ISI, Mr. Lorcan O’Connor stated:
“The Debt Relief Notice is intended for people with very limited means who are in genuine financial distress and we know from the hundreds of people who have availed of this debt solution already that it is life changing. I fully expect that the increase in the maximum debt limit to €35,000 will enable the ISI to help many more people get back on track financially through our court backed solutions.”
Applications for a Debt Relief Notice are made at no charge through Approved Intermediaries – part of a network of qualified debt advice professionals authorised by the ISI. Approved Intermediaries are located around the country and at present the majority are based within certain MABS centres