Government Increases Debt Relief Notice Threshold for Debt Write Off from €20,000 to €35,000
Prior to October 2015 – the maximum debt that could be written off in Ireland under a Debt Relief Notice was €20,000. A an amendment to legislation now means that debts of up to €35,000 can be completely written off .
A Debt Relief Notice (DRN), is one of the legally binding debt solutions provided under the Personal Insolvency Act . It allows for the complete write – off of debts such as personal loans, credit card loans, store card debts, credit union loans and overdrafts. More about DRNs here
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.
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 Insolvency Service .