These arrangements are for individuals with debts of €20,000 or less who have assets not exceeding €400 and net monthly income of not more than €60 after deducting reasonable living expenses. Applications for a debt relief notice are made to the ISI on behalf of the debtor by an authorised intermediary. Where an application is approved the debt is frozen for a period of three years and creditors are not entitled to contact the debtor to pursue the debt. At the end of period if the debtor’s financial circumstances have not improved the debt is written off.
The ISI have authorised MABS to act as authorised intermediaries (AIs) for the purposes of making applications for Debt Relief Notices (DRNs) on behalf of Debtors.
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