Debt Relief Notice: Step 5

What happens during the supervision period of my Debt Relief Notice?

If your application is successful you and your creditors will be under some conditions for the next 3 years. These 3 years are called the supervision period.

What obligations will I be under?

Will my credit rating be affected?

If your creditors are part of the Irish Credit Bureau or any similar credit-referencing agency, they will most likely have made reports on your credit rating about your missed payments. There is no specific rule about how any of these credit-referencing agencies should treat your Debt Relief Notice, each will have their own approach.

If I have a Debt Relief Notice, can I apply for any of the other insolvency solutions?

A Debt Relief Notice is intended to give you a fresh start. If you find yourself in financial difficulty in the future, and are struggling to meet your repayments on any loans that you have at that time, call us on 0761 07 2000 to speak to a trained MABS adviser about the best solution for you.

In order to apply for another insolvency option, you must wait 3 years from the date your debts were written off under a Debt Relief Notice, usually the date your supervision period ended.

Will my information be made public?

Your name, address and year of birth will be on a public register on the Insolvency Service website.

What are the offences?

These are things that you are not allowed to do while your Debt Relief Notice, Debt Settlement Arrangement or Personal Insolvency Arrangement are in place. These include:

Committing an offence can have serious consequences. If you are found guilty of a serious offence,you may face a fine of up to €100,000 and / or five years in prison. A lesser offence carries a fine of up to €5,000 and / or 12 months in prison. If in doubt, get advice from the Insolvency Service of Ireland.

What obligations are my creditors under?

Your creditors also have a right to object to your Debt Relief Notice if they think that you were not eligible to apply or if they feel they have not been treated fairly. The court will then decide what to do with this objection.

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