Glossary: N

This section explains terms you might have seen in other parts of this site or in communication you have received from creditors.

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National Consumer Agency
Definition: National Consumer Agency

A consumer body set up in 2007 to defend consumers’ interests and enforce consumer laws. For more information on the work carried out by the National Consumer Agency, see www.nca.ie.

Negative Equity
Definition: Negative Equity

Where a mortgage is higher than the value of the property.

Negotiable Instrument
Definition: Negotiable Instrument

A type of contract for the payment of money that has no conditions and can be transferred to another person by the person who would ordinarily receive a benefit under the contract.

Net
Definition: Net

An amount that is left over after other amounts (such as taxes) have been deducted.

Net Book Value
The value of an asset after depreciation from wear and tear, as recorded in the books of account of the company.

Net Income
A person’s income each week, month and year after deducting:
•    tax
•    PRSI
•    union subscriptions
•    pension contributions

Net Interest    
Interest after tax has been deducted.

Net of Tax
An amount of money left over after tax has been deducted.

Net Profit
The amount of money belonging to a company after deducting operating costs such as salaries, rent and electricity bills.
   

Net Disposable Income
Net Disposable Income

Your income (not including Child Benefit)

  • LESS tax, PRSI, USC
  • LESS your Reasonable Living Expenses (as set out in Guidelines to be issued by the Insolvency Service of Ireland)
  • LESS payments to Excluded Debts
  • LESS payments to Excludable Debts
  • LESS any other charge or levy to be taken from your income
Net Disposable Income
Definition: Net Disposable Income

Net Disposable Income is a maximum amount of income you are allowed by law to have to apply for a Debt Relief Notice.  To calculate your Net Disposable Income, you will need to know your monthly income from all sources (except Child Benefit which is not included) and then subtract the following:

  • Taxes, PRSI, USC
  • Reasonable Living Expenses for your household
  • Payments to Excludable Debts
  • Payments to Excluded Debts
  • Levies on your income (such as the pension levy)

If what you have left is €60 or less your income qualifies for the Debt Relief Notice application

No Claims Bonus
Definition: No Claims Bonus

A reduction in an insurance premium, usually shown as a percentage of the total premium, which occurs if a person doesn’t claim on their insurance policy over a certain period of time.

Non Profit Making Body
Definition: Non Profit Making Body

An organisation (usually a charity or public sector agency) that does not set out to make a profit.

Non-Contributory Payment (also known as Social Assistance)
Definition: Non-Contributory Payment (also known as Social Assistance)

A social welfare payment that is based not on PRSI contributions but on a person’s means as verified by a means test. For example, Unemployment Assistance and One-Parent Family Payment. 

Non-priority Payments
Definition: Non-priority Payments

See Secondary Payments