It is a formal agreement that allows for the write off of debts up to €35,000 where it is unlikely that a person will be in a position to repay them and it is unlikely their financial situation will improve in the next 3 years.

Debts such as personal loans, credit card loans, store cards, credit union loans and overdrafts could be included in a DRN.

However, it is not a suitable solution for people with a mortgage.