How to prepare
Begin by seeking advice from MABS or ISI about the type of debt you have and the personal insolvency solution you may be eligible for.
Once you have chosen an Approved Intermediary (AI), you can prepare for the consultation in advance by gathering the details of your debts (e.g. loan agreement, credit card bill) as well as your income, savings, assets, and expenses (e.g. payslip, bank statement, utility bill).
When providing information about your circumstances to your AI, you must act in good faith by giving full and honest information, to the extent possible. It is an offence to intentionally provide false or misleading information in an application.
There is currently no fee for a Debt Relief Notice application and AIs cannot charge a fee for their service.
What to expect once you have engaged an AI
Your AI will help you to complete the application and will submit the application to the Insolvency Service (ISI) on your behalf.
If all is in order, the ISI will submit your application to the Court for a decision.
You will never be asked to attend court yourself. If needed, your nominated AI will attend court on your behalf.
For a more detailed understanding of the stages involved in the Debt Relief Notice application process, check out the overview provided by MABS.
If your DRN application is approved
The Court will approve your application if satisfied that all the conditions have been met and there are no objections. The ISI records the DRN in its public Register of Debt Relief Notices and it comes into effect.
