DRN - Insolvency Service Requirements

Grafting4Grade

New Member
Messages
3
Hi,

Long time lurker here, I joined up to ask for your knowledge...

I was recently awarded a DRN (Debt Relief Notice) via MABS support. I'm wondering does anyone know how often I need to submit documents to the Insolvency Service to prove my circumstances? e.g. annually?

I'm used to providing similar details annually for various government subsidies/ transfers and I like to be organised as it can be stressful getting everything together on top of adulting in general and finding time to chase paperwork/get forms completed from employers etc.

Also, can anyone tell me in relation to the increase of earnings, it states that earnings increase of €400 or more per month will be divided between creditors. Does this mean for example that if income increased by €399 I would be permitted to keep it but if €400 it would all be redistributed OR would anything under the €400 be mine and the balance redistributed? Hope that makes sense.

Many Thanks, G4G
 

Pannini

Registered User
Messages
6
The ISI will contact you annually about your DRN. But under the terms of a DRN you must contact the ISI immediately if there is a material change in your circumstances or assets and liabilities or if your monthly income increases by €400 net. If you are not sure about your obligations you should contact the ISI's telephone information.
 
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