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Debt Relief Notice

Phat Cat · 2015-02-10 19:46:24

My nephew has a long standing credit card debt and has been dealing with the issue through MABS since he lost his job 3 or so years ago (he owes approximately €3k , which is down from well over the €5k card limit). He initially paid the bank back €25 per week for the first year but that became unattainable so he negotiated…

10-02-2015 7:46pm

#1

Phat Cat

Registered Users, Registered Users 2 Posts: 667 ✭✭✭

Join Date: December 2009

Posts: 614

My nephew has a long standing credit card debt and has been dealing with the issue through MABS since he lost his job 3 or so years ago (he owes approximately €3k , which is down from well over the €5k card limit).

He initially paid the bank back €25 per week for the first year but that became unattainable so he negotiated to pay them €10 per week over the last two and abit years as he was on Job Seekers Benefit, he is doing Jobs Bridge scheme now.

He got a call from MABS the other day offering him an appoinment to see if he is eligible for Debt Relief Notice. They were very vague in regards to what it entails but looking online it seems that he'll have 3 years of living hand to mouth until the 3 year supervisionary period elapses.

For anybody that is currently signed up to a DRN, or knows somebody that is, is it really worth it or should be just keep on paying the €10 per week that he negotiated?

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