PIC: How much a single person can spend under the new insolvency rules

The Insolvency Service of Ireland has published its guidelines for spending limits to qualify for the new procedures.

THE NEW INSOLVENCY SERVICE of Ireland has this afternoon published its guidelines on the criteria that struggling borrowers must meet in order to qualify for the new debt resolution procedures.

The service says the limits are intended to give people the discretion to still spend their money as they see fit, “though necessarily within the constraints of reasonableness and the overall expenditure limits”.

These figures relate only to single adults of working age – the levels that apply to households in other situations, including homes with children, can be found in this PDF.

The ISI has stressed that once a debtor comes within the ‘headline’ figure – of around €11,100 a year in this case – it will not be prescriptive in terms of what a borrower can spend their money on.

Read: Struggling borrowers may have to move house, sell car and change creche to enter new insolvency process >

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