GUIDELINES published by the Insolvency Service of Ireland have outlined what is a ‘reasonable’ standard of living for those who avail of the Personal Insolvency deal in a bid to alleviate their debt burden.
Although Lorcan O’Connor of the ISI said the new guidelines would be flexible, struggling borrowers may have to move house, sell a car, give up private health insurance and change their childcare arrangements in order to qualify for the deal.
Under the guidelines, expenditure limits on items such as food, basic medicine, education and clothes (etc.) for a single person would be set at roughly €900 a month, while a family with two or more children would be set at around €1,400 a month.
So today we would like to know: Do you think the Personal Insolvency spending guidelines are fair?
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