We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Interesting article
worked_hard_for_the_money
Posts: 28 Forumite
Copied and pasted from the Daily Mail today ...
Is Ireland getting stricter ? or has this been the norm ?
Give up satellite TV and don't go on foreign holidays, Irish homeowners filing for bankruptcy are told
Ireland's Insolvency Service will allow only eight euros a day for food
Debtors must give up cars and private health insurance under new rules
120,000 homeowners are in arrears on their mortgage repayments
By HELEN LAWSON
PUBLISHED: 13:50, 19 April 2013 | UPDATED: 18:11, 19 April 2013
Comments (63)
Share
Irish debtors must give up foreign holidays, satellite television and feed themselves on eight euros (about £6.80) a day under new monthly spending rules introduced by the government to tackle the country's debt problems.
Ireland's Insolvency Service will allow a debtor to spend 57 euros a month on heating bills and 126 euros on socialising, while they must remove their children from private schools, give up any private health insurance and only use a car if there is no public transport alternative.
High unemployment - at 14 per cent - and wage cuts since the country's economy collapsed in 2008 mean that 120,000 - about one in eight - homeowners have fallen into arrears and are more than 90 days behind on repayments, reports the Financial Times.
The Irish government has introduced monthly spending limits for people in debt as it tries to tackle the country's mortgage crisis
The monthly spending rules are part of Ireland's plan to tackle the problem of one in eight mortgage holders being in arrears on repayments
Another 100,000 mortgages have been restructured with short-term loans.
Anyone who does not agree to a debt agreement under the new rules could have their home repossessed, as Ireland attempts to overhaul its dated bankruptcy laws and tackle the problem of an estimated 400,000 homeowners being in negative equity.
mer PM’s right-to-buy scheme
'A reasonable standard of living does not mean a person should live at luxury level,' said Lorcan O'Connor, the Insolvency Service's.
'But nor does it mean that people should be punished and live only at subsistence level.'
The guidelines will also be used by banks to restructure mortgage debt with homeowners.
Ireland's justice minister Alan Shatter warned banks that their losses could be heavier if they do not agree deals with debtors - suggesting that homeowners may opt for bankruptcy, reports the FT.
Irish mortgage holders cannot get out of debt by handing over their property. Banks who sell the houses on at a loss are free to go after homeowners for the difference if the property sells for a loss.
Read more: http://www.dailymail.co.uk/news/article-2311607/Give-satellite-TV-dont-foreign-holidays-Irish-homeowners-filing-bankruptcy-told.html#ixzz2Qx0dGTUh
Follow us: @MailOnline on Twitter | DailyMail on Facebook
Is Ireland getting stricter ? or has this been the norm ?
Give up satellite TV and don't go on foreign holidays, Irish homeowners filing for bankruptcy are told
Ireland's Insolvency Service will allow only eight euros a day for food
Debtors must give up cars and private health insurance under new rules
120,000 homeowners are in arrears on their mortgage repayments
By HELEN LAWSON
PUBLISHED: 13:50, 19 April 2013 | UPDATED: 18:11, 19 April 2013
Comments (63)
Share
Irish debtors must give up foreign holidays, satellite television and feed themselves on eight euros (about £6.80) a day under new monthly spending rules introduced by the government to tackle the country's debt problems.
Ireland's Insolvency Service will allow a debtor to spend 57 euros a month on heating bills and 126 euros on socialising, while they must remove their children from private schools, give up any private health insurance and only use a car if there is no public transport alternative.
High unemployment - at 14 per cent - and wage cuts since the country's economy collapsed in 2008 mean that 120,000 - about one in eight - homeowners have fallen into arrears and are more than 90 days behind on repayments, reports the Financial Times.
The Irish government has introduced monthly spending limits for people in debt as it tries to tackle the country's mortgage crisis
The monthly spending rules are part of Ireland's plan to tackle the problem of one in eight mortgage holders being in arrears on repayments
Another 100,000 mortgages have been restructured with short-term loans.
Anyone who does not agree to a debt agreement under the new rules could have their home repossessed, as Ireland attempts to overhaul its dated bankruptcy laws and tackle the problem of an estimated 400,000 homeowners being in negative equity.
mer PM’s right-to-buy scheme
'A reasonable standard of living does not mean a person should live at luxury level,' said Lorcan O'Connor, the Insolvency Service's.
'But nor does it mean that people should be punished and live only at subsistence level.'
The guidelines will also be used by banks to restructure mortgage debt with homeowners.
Ireland's justice minister Alan Shatter warned banks that their losses could be heavier if they do not agree deals with debtors - suggesting that homeowners may opt for bankruptcy, reports the FT.
Irish mortgage holders cannot get out of debt by handing over their property. Banks who sell the houses on at a loss are free to go after homeowners for the difference if the property sells for a loss.
Read more: http://www.dailymail.co.uk/news/article-2311607/Give-satellite-TV-dont-foreign-holidays-Irish-homeowners-filing-bankruptcy-told.html#ixzz2Qx0dGTUh
Follow us: @MailOnline on Twitter | DailyMail on Facebook
0
Comments
-
worked_hard_for_the_money wrote: »Copied and pasted from the Daily Mail today ...
Is Ireland getting stricter ? or has this been the norm ?
Ireland's Insolvency Service will allow a debtor to spend 57 euros a month on heating bills and 126 euros on socialising,
Is it me or is this Irish logic? Are they seriously trying to say it's ok to spend more than twice as much on socialising as on your heating bills???
:shocked:
What is it Victor Meldrew used to say?
Oh yes, I remember now, "YOU CANNOT BE SERIOUS!"
Does this mean if I spend £114 pcm on my fuel I can go out and spend £252 pcm on Socialising?
No, I thought not!
I knew I should have emigrated (to Ireland) a few years ago!!!
At least then I wouldn't have been worrying as much (as I am now) about what the OR might say about my expenditure when I do eventually manage to raise the fees to go bankrupt!!!
:sad:
Oh well, I guess I'll just have to face the music when the time comes...
All my friends and neighbours helped me pack and move for free, at first I was happy until I got told no one liked me and they just wanted to make sure I left. Thanks Mum and Dad.0 -
The food is the same as here a single person £204 per month.
It would be great to have funds to go out!! but I don't earn that kind of money. .....ahh well its a beautiful day x0 -
and its in the daily mail so it MUST be true :rotfl::rotfl::rotfl:Friends help you move. Real friends help you move bodies.
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards