Examples of Debt Write Off in Ireland

The Insolvency Service of Ireland has released some useful real life examples of debt write off  – and the figures might surprise some people.
Debt Settlement Arrangement
One example was of a a female aged 37, married, employed on a part
time basis, with one child in preschool and
another in primary school .
In this case she  had debts of  €31,534 (unsecured bank loans and credit card debts) . She had assets of  a car worth €500 and €348 cash in the bank . Her monthly net income was €1209 and her “reasonable living expenses” came to  €1980 when rent costs were included.  This meant her income was €771 a month below her assessed needs.  (before any debt repayments)
In cases of debts over €30k  – the applicant would typically be just considered for bankruptcy. However she was able to get a lump sum of €9,500 from a relative to make available to her creditors
and to cover her PIP’s fee.   This payment was split between the creditors and  77% of the debtor’s debt was written off. (€24000).