The last quarter of 2014 saw a significant jump in the number of Personal Insolvency Arrangements given the green light.
The Insolvency Service of Ireland says the total from the three-month period was higher than the previous three quarters combined.
According to the ISI's annual report for 2014, they're now dealing with €1.5bn worth of debt.
Tom is one of those who has entered into a PIA, for the next six years.
He said that he does not blame the banks for his financial problems.
"They did loan us the money, they've also have now done a deal with us," he said.
"We've made the mistake. Should we be made pay for that mistake for the rest of our lives? I don't believe so.
"We will pay back over the next six years. We'll emerge from this chase and we'll learn to live as normal citizens of Ireland, as taxpayers."