Struggling homeowners to make sacrifices in debt deals

Struggling homeowners to make sacrifices in debt deals

Struggling homeowners looking to do a deal with their banks will reportedly be expected to sell off their second car and ditch their Sky TV packages.

New minimum income guidelines will be published next week by the Personal Insolvency Service.

It means banks can dictate the lifestyle of some homeowners who are looking for debt forgiveness.

Personal Finance Editor with the Irish Independent, Charlie Weston, outlines some of the sacrifices people will be expected to make.

He said: "If people want a debt deal they are going to have to give up the private health insurance.

"There is also an emphasis on ditching that foreign holiday and getting rid of the second car plus private education is out."

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