Debtor house rules

The average family will be left with €1,760 a month to live on under new rules outlining what should be considered reasonable living expenses for people in mortgage distress.

Debtors may be asked to move to cheaper accommodation, give up their cars and health insurance, and prove the economic rationale for childcare arrangements under the guidelines for personal insolvency arrangements.

They were given a cautious welcome by advocacy groups, who hoped the rules would re-balance the current one- sided approach of banks’ dealings with customers in arrears.