Monday, 01 April 2013 09:52
'A single adult will be allowed less than €30 a week to participate in sports activities and social events such as going to the cinema, according to austere insolvency guidelines. An estimated 100,000 households will be told to live in what Fianna Fail leader Micheal Martin has described as the "fiscal equivalent of penal servitude" for between three and seven years.
Critically, the guidelines state that any decision to be made about the "reasonableness or otherwise" of living expenses under 15 separate categories will be a matter for "the creditors" to decide on a case-by-case basis.
Banks, therefore, will have the final say on what thousands of heavily indebted individuals and families will be allowed to spend on what are widely accepted to be household basics if they wish to avail of debt relief, settlement or personal insolvency.'
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