The first deal under the new Personal Insolvency Arrangements has been agreed today - with a Donegal borrower seeing over 70 per cent of his debt written off.
It will apply to a HSE worker from Donegal - who was the partner in a failed business.
It's understood that three of Ireland's main banks are among the six creditors involved.
The lobby group New Beginning has hailed the deal as "hugely significant" and offers hope to Irish borrowers "left behind in solving their financial difficulties".
