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Accountants at Grant Thornton have said that, out the first 20 insolvency cases processed by the firm, one in four distressed borrowers voluntarily agreed to give up their home as part of their personal insolvency agreement.

That number was revealed the day after the first deal under the Personal Insolvency Act was announced, granted to a HSE worker who was also a partner in a failed business.

Ross Maguire, co-founder of lobby group New Beginning, spoke to Newstalk Breakfast and explained how some of the new insolvency guidelines work:

Maguire explained, "If you can't pay the current value of the property, then you're into unsustainable territory there and you're looking at some form of a surrender... some banks will take a lesser sum than the current value, but they can't be forced to do that".

"This is not the policy people might think," Maguire continued, "in terms of 'it's going to involve complete debt write-down and I'll have a free house'. That's not the way it works. But it does involve, certainly with debt settlement arrangements, an arrangement whereby people who have unsustainable debt can be brought back to solvency, and for personal insolvency arrangements the idea is where at all possible to keep people in their homes".

Would you give up your home to get out of a mortgage deal? Would you make sure to do everything in your power to keep your home, and what else would you be willing to surrender to reach such a deal? Do you feel the personal insolvency guidelines are going to prove fair and useful for bankrupt and insolvent borrowers? Vote in our poll and leave your comments below.