Insolvency service to accept first application in three weeks

The Insolvency Service of Ireland is to begin accepting applications in three weeks' time.

Homeowners can go to authorised Personal Insolvency Practitioners to start the process before September 9th.

The Insolvency Service said people who have trouble repaying their debts should contact their lender first, and try to reach an agreed solution.

"To be eligible for one of these new arrangements you have to be insolvent," said Lorcan O'Connor, the Director of the ISI.

"In many cases where you are insolvent, you may be able to reach an agreement with your lender to address the problem, but if that's not possible, these new arrangements are available."