The Government today launched the Insolvency Service of Ireland (ISI) where new arrangements will allow overburdened borrowers reach agreement with creditors.

Insolvency Service of Ireland guidelines

The new service will be in a position to begin accepting applications at the end of June.

If you are unable to pay your debts and do not see yourself being able to do so in the next few years there are now three new debt solutions which may help you.

Which option is right for you will depend on:

• how much you owe,
• the type of debt,
• your income, and
• your assets.

A new website, isi.gov.ie, and phone number, 076-1064200, for debtors will become operational today.

The website will outline case studies showing in which circumstances people can avail of the service.

In the coming weeks, personal insolvency practitioners will be licensed where they will effectively negotiate deals between lenders and borrowers.

The new service has developed broad guidelines that allow for reasonable living expenses.