Ireland’s new insolvency service will begin accepting applications from representatives of indebted mortgage holders today with hopes of having some of their debt written off.

In order to get approval for the scheme, individuals will have to demonstrate that they have no reasonable prospect of being able to repay their debts.

Is this insolvency scheme the answers to many mortgage holders prayers or does it sound too good to be true?

Pat was joined on the line by David Hall, director of the Irish Mortgage Holder’s Organisation.