Personal Insolvency Arrangement (PIA)

What is a PIA?

A PIA is a formal agreement between you and your creditors that can help you manage your debts and avoid repossession of your home.

A PIA sets out a plan to deal with all of your debts, both secured (mortgage) and unsecured (credit cards, credit unions etc). A typical PIA involves the restructuring of the mortgage by adjusting the Balance, Rate and Term. A PIA may last several months or up to 6/7 years. Each PIA is unique and is formulated on your repayment capacity.

The plan is based on the debtor’s ability to pay and takes into account his/her income, assets, and liabilities. The PIA is designed to provide a debtor with a fresh start by allowing him/her to make affordable payments to creditors over a period of time. If the debtor complies with the terms of the PIA, any remaining debts are written off at the end of the arrangement.

While in a PIA, you have legal protection from your creditors.

What is a PIP?

A Personal Insolvency Practitioner, or PIP for short, is a licensed professional who can help you explore debt solutions such as a Personal Insolvency Arrangement (PIA). As a PIP, we can confirm that we are independent professionals who are authorised by the Insolvency Service of Ireland (ISI) to provide debt advice and solutions to individuals who are struggling with debt. We are not associated with any specific bank or financial institution, and our advice is unbiased and objective. Our primary goal is to help you explore all the available options and find the best solution for your unique situation.

As a PIP, we will seek to identify a solution to resolve your debt problems, keeping you in your home where it is possible to do so.

Am I eligible for a PIA?

To apply for a PIA, you must be unable to pay your debts in full as they fall due.
At least one of your debts must be a secured creditor i.e. a mortgage over your home.
If the answer to the above is “yes”, then you may be eligible for a free consultation under the Abhaile scheme. Please contact us on 1800 99 00 99 for more information.

Am I too late?

If your lender has taken repossession proceedings against you or they already have an order of possession in place, it is not too late to apply for a PIA. In such urgent circumstances you should contact us by freephone 1800 99 00 99 to discuss your case.

What type of debt may/may not be included in a PIA?

Secured debts such as mortgages and Unsecured debts such as credit cards and loans may be included in a PIA.

What is a Protective Certificate?

A Protective Certificate is a certificate issued by the courts that protects you from legal action by your creditors while you are seeking a PIA.

What are your main duties and obligations in connection with a PIA?

Your main duties and obligations in connection with a PIA include making regular payments towards your debts and providing accurate financial information to your PIP.

Will it affect my credit rating?

Participating in a PIA may affect your credit rating and your ability to obtain credit in the future.

Will my details be published anywhere?

Details of your PIA will be published on the ISI’s register of PIA’s. Once you successfully complete your arrangement, your name will be removed from the register.

Can I fail my PIA?

Yes, a PIA may fail if you fail to make your payments or if you breach the terms of the agreement. You can only enter one PIA in your lifetime. If it fails, all of your debts plus continuing interest will be reinstated.

I believe I have a legal case against my lender. Can a PIA assist with this?

Unfortunately not. A PIA deals with agreed debts with your lenders. If you have a dispute with your lender, a PIA is not a legal remedy to resolve this. In that case, you should contact a solicitor or the financial ombudsman.

How much will a PIA cost?

The cost of a PIA will depend on your individual circumstances and the complexity of your case.

In the majority of cases the initial consultation and letter of advices is covered under the abhaile scheme.

McNamara & Associates also provides for pro bono (free) consultations in cases where there are extenuating circumstances.

What Our Clients Say

"Thank you Cathal for all your work to secure our home and give us peace of mind in our final years"

V & A
PIA Clients

"I am so grateful to you for all of your work to keep me in my home. The stress was just unbearable. But the moment we first met I knew you understood my situation and were there to help.

V Mc
PIA MTR Client

"We had buried our head in the sand and were up in court for repossession. We met with Cathal who worked on a plan to not only keep us in our home but put us on a path to own it. The debt collector's are now gone and we can focus on living stress free again.

N & U
PIA Clients