What is a Personal Insolvency Arrangement?

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.

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