What you need to know about Personal Insolvency Arrangement
A Personal Insolvency Arrangement (PIA) is an insolvency solution for people with unsecured and secured debts, i.e. can include your home mortgage or other mortgages.
Secured debt is a debt backed or secured by an asset (e.g. a housing loan where a house is mortgaged to secure the loan debt).
It is a formal agreement with creditors that will write off some unsecured debt and restructure any remaining secured debt, while keeping the person in their home where possible. The objective is that once your successfully complete a PIA, then you remain in ownership or occupation of your home with only an affordable mortgage remaining to be paid.
You work through a Personal Insolvency Practitioner to reach an agreement with your creditors on an acceptable level of payments and this is then approved by the court and becomes legally binding on all.
The length of time you are in the arrangement depends on your personal financial situation, some of our clients exit the agreement within 3 months based on a lump sum settlement, some work though for 6 years based on monthly payments.
If you are in arrears on your home mortgage you could be eligible for a free PIP consultation under the Abhaile Free Mortgage Arrears Support scheme, for more details about Abhaile click here
In short
- Debt solution includes secured debts
- Deals with unsecured & secured debts
- Requires majority creditor approval
- Court appeals process available subject to eligibility
- May be free to access initially through ABHAILE voucher scheme
- Secured debts greater than €3m require creditor consent
- May last from 1 month to 6 years
Ready to get started?
Simply book a 1 to 1 Consultation below to discuss your requirements and to receive a no strings attached quotation.
The compliance side of all operations, ie ensuring you are maintaining full accurate records and reporting... Read More
We offer a number of business consultancy services, with the following being a sample:... Read More
Kildare Audit and Accountancy Services can provide expertise for forensic accountancy investigation.... Read More
We can assist in reviewing your business at a time of distress with a view to restructuring & recovery... Read More
We believe in year-round Tax planning to help minimise your current and future Taxation liabilities. Our Taxation Professionals have.... Read More
Companies with a turnover of less than €6.5m do not normally require an audit. There are certain exceptions, for example, when a small company... Read More
