If you have secured debt and unsecured debt that you cannot repay, a PIA could be the right choice for you.
A PIA is a formal agreement with all your creditors that will write off some of your unsecured debt and restructure any remaining secured debt.
Your qualified professional advisor (also known as a PIP) will negotiate with your creditors on your behalf, putting an end to any demands for unpaid debt - no more phone calls, letters or visits.
Under this Personal Insolvency Arrangement you agree to repay a percentage of your overall debts that you can afford in monthly payments over a given period of time.
A Personal Insolvency Arrangement is a legally binding arrangement between you and your creditors; so it cannot be changed without the agreement of both parties, meaning no surprise changes such as additional interest or charges added along the way.
While you are making these repayments you are entitled to a reasonable standard of living. You will not be told how you should spend your allocated reasonable living expenses, so you are still in complete control of your spending.
Once your final agreed monthly repayment is made and you have kept to the terms of the arrangement, your creditors will write off your remaining unsecured debt and your remaining secured debt will be restructured.
Entering into a Personal Insolvency Arrangement should indicate to potential lenders that you are proactively addressing your financial situation, and on completion of the arrangement you will be solvent, which means you could be more eligible to obtain credit. However, the decision on whether or not to give credit is up to the lender and this is always the case.
Just like any other professional providing a service, a PIP may charge a consultation fee in order to determine if you are eligible to apply. After that, any PIP fees are usually built into the PIA repayment plan.
If you are in home mortgage arrears you could be eligible for a free PIP consultation under a State-funded scheme, called Abhaile.
View details on the Abhaile scheme
Download our list of Personal Insolvency Practitioners participating in the Abhaile scheme
There is no application fee as the ISI has waived its fees.
First, arrange to meet with a Personal Insolvency Practitioner (PIP). Part of a network of qualified professional advisors regulated by the ISI, each PIP is an expert in debt advice, so don’t feel embarrassed about your situation; they can and want to help you reach a solution. They will assess your options and prepare a tailored solution that best suits your needs.
PIPs are located around the country and contact details can be found here or by calling the ISI’s information line 076 106 4200.
View contact details of PIPs participating in the Back on Track campaign
View more information on what a PIP can do for you.
Download our short guide on Personal Insolvency Arrangement
Download the full guide on Personal Insolvency Arrangement
Download our short guide on Personal Insolvency Arrangement.
Download the full guide on Personal Insolvency Arrangement.