Personal Insolvency Arrangement
A solution for people with unmanageable debts including mortgages
How do I know if a PIA is the right insolvency solution for me?
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.
What are the benefits for me?
How much will it cost me to apply?
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 arrears on your home mortgage you could be eligible for a free PIP consultation under a new State-funded scheme. For more details on the scheme click here. A list of Personal Insolvency Practitioners participating in the scheme is available here.
There is no application fee as the ISI has waived its fees.
How do I get a PIA?
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. For contact details of PIPs participating in the Back on Track campaign, please click here.
For more information on what a PIP can do for you, click here.