Personal Insolvency Arrangement

A Personal Insolvency Arrangement (PIA) is for people who cannot afford to pay their personal debts. The Personal Insolvency Arrangement applies to the agreed settlement and/or restructuring of secured debts up to a total of €3 million (as well as unsecured debts) over a period of 6 years. You can only avail of a PIA once in your lifetime.

Where To Start?

At the meeting, we will assess your options and let you know if a PIA is the right solution for your situation.
We will apply to the court for a Protective Certificate which stops your creditors taking any further action. You are not required to go to court.
The PIP will put forward a PIA proposal to the creditors ensuring you will be left with enough money to maintain a reasonable standard of living.
If the creditors agree to it and the court is happy with your application, your PIA is formally agreed.
The PIP will inform you of your monthly payments and the PIA Bank Account.

Starting The PIA Process

Personal Insolvency Practitioners (PIP’s) are licensed by the Insolvency Service of Ireland (ISI) to make an application for a Debt Solution on your behalf.

The assistance of a PIP IS required to set up a PIA.

What You Need To Do

Start collecting details of your debt. This includes a list of what you owe and to whom, details of payments you have missed, as well as details of your income, average spending needs and any assets you may have. Bring these with you to your meeting with the PIP.

What Firm Advice Will Do

At the meeting we will assess your options and let you know if a PIA is the right solution for your situation.

We will apply to the court for a Protective Certificate which stops your creditors taking any further action. You are not required to go to court.

The PIP will put forward a PIA proposal to the creditors ensuring you will be left with enough money to maintain a reasonable standard of living.

If the creditors agree to it and the court is happy with your application, your PIA is formally agreed.

During Your PIA Arrangement

The PIP will inform you of your monthly payments and the PIA Bank Account.
All payments to your lenders will cease and you will make payments to the PIA Bank Account.
You must let us know if your income or living costs change.
You will have an annual review.
If you need credit of more than €650.00 during your PIA you must inform the lender of your PIA.
Your credit rating will be affected during a PIA but will improve over time if you do not run up any more debt.
If you fail to make the agreed payments your PIA will be cancelled and you will no longer be protected from legal action being taken by your creditors.
At the end of your PIA you will be discharged from any remaining debt and your name is removed from the Register of PIA’s.
You are now solvent.
Please also refer to the PIA Guide published by the ISI.

Reasonable Living Expenses

You are entitled to a reasonable standard of living while you address your debt problems. There is a minimum standard of living you are entitled to which allows for expenses, etc. The figure is often higher than the amount people in debt live on before seeking an insolvency solution.

To calculate your household’s Reasonable Living Expenses
follow the 4 simple steps below to calculate your household’s reasonable living expenses in just a few quick clicks.

Begin calculating yours here.

Surviving Financial Stress

Debt takes its toll on mental health and it is our most precious asset. We are concerned about your financial wellbeing as well as your mental wellbeing.

Over the past six years I’ve worked with people in debt and seen the toll financial stress takes on their mental and physical health. It can affect relationships, work and sleep patterns all of which are not good for your mental health. Worrying about debt and not taking action might make the problem worse.

Take the first step to speak with us which will ease the burden and you will find that you are not alone in this. I have seen the impact that once someone takes the first step by talking to us, they immediately feel a weight lifted. We will help with budgeting and explain the whole process in an informal jargon free relaxed and non-judgemental environment.