Yes that's the point. A PIA does not have to last six years. Its a maximum of six years however if the debtor has no capacity to make monthly payments for six years, he can alternatively offer a lump sum or "short PIA" which will last only a few months. The key thing to remember is that the creditors must agree to the arrangement that is being proposed "short" or "long".
If you were a bank would you prefer to get a small lump sum and to see the property being sold in an orderly fashion through a PIA or would you prefer the Debtor to take the nuclear option through a UK bankruptcy where it may get nothing
If you were a bank would you prefer to get a small lump sum and to see the property being sold in an orderly fashion through a PIA or would you prefer the Debtor to take the nuclear option through a UK bankruptcy where it may get nothing