Key Post Issues to consider before applying for a PIA

[Brendan Burgess]

Jim Stafford has written an [broken link removed]which should be compulsory reading for anyone considering a PIA.

• Review your employment contract to see if it's affected by a PIA
• Check whether personal guarantees are valid
• If you have only one lender, you should negotiate a deal directly with them
• If you can pay your mortgage and you are in big negative equity, there is very little your other creditors can do, so doing nothing is worth considering
• Although your ICB record may be in tatters already, only the banks can access that. Once you apply for a PIA, your self-declared insolvency is a matter of public record, even if the creditors veto the PIA.
• If you are expecting an inheritance in the next few years, you might be better off going bankrupt. If it's imminent, maybe UK bankruptcy.

 

[demoivre]

If you can pay your mortgage and you are in big negative equity, there is very little your other creditors can do, so doing nothing is worth considering

Have instalment orders gone out of fashion?

 

[demoivre]

Although your ICB record may be in tatters already, only the banks can access that. Once you apply for a PIA, your self-declared insolvency is a matter of public record, even if the creditors veto the PIA.

Whether a debtor goes for a PIA or not their name is going to be in the public domain for the wrong reason. If creditors obtain judgments against debtors, and register those judgments, the debtors name will appear in Stubbs Gazette and quite possibly the Sunday Business Post.

 

[Cantalia]

Despite his recent run-in over professinal peoples family homes and insolvency, Jim Staffords article on PIA's and the information he sets out is super. Is the most generous amount of free information-giving that we have had so far for the Irish situation, the notable exceptione being Steve Thatcher for the UK situation. Thank you Jim.