Personal Insolvency Practicioner (PIP)

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censuspro

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Does anyone on here intend on becoming a PIP, it will be interesting to see how this pans out as a profession. I think it has a certain Y2K element to it as there may be alot of work for a short period but once the majority of cases work through the system over the first 5/6 years I'd expect there to be very few new cases in the medium to long term.
All the accounting institutes have run their respective courses and the first set of exams to become a qualified PIP is today.
 
It will be interesting to see what happens when the banks start vetoing the heck out of loads of applications meaning the PIP's will be getting NADA for much of their efforts. I know they will be charging a nice chunk of change for their services but this will need to be averaged down with all the unsuccessful cases they work on, so mightn't be as lucrative as some are making it out to be!
 
Negotiator said:
It will be interesting to see what happens when the banks start vetoing the heck out of loads of applications meaning the PIP's will be getting NADA for much of their efforts. I know they will be charging a nice chunk of change for their services but this will need to be averaged down with all the unsuccessful cases they work on, so mightn't be as lucrative as some are making it out to be!
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Which leads to my next question which is what is the position if the creditors decide not to engage with the PIP or the insolvency process? The only other option that's left at that stage would be bankruptcy?

On a high level, and correct me if I'm wrong, but these are the potential avenues a debtor can use in the event that they're unsuccessful at each hurdle:

1. Directly engage with creditors
2. PIA
3. Bankruptcy
 
I had considered it from the outset as I have worked for the past three years with selective distressed borrowers who can pay me for my time and negotiation skills.

I looked into becoming a PIP and established quickly that there will be no reasonable return in it for me, I have outlined on another thread on the same subject what the establishment costs are.

It will not be lucrative, far from it and there are few ways apart from the obvious that you can get as intimate with somebody than look after their personal finances, try it, ask your neighbour or a.n.other what their net take home pay is...;-)
 
Palerider said:
I had considered it from the outset as I have worked for the past three years with selective distressed borrowers who can pay me for my time and negotiation skills.

I looked into becoming a PIP and established quickly that there will be no reasonable return in it for me, I have outlined on another thread on the same subject what the establishment costs are.

It will not be lucrative, far from it and there are few ways apart from the obvious that you can get as intimate with somebody than look after their personal finances, try it, ask your neighbour or a.n.other what their net take home pay is...;-)
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I agree that asking anyone about their financial position requires a lot of empathy and a very personalized trust .
On most personal type debt, there never should be need of a pip. I cant help but feel this pip stuff was engineered by middle-class professional accountancy types,. It does not need a degree in Law/Accountancy to review most debt cases.
Looks like another Reguatory layer that will frighten the normal punter.
Looks like another Regulatory layer to give work to the ,(professionals.)
 
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