What are the Benefits of a Personal Insolvency Arrangement?
A Personal Insolvency ArrangementÂ is a debt solution for people with unmanageable debts including mortgages.. If you have secured debt and unsecured debt that you are strugging to repay aÂ Personal Insolvency ArrangementÂ could be a good fit for you.
A PIA is an agreement with your creditors that will write off some of your unsecured debt and restructure secured debt. In the majority of cases you will be able to remain in your home.
Benefits of a PIA include:
- Protection from your creditors, no more phone calls, letters or visits. A Personal Insolvency Practitioner will negotiate with creditors on your behalf.
- Affordable repayments.
- No surprise changes such as additional interest or charges.
- Reasonable standard of living guaranteed where you are still in control of your spending.
- Peace of mind, you can be reassured by the fact that once your final monthly repayment is made and you have kept to the terms of your agreement your creditors will write off your remaining unsecured debt and what is left of your secured debt will be restructured.
Find more info on Personal Insolvency Arrangements here Â or download the PIA handbook here:
If you would like to discuss a Personal Insolvency Arrangement with a qualified PIP with more than 20 years experience contact us today.