A personal Insolvency Plan (PIA) is among the most step three obligations resolution systems lead of the Private Insolvency Work 2012 for many who cannot afford to spend the personal expense.

The non-public Insolvency Plan relates to the fresh new consented payment and/or restructuring out of covered bills to a maximum of €3 million (as well as unsecured debts) over a period of up to 6 decades. The fresh cap out of €3 mil will likely be enhanced by the agreement with your safeguarded financial institutions together with maximum regarding 6 decades can increase to help you seven years in some situations.

The latest Insolvency Provider away from Ireland (ISI) provides penned a complete guide to PIAs (pdf) and a primary guide to PIAs (pdf), toward its web site , for many who try experiencing loans.

Supply for legal feedback

In which a mortgage lender rejects this new borrower’s offer to own an effective PIA, a software can be made to possess a court article on you to definitely getting rejected. Since , all mortgage loans during the arrears and/or subject to an option payment arrangement can be look for a judge overview of brand new getting rejected.