Dealing with Promontoria

Moneyfairy

New Member
Messages
2
I have had a PIA plan rejected by Promontoria so my only option now is bankruptcy. I don't have a mortgage or property in my own name. I don't want to do down the bankruptcy route if at all possible. Does anyone know if Promontoria would accept a cash offer of approx 10% of the overall debt? Any suggestions or ideas are welcome. TIA
 

demoivre

Frequent Poster
Messages
2,671
What does your PIP advise? Is there a reason you are not making a Section 115A appeal ?
 

Moneyfairy

New Member
Messages
2
The insolvency practitioner said the appeal wouldn't be successful so the only option was to go bankrupt. GT are the PIP who drew up the original insolvency plan and it was their solictiors that said my appeal would be unsuccessful so not to try.
 

Brendan Burgess

Founder
Messages
42,159
If you don't have a property, what is the advantage of a PIA over bankruptcy?

Surely bankruptcy is quicker and easier and not dependent on any negotiations?

I presume it's for the shortfall on a mortgage?

Brendan
 
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