Now anybody with mortgage arrears can do a PIA and possibly "cram" down other debts

Jim Stafford

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The Personal Insolvency (Amendment) Act 2021 has now been signed by the President and the Minister is expected to sign the necessary commencement orders shortly.

The biggest practical amendment is to Section 115A. Previously, a debtor had to be either in mortgage arrears or had entered into an Alternative Repayment Arrangement as at 1 January 2015 in order to do a "No Veto" PIA. The date of 1 January 2015 has now been removed. The amendment was introduced as it was recognised that borrowers can fall into arrears because of issues such as Covid & Brexit.

Jim Stafford
 
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