Personal Insolvency Arrangement Improved Finances

Grey Grey

Registered User
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6
We have just entered our 6th and final year of a personal insolvency arrangement. Our finances have improved this year.. Will we have to pay 50% of everything we earn over and about what we earned when the PIA was established. The terms and conditions say that we have to pay 50% of everything over 100 euro per month to the arrangement should our finances improve. We were living a good bit below the figure for reasonable living expenses so that we could make an acceptable contribution to the PIA. I am on a split mortgage so I am considering paying the full mortgage Which means I won't have as much disposable income to give to the PIA but should still have some. Any advice would be appreciated. Many thanks
 
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Grey Grey

Registered User
Messages
6
Can the PIA be extended beyond the 6 years if the financial situation has improved? Thanks
 

Jim Stafford

Registered User
Messages
583
The maximum length of a PIA IS 6 years but this may be extended by up to 1 year in circumstances as specified in the terms of the arrangement. You should ask your PIP what the position is in respect of your own PIA.

I am considering paying the full mortgage Which means I won't have as much disposable income to give to the PIA
I would be surprised if you could "manipulate" your PIA in this way. Once again, You should ask your PIP what the position is in respect of your own PIA.

Jim Stafford
 
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