Neymar Senior
Registered User
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- 1
Hi All,
Hoping some of you can help with some information about the following points as I've been unable to find anything conclusive elsewhere.
I am a few months away from completing year 4 of 6 year PIA and have been wondering about the following as things are a bit uncertain in work so redundancy could be on the cards in the short to medium term.
1. Have there been any examples of 6 year term PIAs which were reduced by a year or 2 and if so what would the circumstances have been?
2. If a person is made redundant during the term of the PIA can the creditors get their hands on the lump sum so it is treated like a windfall or there is some protection against that happening? Also could a deal be struck to exit the PIA early by paying the remaining agreed balance as a lump sum or again would the creditors likely seek more and therefore make the last 4 years a wasted effort?
3. Upon successful completion of the PIA how soon after is the register updated to reflect this and a person can get on with living free from all the creditors with the agreed debt write offs confirmed as completed?
Thanks a lot,
N S
Hoping some of you can help with some information about the following points as I've been unable to find anything conclusive elsewhere.
I am a few months away from completing year 4 of 6 year PIA and have been wondering about the following as things are a bit uncertain in work so redundancy could be on the cards in the short to medium term.
1. Have there been any examples of 6 year term PIAs which were reduced by a year or 2 and if so what would the circumstances have been?
2. If a person is made redundant during the term of the PIA can the creditors get their hands on the lump sum so it is treated like a windfall or there is some protection against that happening? Also could a deal be struck to exit the PIA early by paying the remaining agreed balance as a lump sum or again would the creditors likely seek more and therefore make the last 4 years a wasted effort?
3. Upon successful completion of the PIA how soon after is the register updated to reflect this and a person can get on with living free from all the creditors with the agreed debt write offs confirmed as completed?
Thanks a lot,
N S