PIA Early Termination

[GreenBoy]

In the last year of an insolvency, is it possible to get a loan from a family member amounting to the total amount of payments remaining on the insolvency and terminate early?

 

[Brendan Burgess]

What does your PIP say?

Brendan

 

[GreenBoy]

Haven't approached them yet. Just curious at this point.

 

[Jim Stafford]

Yes, it is possible to do, but it would have to be done as a Variation. Unfortunately, your PIP is likely to charge you a fee for doing a variation.

Jim Stafford

 

[yrrab]

Yes, it is possible to do, but it would have to be done as a Variation. Unfortunately, your PIP is likely to charge you a fee for doing a variation.

Jim Stafford

This info is not true for all pips.The better pips dont charge .The cost is taken out of the agreed divident so there is no extra cost added on.

 

[Jim Stafford]

The better pips dont charge

It all depends on how the PIA was constructed. Many PIA's allow for "minor" variations. PIPs are legally allowed to extend all PIAs by up to a maximum of 12 months without the need to convene a creditors meeting. However, major variations would require a creditors meeting to approve them. I do not know of any PIP who does not charge extra for a "major variation" (unless they were doing it pro bono.)

Jim Stafford

 

[PIPPOP]

This info is not true for all pips.The better pips dont charge .The cost is taken out of the agreed divident so there is no extra cost added on.

Who are better pips? Genuine question...