What is the "PA Agreement"?
The legislation is only at the draft stage, so no definitive answer can be given at the moment.
If you are speaking about a Personal Insolvency Arrangement, then your PIT will make a proposal to all the lenders about how to handle your loans. It will be a holistic approach. You won't be able to just submit properties which are in negative equity and keep those in positive equity outside it.
Brendan