Personal Insolvency Agreement

Using the Part X Personal Insolvency Agreement to Eliminate Debt in Australia

A Personal Insolvency Agreement, also known as a Part X Personal Insolvency Agreement or PIA, can be an excellent tool to consider using if you are having money troubles.

The limited information we can give you here on these pages will give you an overview of the Personal Insolvency Agreement but before you jump into any debt solution it would be smart to discuss your financial situation confidentially and for free with an experienced insolvency expert. That is why we have provided this online free consultation request form for you to complete so we can have an expert contact to discuss your specific situation with you and plan a way to help you get out of debt.

What Every Australian Needs to Know About the Part X Personal Insolvency Agreement (PIA)

• A Personal Insolvency Agreement (PIA) is a legally binding agreement put forward by a debt professional who acts between you and your creditors to create a fair, reasonable and sustainable repayment solution.
• Creditors have an opportunity to vote on the repayment proposal, and if accepted it can help you avoid bankruptcy.
• Entering a Personal Insolvency Agreement does have consequences and while there are some tremendous benefits, there are also some issues to mention. For example, if you enter this type of agreement and you fail to live up to the agreed terms, you will not be able to manage a corporation. You would cease to be a director, alternate director or secretary of a company unless you have been given leave by the court to manage corporations.
• The Personal Insolvency Agreement is created in an orderly fashion. A controlling trustee is appointed, a meeting of the creditors is called, the trustee issues a report, and the final meeting occurs.
• Once the creditors vote and agree to the repayment proposal the creditors can no longer pursue you with collections.
• When you enter a Part X Personal Insolvency Agreement (PIA) you will make one affordable payment to your trustee and they will handle the distribution of funds to your creditors.
• A Personal Insolvency Agreement might just be your best way to eliminate your debt, make one payment to pay off your debt, end collection stress, and return you back to a normal life again.

What to Look for When Considering a Part X Personal Insolvency Agreement (PIA)

Before you leap into a Personal insolvency Agreement you should be comfortable with who you will work with. You need to feel as if you can trust the professional giving you advice, you can communicate easily with them and you don’t feel the slightest bit of hesitation in asking questions or advice.

An experienced Personal Insolvency Agreement expert, like the people we work with, understand that their job is to balance the needs of both the creditor and the debtor, (you). But in order to achieve that goal it is important to treat you with care, compassion, respect and dignity. We realise that you are living through a difficult period and the goal is to reduce your stress and help you to easily implement a good solution to eliminate your bad debt.

This approach means that it is appropriate to evaluate all of your options with our insolvency experts so that you can be fully informed and aware that you have selected the best and most appropriate solution that meets your needs and the goals you want to achieve. Ultimately a skilled Personal Insolvency Agreement expert will be able to help you put debt troubles and worries behind you and allow you to return, once again, to being a proud and productive member of your community.