1.How much do you charge?
We will discuss our fees directly with you prior to our engagement as they will depend on your individual circumstances and complexity of the case. In general, our PIP fees are usually built into the PIA or DSA repayment plan. If you are in mortgage arrears in respect of your family home, you may be eligible for a free PIP consultation under a State-funded scheme, called Abhaile. Consultation fees may apply if you do not qualify for this scheme.
2. How long does the process take?
This depends on which debt solution option you take and how quickly you return all of the requested financial information to us.
3. What is the difference between a PIA and a DSA?
A PIA differs from a DSA as it must include at least one secured debt. Secured debt is debt that has an asset (e.g. a property) as security. The most usual type of secured debt is a mortgage secured on the family home.
4. I have previously applied for a PIA, can I apply for a second one?
Availing of a PIA is a once in a lifetime opportunity. There are extremely limited circumstances in which you will be allowed to apply for a second PIA. Contact Us for further advice if you have already available of any debt resolution option in the past.
5. I have already met with a PIP but wish to change to a new PIP, is this possible?
This will depend on what stage you are at in the process but it is usually possible provided any outstanding fees have been discharged to the former PIP. Contact Us for further advice in relation to this prior to taking any further steps.
6. What is a PIP?
A PIP is a person authorised by the Insolvency Service of Ireland (ISI), under Part 5 of the Personal Insolvency Act 2012, to act as a Personal Insolvency Practitioner. They liaise between the debtor and their creditors in relation to PIAs or DSAs. As qualified professional regulated by the ISI, PIPs have the relevant expertise to help you reach a permanent solution to your debt problems.
7. Can I apply for a DSA or a PIA myself?
No. It is a requirement under the Personal Insolvency Act 2012, as amended, that a debtor engage a PIP to apply for a DSA or PIA.
8. Will I get to keep my family home?
The retention of the family home is one of the key aims of the Personal Insolvency Act 2012, as amended and the PIP will seek to have the family home retained insofar as possible when seeking the Creditors agreement to the PIA proposal.
9. How much money will I have to live off each month if I enter into a DSA or PIA?
The Insolvency Services of Ireland (ISI) sets out a minimum standard of living you are entitled to during the course of the DSA or PIA. The ISI has a useful calculator on its website which can give you an idea of what to expect.
10. The bank has started repossession proceedings against me, can I still try reach a debt settlement solution?
If you have received threats from your financial institution threatening repossession or have a Court appearance date, please Contact Us immediately for further advice. Alternatively, contact MABS. It is often not to late to try to sort out your finances by way of one of the debt resolution options. Legislation exists which allows the Court to postpone repossession proceedings for up to two months to allow a person to explore the possibly of putting a debt solution in place such as a PIA.