PIAs are likely to prove popular

ONE of the most popular personal insolvency schemes, particularly for struggling homeowners, is likely to be the Personal Insolvency Arrangements (PIAs) as these include secured debt such as mortgages and unsecured debts.

If the person has secured debt (such as the mortgage) of up to €3m as well as unsecured debt and has become insolvent, the PIA is an option worth considering. The upper limit can also be increased if creditors consent.

How will the debt be treated?