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What is a Personal Insolvency Practitioner (PIP)?

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What is a Personal Insolvency Practitioner (PIP)?

A Personal Insolvency Practitioner (PIP) is a debt advice specialist who can help anyone who is unable to pay their debts as they fall due. They can help anyone who is struggling to pay their mortgage, credit cards, loans and overdrafts.

 

A Personal Insolvency Practitioner will need to apply to the Insolvency Service of Ireland for authorisation before they can give advice to anyone struggling with debt.

 

Personal Insolvency Practitioners are regulated and authorised by the Insolvency Service of Ireland.
There are some very strict rules in place for anyone who wants to become a PIP and these rules are in place to protect individuals who are burdened with debt.

 

An individual can only apply to the Insolvency Service of Ireland to become a Personal Insolvency Practitioner if that individual:

 

Is a Barrister at law.

Is a qualified Accountant and a member of a prescribed accountancy body.

Is a Solicitor with a practising certificate.

Holds a qualification in business, law, finance or other appropriate similar qualification to the satisfaction of the Insolvency Service of Ireland.

Is a Qualified Financial Advisor who holds a current qualification from the Life Insurance Association of Ireland (LIA), the Insurance Institute or the Institute of Bankers School of Professional Finance.

 

The individual also needs to demonstrate to the Insolvency Service of Ireland that they have relevant experience and knowledge and will hold a Diploma in Personal Insolvency which ensures he or she has been trained correctly to help anyone struggling to pay their loans, credit cards, overdraft and mortgage.

 

Personal Insolvency Practitioners were introduced by the Personal Insolvency Act 2012. The Personal Insolvency Act also introduced new debt settlement solutions at this time to help anyone struggling with debt and these are called a Debt Relief Notice, a Debt Settlement Arrangement a Personal Insolvency Arrangement.
These new debt solutions enable people in Ireland who are struggling with unaffordable debt to have some or all of their debt written off and have their debt repayments reduced to more affordable amounts.

 

If you want to apply for a Debt Settlement Arrangement or a Personal Insolvency Arrangement then you will need to make an appointment with a Personal Insolvency Practitioner as a proposal for Debt Settlement Arrangement or a Personal Insolvency Arrangement can only be put forward by a Personal Insolvency Practitioner.

 

 

What does a Personal Insolvency Practitioner do?

 

A Personal Insolvency Practitioner can check to see if you are eligible to have your debt written off under one of the new insolvency solutions.

 

Personal Insolvency Practitioners understand the stress involved when someone is in debt and they are there to help you find a solution to your debt problems.

 

If you are eligible for a Debt Settlement Arrangement or a Personal Insolvency Arrangement and you decide to go ahead with one of these solutions then your Personal Insolvency Practitioner will prepare your financial statement with you, this shows your Income and Expenditure and how much you can afford to repay your creditors.

 

Your Personal Insolvency Practitioner will then submit an application for a (PC) Protective Certificate to the Insolvency Service of Ireland. When a Protective Certificate is issued it offers you and your assets protection from legal proceedings by creditors while your PIP is applying for a Personal Insolvency Arrangement or a Debt Settlement Arrangement.

 

Then the Personal Insolvency Practitioner can contact all of your creditors and can enter into discussions with each creditor regarding how they wish to be dealt with.

 

Your PIP can then arrange a creditor meeting and provides each creditor with your final proposal and all relevant documentation. The creditors would vote on the proposal and if no creditor submits an objection within fourteen days, the court can formally approve the Personal Insolvency Arrangement or the Debt Settlement Arrangement.

 

If the Personal Insolvency Arrangement or a Debt Settlement Arrangement is approved then you will have a formal arrangement in place which will gives you affordable monthly repayments and a percentage of your debt will be written off.

 

Your arrangement will be managed by your Personal Insolvency Practitioner until it is finishes and your Personal Insolvency Practitioner will be dealing with everything for you for the 5 – 6 years.

 

On successful completion of the Personal Insolvency Arrangement or the Debt Settlement Arrangement you will be debt free if you have made all the agreed monthly payments to your arrangement.

 

If you would like Free Debt Advice then let us arrange a FREE appointment for you with a Personal Insolvency Practitioner who will be happy to see if you are eligible to have your debts written off.
The Personal Insolvency Practitioners we work with offer Free Debt Advice and anything you discuss is kept strictly confidential.

 

Click on the arrange a call back button below or phone us on 01 4434125 to receive Free Debt Advice Today. 

 

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RMcGonnell 3rd August 2016

 

 

 

 

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