A PIA can address both secured and unsecured obligations
Ireland’s Personal Insolvency Arrangement is designed for situations involving secured and unsecured debt. A Personal Insolvency Practitioner develops the proposal under the statutory framework. Where a home mortgage is involved, the arrangement’s treatment of the property and future instalments matters directly to the household. The ISI describes retaining the home where possible, which should not be mistaken for a guarantee in every case.
Evaluate any new commitment against the complete arrangement
Before borrowing again, ask the practitioner how the proposed agreement would affect the PIA’s terms, mortgage obligations and available living expenses. An essential repair may need a different response from financing discretionary spending. Keep evidence of the need and any advice or consent given. A lender’s approval cannot replace the practitioner’s assessment of the arrangement, and additional security over the home deserves particular scrutiny.
