Personal Insolvency Agreements

A Personal Insolvency Agreement (PIA) is a formal legal arrangement between an individual with debt and their creditors, allowing them to settle debts under mutually agreed terms. It involves negotiating a plan to repay a portion of what is owed over a set period, often with reduced payments or extended timeframes, avoiding bankruptcy. A PIA is overseen by a registered insolvency practitioner and provides a structured, manageable way for debtors to resolve financial difficulties while protecting their assets, helping them regain financial stability without full bankruptcy proceedings.