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PIA Case Examples

Read some examples of our accepted Personal Insolvency Arrangements

A PIA (Personal Insolvency Arrangement) is a debt solution that can help if you are struggling with mortgage payments, mortgage arrears and/or other debts (such as credit cards, loans, overdrafts etc...)

We have provided some examples of our PIA cases below, to give you an idea of how a PIA might work. These are cases that have been successfully approved as PIAs. If you are struggling to keep up with your mortgage payments or unsecured debts, please get in touch with us for some help and advice.

All advice is free & confidential. Fill in the form on this page and one of our advisors will contact you to discuss your options.

PIA Example - €282, 099

Our clients in this example are a couple with two children. After a loss of employment, they found themselves facing financial difficulty. This continued for a number of years, due to both a lack of steady employment and low paid employment. Although they tried hard to make ends meet, they found themselves in arrears with their mortgage lender.

Finally in 2018, gaining secured employment and job security put them in a better financial position to seek a long-term mortgage restructure with their secured lender via the means of a PIA (Personal Insolvency Arrangement). Their PIA has been accepted and they are now making affordable payments towards their reduced mortgage.

Mortgage Balance before PIA - €282,099
Mortgage Balance Written off in PIA - €82,099
New Mortgage Balance - €200,000

Capitalised Mortgage Repayment before PIA - €3,553
New Restructured Mortgage Payment - €1,066

If you or anyone you know is struggling with Mortgage difficulty, please get in touch to see if there is anything we can do to help. All advice is free and confidential.

PIA Enquiry

Example of a PIA - Mortgage of €282,099

PIA Example - €718,895

Our client is employed and in receipt of Widows Pension. Her financial difficulties began after becoming aware of her late husbands gambling addiction. She was unaware of the extent of their financial problems until after he passed away. 

Legal proceedings with her mortgage lender had been ongoing since 2015 until she was advised by her Legal Counsel to seek a Personal Insolvency Arrangement. She contacted us to pursue this option. Her PIA was accepted and she is now on track with addressing all of the financial issues in an affordable way whilst stil being able to protect her home.

Arrears of over €220,000 had accumulated on her mortgage account, resulting in a mortgage balance of €718,895 on her PPR valued at €170,000.

Mortgage Balance before PIA - €718,895
Mortgage Balance Written off in PIA
- €518,895
New Mortgage Balance - €200,000

Capitalised Mortgage Repayment before PIA - €5,350.37
New Restructured Mortgage Payment - €1,317.37

If you or anyone you know is struggling with Mortgage Arrears, please get in touch to see if there is anything we can do to help. All advice is free and confidential.

PIA Enquiry

Example of a PIA - Mortgage of €718,815

PIA Example - €295,000

Our clients were having difficulty paying their mortgage and unsecured debts. By doing a PIA they were able to restructure their mortage to lower the payments from €1,500 to €550 each month. Their unsecured debt repayments were also lowered from €1,020 per month to €263 per month.

On completion of the PIA:
€35,000 mortgage debt will be written off.
€36,064 unsecured debt will be written off.

PIA Enquiry

Example of a PIA - Mortgage of €295,000

PIA Example - €260,000

A married couple, both civil servants were having difficulty with their mortgage and other debts. After speaking to us they decided to do a PIA. Their mortgage payments were brought down to €530 per month from €1,645 per month for the term of the PIA. They were able to raise a lump sum payment of €10,000 to put towards the unsecured debts.

On completion of the PIA:
€130,000 mortgage debt will be written off and
€225,000 unsecured debt will be written off.

PIA Enquiry

Example of a PIA - Mortgage of €260,000

PIA Example - €300,000

Our client had run into difficulty with paying her mortgage and unsecured debts. We were able to get her mortgage payments reduced from €1,700 per month to €1,060 per month and her monthly debt repayments down from €4,350 to €315.

On completion of her PIA:
€90,000 will be written off from her mortgage and
€212,320 from her unsecured debts will be written off.

PIA Enquiry

Example of a PIA - Mortgage of €300,000

PIA Example - €330,000

Our clients had mortgage debts amounting to €330,000 and unsecured debts of €40,000. They were struggling to manage their payments. We were able to get their monthly mortgage payments reduced from €2,700 to €575 and their debt repayments reduced from €740 to €310.

On completion of the arrangement:
€124,000 will be written off from their mortgage and
€17,680 will be written off from their debt.

PIA Enquiry

Example of a PIA - Mortgage of €330,000

PIA Example - €550,000

A couple were really struggling to manage their high mortgage payments and debt repayments. By entering into a PIA, we were able to reduce their monthly mortgage payments from €2,750 to €1,970 and their debt repayments down from €750 per month to €750 for 6 months only.

On completion of the arrangement:
the €120,000 will be written off their mortgage and
€34,500 of their unsecured debts will be written off.

PIA Enquiry

Example of a PIA - Mortgage of €550,000

PIA Example - €400,000

A couple were really struggling to manage their high mortgage payments and debt repayments. By entering into a PIA, we were able to reduce their monthly mortgage payments from €1,526 to €801 and their debt repayments down from €923 per month to €300 per month.

On completion of the arrangement:
the €110,000 will be written off their mortgage and
€21,400 of their unsecured debts will be written off.

PIA Enquiry

Example of a PIA - Mortgage of €400,000

PIA Example

In this example our clients are a married couple with two businesses that failed... A wholesale business that struggled during the crash in 2008-2009 when the construction industry imploded and a retail business that struggled some years down the line which left the debtors with significant debt and stress.

A PIA was proposed and accepted that allowed a reduction in mortgage payments from €1293 per month to €79 per month for a couple of years so that the unsecured debts of €245,345 could be addressed. After the 2 years reduced payments their mortgage payments will remain at the more affordable amount of €969 per month for the rest of the mortgage term.

There is also a fully secured judgement mortgage on the family home which will have to be paid down over the 6 year PIA period. Interest rate for this is fixed at 2%. There is a preferential creditor with debts of €6,692 that must be paid in full. The couple will pay €11,436 off the unsecured debt and the remaining debt will be written off on completion of the PIA.

PIA Enquiry

Example of a PIA

PIA Example - €337,049

In this example our client is a male who lost both his business and his marriage between 2008 and 2009. During this period he tried to rescue his business by securing a large private contract in Kerry. However, the contractor went bust and our client was left short on the final payment.

His health also started to deteriorate which led to him having a mini-stroke and the need for hospitalisation for a short period of time. He was diagnosed with depression shortly after and was living on Social Welfare which was also a struggle to obtain due to the nature of being self employed.

His situation continued for 5 more years. The revenue prosecuted him for non-payment of income tax. from quite a few years previous from a company that wasn't trading but was still registered in his name. Our client did appeal the decision and the fine was reduced from €5,000 to €3,000. Unfortunately this fine led to his incarceration because he was simply unable to pay it. This led to some very personal dark times for our client but with the help of family and friends he was able to get through.

From 2015 to 2018 our client tried again with his own business and also registered with a back to work scheme. He slowly regained his confidence over the years and now opportunities have arisen which have given him the chance to run a successful business.

After all the years of difficulty and financial hardship a PIA allowed him to restructure his mortgage and debt to an affordable amount. In the PIA, his mortgage payments were reduced from €2728 to €275 for two years, then increased to €722 after this time.

The Mortgage was reduced from €337,049 to €119,500. The interest rate on the mortgage was reduced from 4.94% to 3%.

Payments of €355 per month for the two year period allowed for €8,520 to be paid towards the debt of €242,634 (inclusive of the debt from the mortgage write off). The remaining debt will be written off on completion.

PIA Enquiry

Example of a PIA - Mortgage of €337,049

PIA Enquiry

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