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PIA Case Examples

Real Personal Insolvency Arrangement Examples

A Personal Insolvency Arrangement or PIA is a solution that can help you if you are having problems with mortgage payments or mortgage arrears and other debts, such as credit cards, loans, overdrafts etc... Have a look at some of our Case Examples. These are anonymous examples of real cases that we have put forward on behalf of some of our clients. If you need help with your mortgage or unsecured debts, fill in the form and one of our advisors will contact you.

PIA Example 1

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 Example 1


PIA Example 2

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 Example 2


PIA Example 3

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 Example 3


PIA Example 4

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 Example 4


PIA Example 5

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 Example 5


PIA Example 6

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 Example 6


PIA Example 6

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 Example 6


PIA Example 7

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 Example 6


PIA Example 8

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 Example 6

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