If you have secured debt and unsecured debt that you cannot repay, a personal insolvency arrangement or PIA could be the right choice for you.
D V Mannion & Co Ltd will negotiate with your creditors on your behalf, putting an end to any demands for unpaid debt.
A Personal Insolvency Arrangement allows you agree to repay a percentage of your overall debts that you can afford in one monthly payment over a given period of time.
A Personal Insolvency Arrangement is a legally binding arrangement between you and your creditors; so it cannot be changed without the agreement of both parties, meaning no surprise changes such as additional interest or charges added along the way.
While you are making these repayments you are entitled to a reasonable standard of living. You will not be told how you should spend your allocated reasonable living expenses, so you are still in complete control of your spending.
Once your final agreed monthly repayment is made and you have kept to the terms of the arrangement, your creditors will write off your remaining unsecured debt and your remaining secured debt will be restructured.
Entering into a Personal Insolvency Arrangement should indicate to potential lenders that you are proactively addressing your financial situation, and on completion of the arrangement you will be solvent, which means you could be more eligible to obtain credit.
D V Mannion & Co Ltd do not charge a consultation fee in order to determine if you are eligible to apply. After that, our PIP fees are usually built into the PIA repayment plan.