You are only eligible to seek a PIA if you meet the PIA qualifying criteria and conditions set out below:

1.  You are insolvent if you are unable to pay your debts in full as they fall due;
2.  You owe debt to at least one secured creditor holding security over Irish property or assets:
3.  Your secured debts are less than €3 million, however, if all of your secured creditors consent, the €3 million limit may be increased;
4.  You have co-operated under a mortgage arrears process (MARP) for a period of 6 months with your secured creditor in respect of your principal private residence and the result was that no alternative repayment arrangement was agreed or the secured creditor confirmed it would not put in place such an arrangement (This condition does not apply if the PIP believes that, even if you were to enter into an alternative repayment arrangement under such a mortgage arrears process, it is unlikely that you would become solvent within a period of 5 years);
5.  Your domicile must be in the Republic of Ireland, or you must have, within the past year ordinarily resided or had a place of business within the Republic of Ireland;
6.  You have completed and signed a Prescribed Financial Statement (PFS) and made a Statutory Declaration that it is true and accurate;
7.  You have obtained a statement from the PIP which confirms that the PIP is of the opinion that:
a. The information in the PFS is true and accurate;
b. The debtor is eligible to make a proposal for a PIA;
c. Having considered the PFS there is no likelihood of the debtor becoming solvent in the next five years;
d. That if the debtor enters into a PIA there is a reasonable prospect they will become solvent within the next 5 years.

8.  You must not have incurred 25% or more of your debt during the past 6 months;
9.  You must not be the subject of a Debt Relief Notice (DRN) now or within the past 3 years;
10. You must not be the subject of a Debt Settlement Arrangement (DSA) now or within the past 5 years;
11. You have not been the subject of a PIA previously;
12. You must not be bankrupt or subject to a bankruptcy measure, or have been discharged from bankruptcy in the past 5 years;
13. You must not have been the subject of a Protective Certificate issued in respect of a PIA in the past year.

If you satisfy the above PIA qualifying criteria, you may be eligible for a PIA and you should consult with a PIP, Personal Insolvency Practitioner, to progress your situation towards solvency.  Your PIP will apply for a Protective Certificate on your behalf to halt any actions by your creditors until a PIA is in place.  Often the fact that a PIA is imminent serves to focus the creditors’ minds and sometimes a negotiated restructuring of your debt will be preferable to your creditors and in some cases may return you to solvency in a shorter time frame than a PIA. Indeed Irish banks are beginning to appreciate the value of what they are now terming an Express PIA.

For advice on whether you qualify for a PIA contact Denis Healy Financial today for a financial consultation and expert advice.  Call 061 633326 or 087 2592912 or email: info@denishealy.com