PERSONAL INSOLVENCY AGREEMENT
A PIA is a legally binding agreement, which shares many similarities with a debt agreement. Once approved by your creditors, a PIA is structured so you pay an agreed regular sum for a period of 3 to 5 years. The interest on your debts is frozen at the time your appointed trustee becomes the point of contact for all creditors.
To be eligible for a PIA, you must:
- Be considered insolvent (unable to pay your debts as and when they fall due);
- Have unsecured debts more than > $118,063.40 or
- Have equity in assets more than > $236,126.80 or
Be regularly employed but annual income is more than >$88,547.55 (after tax) or approximately > $119,138 (before tax for Australian residents).
For more information on Personal Insolvency Agreements, or to see how ISA can help you, give us a call on our 24/7 toll-free hotline. Contact 1800 003 883.
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