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Personal Insolvency Agreement

Definition of 'Personal Insolvency Agreement'

A Personal Insolvency Agreement (PIA) is another form of insolvency and is very similar to a Debt Agreement in many ways. Each offers a flexible alternative to Bankruptcy and its stigma, with creditors agreeing to accept a reduced proportion of money owed to them. Another advantage of a PIA is it doesn’t carry the same eligibility restrictions as a Debt Agreement (see above). On the downside it is a more expensive option as the PIA can only be administered by a registered Trustee or AFSA, which has the power to place a charging order on your property (a sort of mortgage ordered by a court.) A PIA will remain on your credit report for 7 years.

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Credit Jargon Starting 'G'

Credit Jargon Starting 'I'

Credit Jargon Starting 'J'

Credit Jargon Starting 'L'

Credit Jargon Starting 'M'

Credit Jargon Starting 'S'

Credit Jargon Starting 'T'

Credit Jargon Starting 'V'

Credit Jargon Starting 'W'

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