You can only enter a Personal Insolvency Arrangement (PIA) once in your lifetime! If you are in a PIA, it is important that you pay your dividends every month and keep on top of your mortgage repayments also. If you fail to keep up with your repayments your PIA may fail.
During your PIA, it is important to keep in touch with your Personal Insolvency Practitioner (PIP). If there is a change in circumstances advise your PIP of same. Annual reviews take place when you are in PIA longer than 12 months. Every year you should supply up to date documentation to your PIP in order to complete your Annual Review. Your PIP is there to guide you through your Personal Insolvency Arrangement.
If you want to enquire more about Personal Insolvency, contact us today on 0402 29376 ext.1