There was a time that the only solution to insolvency was to go bankrupt and give up all of your possessions but now thanks to many changes in the insolvency act, there are options and one of them is personal insolvency agreement or PIA. If you want every bit of information on personal insolvency agreement then we would suggest that you go to a insolvency practitioner as he/she deals with such agreements on a everyday basis. This particular type of agreement is a good option and would save you from going bankrupt. If you were in a ‘I hid bills under my bed’ stage and now want to jump into PIA, you should know that there are serious implications of this agreement and it is not entirely easy for the insolvent person.
Before you enter into an agreement, it is necessary that you know everything about it. PIA is an agreement which will not you much power over your decisions and your trustee would have a lot of power over your possessions and fiances so make sure that you know what you are doing so there are a couple of things that you should do before you enter into PIA and those things would give you an answer to your question of whether or not you should go for it.
Before you go into PIA, it is absolutely necessary that you seek legal advice from an insolvency practitioner who would be able to assess your case and give you advice whether it is good for you or not.
As we mentioned above, there are other options other than personal insolvency agreement so get to know about those and if you find another option better then opt for that.