In a personal insolvency agreement
A personal insolvency agreement (PIA) can be a flexible way to come to an arrangement to settle debts without becoming bankrupt.
Once creditors have accepted your personal insolvency agreement (PIA) at a meeting of creditors, you’ll receive a written notice with the voting outcome. If you’re not sure what the outcome is, contact your controlling trustee.
If your circumstances have changed, you may consider varying (changing) or terminating (cancelling) your personal insolvency agreement (PIA).
When your agreement ends, most of your debts are released and you no longer need to pay them. However, there may be some debts that you still need to pay.
For more information see: What does a PIA cover?
Your name appears on the National Personal Insolvency Index (NPII) forever. This shows you have signed a controlling trustee authority (we also refer to this as a section 188 authority).