In a personal insolvency agreement | Australian Financial Security Authority

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What is a Personal insolvency agreement (PIA)?

A personal insolvency agreement (PIA) is a legally binding agreement between you and your creditors.

Where to find help managing debts

Many Australians are finding themselves in financial difficulty. You are not alone if you're not able to keep up with cost of living expenses.

Consequences of a PIA

There are serious consequences involved in a personal insolvency agreement (PIA).

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Unmanageable debt and insolvency support

Understanding your personal insolvency agreement

What happens if your personal insolvency agreement is accepted? When does you debt agreement end? How to provide feedback on your trustee.

I need to update my agreement

You must notify your administrator or if your details change or if you forgot to add a debt in you agreement.

I'm having trouble paying my personal insolvency agreement

What are your options if you are struggling to maintain payments to your personal insolvency agreement? Information on varying or terminating your...

What happens after my agreement ends?

When your agreement ends, most of your debts are released, however there may be some debts that you still need to pay.

Indexed amounts

The Bankruptcy Act and Regulations contain a number of thresholds, limits and other amounts that are regularly indexed.

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Currently in a personal insolvency agreement

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.

Trouble keeping up with your personal insolvency agreement

If your circumstances have changed, you may consider varying (changing) or terminating (cancelling) your personal insolvency agreement (PIA).

End of your agreement

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).