Understanding your 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.

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My personal insolvency agreement proposal was accepted. What happens now?

Once your creditors have accepted your PIA, you and most of your unsecured creditors are bound by the terms of that agreement. This means:

  • A trustee is appointed to carry out the terms of your PIA.
  • Your trustee may sell your assets and collect payments from you or others to help pay your debts.
  • Your agreement will determine your obligations.
  • Your unsecured creditors should no longer contact you about the debts that you've included in the agreement.
  • If creditors are still contacting you about a debt, advise them of your AFSA administration number and start date.
  • Normally, the PIA will not affect secured creditors. Secured creditors may still able to repossess secured goods (e.g. house or car) if you can't keep making repayments.

For more information see: Consequences of a personal insolvency agreement.

For further details about your PIA contact your trustee.

When does my agreement end?

The length of each PIA agreement may be different, as they depend on what you’ve agreed with creditors. To find your expected end date, contact your registered trustee.

How to provide feedback about your trustee

You can complain or provide feedback if you have concerns about an action taken by your trustee.

For more information see Resolving complaints.