A panel of Personal Insolvency Practitioners (pdf) has been set up under the Scheme. If you wish to explore your options under personal insolvency, MABS can give you a voucher for free advice and help from one of these PIPs. You can choose your PIP from the Scheme panel, subject to availability.
The voucher will entitle you to a face-to-face consultation with a PIP. The PIP will carry out a full assessment of your financial situation, explain all the available options and the best option for you to deal with your mortgage arrears, and confirm that advice to you in writing. The PIP will also prepare a Prescribed Financial Statement (PFS) with you. This is a detailed written analysis of your financial situation, as required under the personal insolvency legislation.
If the PIP advises that your best option is personal insolvency, they will help you in taking the next steps. If they advise that your best option is bankruptcy, they will also provide you with the certificate required by the bankruptcy court, confirming that you have been advised regarding your options under personal insolvency.