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How Does A Personal Insolvency Arrangement Affect Your Job?

Debt can have a tremendous impact on every aspect of your life, but nowhere can it create more fear of its consequences than on your job. Whether employed or self-employed your income is the one thing needed to keep debt under control and, if the debt becomes unmanageable, to help you find a way out of it.

For the majority of occupations, personal insolvency will have no impact at all. It’s a private matter between you, your Personal Insolvency Practioner and your creditors, and no-one else need know. However, personal insolvency is not compatible with some occupations where personal finances are subject to scrutiny and regulatory requirements.

For example, occupations with fiscal responsibility, such as accountants and solicitors, often have bankruptcy forbidden under their employment contracts as well as the codes of conduct laid down by organisations they maintain professional memberships to. Although not liked, often a PIA may be considered as an acceptable alternative. Members of the Police, Fire and Prison Service may also have similar stipulations in their contract, and holding positions of power or office in the community will have their own criteria for continuing employment when personally insolvent.

If you hold one of these positions of fiscal responsibility and are facing insolvency, it could do more harm to hide your intention to undertake a PIA than tell your employers. If you have a Professional Standards or Welfare team at your place of work this could be you first port of call to speak to someone in confidence and get ideas and suggestions on how to approach your employer. They will know if a precedent has already been set by someone else for doing the job with a PIA in place.

But what about job hunting with a PIA? Most jobs do not have strict financial vetting procedures which would show up a PIA, however if you are going for any of the occupations already mentioned then you will undergo a financial check and may not get the job as a result.

If you are self-employed you face a unique set of circumstances when bidding for work with local authority or government contracts. Most contracts require a submission of a financial statement to prove your company will remain solvent for the length of the contract. Even though you may have a good business model, if you have been awarded at PIA it is likely you will not be granted the contract. Even worse, the person awarding the contract may ask for the financial details for everyone on your team and if they have a PIA, you may be faced with the unpleasant task of replacing them or losing the contract.

One final thing: you cannot be unemployed and have a PIA. The success of the PIA depends on being able to pay your creditors a specific amount, year in year out for six years. If you are unemployed and claiming benefits, the welfare system (and in turn the taxpayer) will be paying for your PIA, which is not allowed. However, even if it was, benefits are not known for paying out generous amounts of money and certainly not enough every month to complete a PIA and afford to live without suffering extreme hardship. Affordability has always been the key to a PIA – the payments you make do not demand you to give up buying key essentials, such as food or heating and lighting. You pay your creditors through your PIP after you have first ensured you have enough to live on. 

For more information about whether a PIA is suitable for you given your current job call one of our experienced PIA advisors now on 0800 193 1024.

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Once in a PIA arrangement you make one affordable monthly repayment towards your debt. After the 72 month period any remaining debt is written off!
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