- Who will help with the process of seeking protection under the Personal Insolvency Act?
Clarity of your position is very important and as seen in section 2.b, what may feel like a solvency problem may not actually be one. So the first thing you need to do in trying to solve any problem is be sure what the problem is. Then you are better equipped to come up with a workable solution.
- Personal Insolvency Practitioner (PIP)
Your first step to assess your financial problem is to meet with an approved personal insolvency practitioner (PIP). A list of approved PIPs will be available though the Insolvency Service in early 2013.
The PIP will help you with assessing your financial issues and determine whether you have a solvency issue.
Depending on the type of arrangement that is suitable for your circumstances it may be necessary to engage a PIP to present your arrangement to your creditors and the Insolvency Service.
- Chose your Personal Insolvency Practitioner (PIP) wisely
It will be very important for you to choose a PIP who you can develop a good working relationship with. It will be your PIP who will propose an arrangement on your behalf to your creditors and the Insolvency Service. The PIP will work closely with you during the duration of you insolvency arrangement so it is very important that they have a good understanding of your situation and you feel they are acting with your interests in mind as well as any creditor.
The PIP is your appointment and should be done wisely.