A good understanding is also required of the enforcement options that are open to a creditor once it obtains judgment. The latest major piece of legislation, the Personal Insolvency Act 2012, has yet to be tested before the Courts, and elements of it may be un-constitutional.
Against the above back drop, many borrowers are seeking advice on their options. In some respects, evaluating the various options is like playing a game of chess: you have to be strategic in the options and steps that you take.
One of the options open to a debtor is to do a Personal Insolvency Arrangement (“PIA”). W set out below some of the issues that a debtor should consider when contemplating a PIA.