Mary’s story
Mary, a single mother in her mid-40s working in social care, found herself in serious financial difficulty after the breakdown of her marriage. Ten years ago, she and her young son moved out of the family home and into rented accommodation, while her ex-husband remained in the property.
What Mary didn’t realise at the time was that her ex-husband had stopped paying the mortgage. Later, when he moved in with a new partner, the house was left in arrears. Determined to provide stability for her son, Mary moved back into the family home and resumed repayments.
But the arrears had already built up to a level she simply couldn’t manage on her own. Despite her best efforts, the weight of debt felt overwhelming.
The financial picture before the PIA
- Outstanding mortgage: €279,506
- Judgment mortgage: €15,104
- Mortgage payment: €2,243.65 (interest rate 7.5%)
- Unsecured debts: €17,765
With repayments this high, Mary knew it wasn’t sustainable.
Finding a solution
Mary reached out to us for advice. After reviewing her situation, it was clear that a Personal Insolvency Arrangement (PIA) was the best option to address her debts while protecting her home.
We put together a proposal for her creditors, ensuring it was affordable and realistic, and managed the entire process from start to finish.
The outcome after the PIA
Thanks to her approved PIA, Mary’s financial position transformed:
- New mortgage: €150,000
- Judgment mortgage: €0
- New mortgage payment: €789.62 (interest rate reduced to 3%)
- Secured & Unsecured debt write-off: €159,567
Her creditors accepted the proposal, allowing her to keep her home, drastically reduce her monthly repayments, and have a fresh start.
What this meant for Mary
For Mary, the PIA wasn’t just about numbers. It meant security for her and her son, a chance to rebuild her finances, and peace of mind after years of stress.
When Mary contacted us, all advice we provided was free and confidential, and there were no upfront initial costs involved. Our fees were included in her affordable monthly repayments after he PIA was accepted. Importantly, if her PIA hadn’t been accepted, she wouldn’t have paid anything.
If you’re in a similar situation…
Mary’s story shows how powerful a PIA can be for people struggling with mortgage arrears and other debts. If you’re worried about keeping your home or managing your repayments, we’re here to help.
Our advice is always free and confidential, with no upfront fees. Speak to us today to see if a PIA could work for you.
Please note: For client confidentiality, names and some personal details have been changed.
