Catch 22 of PIPs: they are useful only if you have cash
WHO pays the PIP (professional insolvency practitioner) is a question that has not been properly addressed with the opening of the new State Insolvency Service.
The problem with the new service is that it has effectively outsourced and privatised a key part of its work.
PIPs are set to sit down with heavily indebted consumers and work out what income they have. They will calculate the value of assets and then assess what can be paid back to creditors.