- Thursday, 9 April 2009The
IVA process proved to be salvation for one greengrocer's personal finances, reports the Mirror.
Andy Davie, of Bedfordshire, explains to the publication that he spent a year trying to admit to himself and his family that he "couldn't cope any more".
He felt he had failed both as the household's main breadwinner and as a father as his family greengrocer business generated debts of more than £60,000.
"At my level of debt I had two options, bankruptcy or IVA - I didn't fancy bankruptcy," he tells the Mirror.
But, after an IVA was set up between Mr Davie and his creditors, he is now back into the black.
The Mirror adds that, while his debts were far beyond the average, the typical UK consumer debt of £28,000 precludes the use of many less formal forms of resolution.
Readers of the publication were recently told that, whether they opt for the
IVA process, bankruptcy or another alternative, they should stick with it until the end.
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