- Monday, 8 June 2009Britons who rely on their overdraft to meet essential outgoings could ultimately find themselves in need of
IVA help.
Tom Howard, a spokesperson for the Consumer Credit Counselling Service, advises consumers not to look to their overdraft as a regular source of short-term credit.
"Other forms of credit may well have lesser rates and be cheaper to borrow with," he claims.
"If you find yourself regularly reliant on your overdraft then chances are you have a fairly serious problem with debts."
Former students in particular could find
IVA solutions rapidly become a necessity as interest-free overdraft deals draw to a close.
Mr Howard notes that students are commonly offered competitive deals on overdrafts, making it less significant if they go overdrawn.
However,
IVA solutions could become more attractive should they be unable to repay their overdraft before the end of its interest-free period.
Former students who have substantial credit card debts or personal loans outstanding may also look to
IVA help to resolve an untenable financial situation.
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