- Tuesday, 3 March 2009Setting up an IVA carries less stigma than alternatives such as bankruptcy, according to the BBC.
The broadcaster notes that setting up an IVA is one of the options for Britons hoping to eliminate debt faster.
Readers are told that, after an IVA, some debts may be repaid in a single large chunk or over a period of years.
Exactly when and how the amount owed is repaid could depend on the terms of the IVA.
The guidance comes alongside warnings from the Citizens Advice Bureau that Britons who fall ill, lose their job or have over-committed to borrowing could face difficulty in meeting repayments through their regular income.
Indeed, the typical debt of £16,971 is said by the consumer advisory service to take a potential 93 years to clear.
David Harker, chief executive of Citizens Advice, comments: "We can expect to see many more people struggling with severe debt problems as the recession continues to take its toll."
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