- Thursday, 9 April 2009Setting up an IVA can turn around more than a person's level of debt, it has been revealed.
Online stockbroker Selftrade explains that it can also increase an individual's self-discipline when it comes to their financial future.
After an IVA, bankruptcy or other formal method of resolving debt, 28 per cent of people say they are less cavalier when spending money.
More than two-fifths (41 per cent) of those surveyed by the financial services provider add that they have never spent beyond their means since setting up an IVA or being declared bankrupt.
Selftrade adds that, of all the people it canvassed, this group had the most rigid set of parameters in place to safeguard their financial wellbeing.
The
IVA process itself can help to put such parameters in place, putting a fix on interest rates, clearing as much as 70 per cent of the total amount owed and establishing a repayment schedule for the amount which remains.
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Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
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Increasing number of Brits turning to loans for home improvementsWed, 27 Apr 2011
Brits, including those with Finance Management plans, to spend £267 on Royal Wedding Tue, 26 Apr 2011
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