- Thursday, 4 June 2009People who might otherwise find
IVA solutions inaccessible could use prepaid current accounts to improve their financial position, it has been suggested.
Financial news provider Debt Management Today notes that prepaid accounts are available to those seeking debt assistance or
IVA help, or even applying for more formal arrangements such as bankruptcy.
They allow money to be put into an account in advance, with no overdraft or other way to spend more than is in the account.
As such, they provide some level of confidence to individuals who have run up debts on other accounts or credit cards - and to their banks.
Without such an account in place, Debt Management Today warns that people could find themselves placed on the "case pending" pile when seeking
IVA help or other monetary assistance.
The number of people seeking
IVA solutions could be set to increase in light of Credit Action figures showing the rate at which UK debt is growing.
Every day, the organisation notes, £182 million is added to the nation's communal debt in interest alone.
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