- Wednesday, 8 April 2009After an IVA has been set up, borrowers must make sure they stick with the process, it has been suggested.
Readers of the Mirror are told that they should stick with the
IVA process - or whichever method they have selected to get out of debt.
This could also include debt management plans or even bankruptcy, the publication suggests.
Meanwhile, borrowers are told to search for further information about setting up an IVA online to make sure they understand the process.
After an IVA has been set up, the Mirror notes that consumers are still allowed to have a bank account - unlike with some other ways of recovering from debt.
The
IVA process is said to be suitable for anyone with three or more creditors whose debts amount to more than £15,000.
Readers were previously told to seek expert debt advice, rather than trying to manage their debts with high-interest short-term borrowing such as payday loans.
Recent IVA News23% of first-time buyers save for five years to raise a depositWed, 04 May 2011
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Parents, including those with Finance Management, advised to start saving for children's weddingsTue, 03 May 2011
Newlyweds may be in need of Finance Management plans after overspending on weddingTue, 03 May 2011
Renting rather than buying may be an option for Brits with Finance Management Thu, 28 Apr 2011
Consumers coping with Finance Management may want to shop around for cheap energy tariffsWed, 27 Apr 2011
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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