Monday 7th of March 2011
People owing more than £15,000 who are eager to pay off their debts may want to start asking IVA questions to see if the method would prove beneficial to them.
New research from Unbiased.co.uk has shown that 2010 was a record year for individuals attempting to settle their arrears.
The study found that borrowers repaid an all-time high of 19 pence in every pound during the first two quarters of the year.
Karen Barrett, chief executive at the website, said: "Brits' borrowing habits returned to better health throughout last year and it is encouraging to see the trend for debt repayment increasing in 2010 compared to 2009."
She added that settling arrears appeared to tail off somewhat towards the end of the year, claiming it will be interesting to see how the situation unfolds in the coming months.
Ed Bowsher, head of consumer finance at lovemoney.com, recently urged UK adults to try and sort out their debts sooner rather than later.
By Kimberley Parsons
