Wednesday 8th of April 2009
Borrowers have been urged to seek IVA help and other forms of advice if they are struggling to cope with their debt.
The suggestion came from Andy Davie, who told the Mirror that he owed £64,000 before looking for advice.
He accrued the arrears attempting to sustain his family greengrocer business, but eventually needed to find a debt management solution.
And through an IVA, he agreed a plan with his creditors that allowed him to pay back £27,000 over five years.
Mr Davie has now cleared the debt and told the paper: "Luckily, my wife Bev was totally committed to getting the debt sorted and we worked together to get through it."
Last month, Paul Rankin avoided bankruptcy after entering into an IVA with his creditors.
Debts to a fruit supplier had led to the celebrity chef and his business partner wife Jeanne being served with a petition, but the agreement led to this being dismissed.
- House price rise 'may not indicate recovery'
- Equity release 'needs to be increased'
- Need for IVA help could increase as expert predicts reduction in lending
- Government announces 'breathing space' for those needing IVA help
- Lack of subprime lending creating need for IVA help, expert suggests
- IVAs could help young Brits break the habit of credit cards
