Consumers repaid more debts than they took on in April. It’s the first time that’s happened since last November. Figures from the Bank of England show £0.1billion was paid back on things like credit cards debts and personal loans. For people struggling with debt management plans, an IVA is a good alternative to bankruptcy as you can reach an agreement with your creditor to pay back a more manageable monthly amount over 5 years. IVAs are available to people owing more than £15000 in unsecured debt. Net lending increased by £0.4 billion but secured lending like mortgage debts increased by £0.5 billion indicating a fall in unsecured lending.
More debt paid in April than taken on
June 4, 2010 By
