Control Your Impulses 

Everyone falls victim to impulse spending once in a while, you just need to make sure that it doesn't get out of control, as that can plunge you into more debt.

Try to determine the difference between wanting it and needing it, and remember your needs should always become before your wants. For example, you might want that new IT bag but your mortgage payment has to come first!

Ask yourself the following questions:

• Can you afford it?
• Can you justify your spend? i.e: can you find it elsewhere cheaper?

If you have already debt problems then it is important that you tackle your problems

Entering into an IVA may adversely affect your credit rating for up to six years from the date of approval.

Your property will be protected within an IVA but you may be required to release all or part of any equity during the period of the arrangement.

Failure to complete the term of an IVA can result in bankruptcy.

(In Scotland, a PTD is the equivalent to an IVA.)