The news that the Bank of England has once again decided against increasing the base rate means that almost certainly, less people in the UK will opt for an IVA.
The frozen rates mean that people already struggling with mortgage debt will not have to deal with increased repayments and in turn, higher personal debt.
Despite this news, a leading financial analyst has warned that another base rate increase may still be likely, commenting: "The exact timing of the anticipated interest rate hike is likely to depend critically on the strength of economic activity and inflation data over the next few weeks as well as wage developments."