People who are in an IVA need a lot of advice, as do people who are considering getting an IVA. The type of tips they get will determine how successful their programmes are and also how quickly they can move on with their lives.

Though there are many tips to ponder, ruminate and reflect on, there is one piece of advice that should matter the most to anyone who finds themselves contemplating getting into an IVA agreement – be honest.

Be honest with everyone, but mostly with yourself. You must be realistic about how much you need to get through. If you really need that fancy cup of coffee once or twice a month, then budget for it.  If you just can’t miss out on a trip to the movies once a month, then include it in your calculations.

We are all human and we all need a little luxury every once in a while. Not a lot, just a little. A gym membership might sound frivolous to someone who lives in a safe neighbourhood but to someone who doesn’t it might feel like a necessity.

There is no point in cutting your budget to the tiniest size ever just to impress the people who need to approve your IVA application. Be honest about your living costs but still try to prune wherever you can. Cut things out of your budget that are really not necessary but leave space for one or two treats – dinner at a medium-range restaurant once every two months or a haircut once every 6 weeks.

This might reduce the amount of money that goes towards your creditors but it will leave you with a bit more disposable income to enjoy your life, whilst still paying back the money you owe. After all, people who are content are more likely to stay the course. This also means they are unlikely to be made bankrupt by their creditors. Good news all round.

More and more people are turning to personal debt management programmes and services to help them with their debt problems. Consequently, debt management plans are getting a great deal of attention as credit card companies and debt consolidation companies try to sell their services to the financially struggling.

Whilst these consumers are desperately trying to get their finances in control, innovative smartphone app creators are trying to make their lives a whole lot easier. Here’s a summary of some of the apps that can assist you in trying to sort out your money woes.

Credit Card Debt: This application keeps track of all your credit accounts (like credit card accounts, mortgage etc). It helps you track all your debt and even shows the user a bar graph of the percentage of money you owe against the credit limit on your card.

Personal Debt Clock: The Personal Debt Clock takes a different approach to managing your debt. This app allows you to visualise the effects your payments make on your debt. It does this by allowing you to see the number of years, months, days etc, that it will take for you to be debt free. It also allows you to implement different scenarios, such as the effect of making an extra payment and, hopefully, will then motivate the user to pay their debt off faster.

Debt Tracker: The Debt Tracker app (available in Pro and Lite versions) combines both of the above two methods. This app shows you all your credit card balances, loan balances and mortgage in one, convenient place. It also allows you to determine how long it will take to pay off your debt if you pay a specific amount each month. You can also use this app to determine how much you should pay per month in order to pay off your debt by your preferred date. A handy application that can help with debt management.

All of these apps are quite useful, but if you are really struggling to pay off your debt, seek the advice of a professional financial advisor.

According to a shocking new survey, one in three UK adults has not got enough savings to survive just five days without work. The survey, conducted by High Street bank HSBC, discovered that just 30% of Brits have the equivalent of a week’s pay or more in their savings account.

These figures come despite financial advisors suggestions to have at least one month’s worth of savings set aside for emergencies.

Even more worryingly, the research also found that at least 20% of Brits do not have any emergency savings at all.

All this comes just two weeks after the Bank of England’s deputy governor Charles Bean urged the country to indulge in a shopping spree to boost the fragile economy. Astonishingly, Charles Bean admitted that he wanted to see Britons ‘not saving more, but spending more’.

The statement predictably provoked outrage amongst some Brits. Comments on finance website This Is Money ranged from ‘astonished by what Mr. Bean is recommending’ to ‘…bankers suck the lifeblood out of the economy’.

What the survey has highlighted is that Britons are not saving the way they should be – a fact that is in part a testimony to painfully low rates available on ordinary savings accounts. On average, a one-year bond pays just 2.62%, according to Moneyfacts.co.uk. During the same period two years ago, savers could get 6.28% before tax.

Further statistics reveal that just one in five people said they would be able to continue paying their mortgage or rent and other bills in the event of job loss. Whilst 36% said they would have to rely on government support and 22% said they would have to rely on their partner for financial support.

Richard Brown, head of savings at HSBC, said: ‘These findings demonstrate a worrying lack of preparation amongst UK residents’.

‘With the current climate of uncertainty, it is of utmost importance that people are setting aside a realistic sum of money to be used in emergencies.’

‘By putting away a small sum each month Britons can help themselves build up an emergency savings pot as provision for any eventuality.’

Young people were the most unprepared for a financial emergency, with 41% of those aged between 25 and 34 having less than £249 worth of savings.

Women are also decidedly worse off than men, with 20% having no savings at all, and 13% having less than £249, compared with 17% and 9% respectively for men. Furthermore, women are also twice as likely to say they would rely on their partner for financial assistance.

A recent report has suggested that Britons are no longer embarrassed to reveal personal details about their finances, despite their reserved reputation.

According to price comparison website uSwitch, more than a third of Britons are happy to reveal their salary to their friends and family, while a quarter would not mind sharing and discussing the current state of their finances, including any debts they have.

Additionally, 92% say that they are comfortable shopping at what are deemed ‘budget’ shops, while a surprising 87% have no problem purchasing second-hand goods.

The report reveals a significant shift in general attitudes toward debt and money. In the past, mentioning your salary or financial restrictions was viewed as a sign of vulgarity. When it came to finances, people were expected to ’keep mum’ about their debt.

Moreover, the report stated that 33% of Britons feel there is no shame in having debt, while 18% no longer feel that bankruptcy should be embarrassing, a  view which has been reflected in UK spending and borrowing data.

This change of attitude towards financial matters has given pawnbrokers a much-welcomed boost in sales, with one in five Britons more likely to pawn their belongings because of the loss of stigma in doing so. According to uSwitch, one popular British pawnbroker chain reported a 71% increase in profits in September 2010. That being said, 31% of Britons still consider visiting a pawnbroker as a last resort.

Ann Robinson, director of consumer policy at uSwitch, explains the current attitude change: ‘Some may see it as a sign of shamelessness, but for many Brits it’s a case of desperate times calling for desperate measures.’

She added, ‘however, whereas in the past we would have kept quiet about the steps we’re taking, today our attitudes towards discussing how we stay afloat have relaxed considerably.’

The increase in debt levels among British women of all ages is worrying analysts. The rise has been alarming– a fivefold increase in the last 10 years. Even more worrying to some is the number of people who feel that they would be better off applying for bankruptcy. This number has risen sharply- in just one year, the increase was an astonishing 28%.

There are a number of reasons why some, not all, women are struggling on without getting proper debt advice. These reasons may be interlinked with the reasons why they fall into debt in the first place. Some of these reasons include: pride, uncertainty, reckless spending, and lack of familiarity with interest charges and late payment penalties.

Irresponsible spending is the principal reason why some women fall into debt but not all women can be generalised in this way. The vast majority of women receive debt advice from sources that often are ill equipped to offer advice or have underhand motives in their communications. Dubious financial practice among issuers of credit is a significant factor in why we are seeing such a spike in the numbers over the last 10 years.

Celebrities with their glamorous lifestyles have done a certain percentage of women – and men, too – a disservice in that they encourage a consumer culture of excessive and consequence free spending. This form of instant gratification spending has seen debt levels soar so high that many find it difficult to recover even after a period of 5 to 6 years.

Best practice suggests speaking to someone who can assist is the first step to debt recovery. Such a person generally works for a reputable debt consolidation firm. They can give debt advice and offer help with planning and organisation. This is not a quick fix but a long term plan for debt clearance that requires discipline and commitment. Use the company’s debt advice to plan and initiate your repayment process but be aware that the real solution has its roots in examining the underlying reasons that caused the problems in the first instance.

Some of these reasons include divorce, being a single parent and not having anyone to turn to for debt advice. Some of these problems are easy to overcome while others are not as simple and will require more of a prolonged effort from all parties concerned.