If you're struggling to repay a loan and thinking about taking on an IVA or Individual Voluntary Arrangement, then it's at least worth looking into the ways you can avoid the procedure first.
The Guardian have released an all in one guide to loans that addresses such issues as interest rates and what you can do if you're having difficulty meeting repayments.
Within the report, the newspaper do warn about perils of flexible loans.
"Flexible loans, which let you borrow and pay back at will, are becoming more common, but the interest rate charged is often significantly higher."