Sunday 6th of February 2011
An increasing number of people in the UK may soon be seeking individual voluntary arrangement (IVA) answers as their debts climb to new highs.
New Insolvency Service figures have shown there were 25,179 debt relief orders (DROs) - a relatively new form of debt relief - in 2010.
And it seems individuals may be turning to less traditional measures to sort out their finances as the statistics revealed a drop in the number of people filing for bankruptcy.
The figures showed individuals taking this route fell by 20.7 per cent when compared with numbers recorded in 2009.
Insolvencies throughout the year were pushed by IVAs, the stats revealed.
The number of IVAs taken out in 2010 rose by 6.5 per cent to reach a total of 50,716.
These findings come after recent research from Confused.com found more than half of Britons believe the cost of everyday living is so expensive that they are unable to put any money away whatsoever.
By Neil Burton
