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    r. By the end of October 2006, total personal debt in the UK was more than ?1.25 trillion (up by more than 10% on last year) and average household debt stood at ?8,592.

    With economic forecasters predicting these figures to continue to rise, the future looks bleak for debtors. Or does it?

    In 1986, the government introduced a new d

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    In 1986, the government introduced a new d

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    looks bleak for debtors. Or does it?

    In 1986, the government introduced a new debt re-payment scheme called an Individual Voluntary Arrangement, or IVA for short. Conceived as an alternative to bankruptcy, IVAs are becoming an increasingly popular way of clearing debt. This is shown by the fact that 50,000 IVAs were completed in 2006 and it is estimated that this figure could double by the end of 2007.

    So why are

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