According to the Daily Telegraph, 2006 saw the number IVAs (individual voluntary arrangements) double to 45,000. In the process a total of £1.4 billion in debt was written off.
IVAs are a mechanism for individuals to regain control of their indebtedness without going through the process of personal bankruptcy. With debts, loans and credit card borrowing at all time highs, the IVA has become a significant feature on the lending landscape.
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