Recent research has suggested that the number of people considering an IVA (Individual Voluntary Arrangement) may increase due to the credit crunch, as more and more people are unable to manage their debt.

Lenders are getting increasingly restrictive about their lending criteria, which means that debtors are trying to find alternative methods to regain control over their finances. An IVA means that your debt can be repaid in an average period of 60 months and it is often a much better alternative than bankruptcy and with fewer implications.

The Royal Institution of Chartered Surveyors has recently showed that there will be around 120 repossessions every day this year. For those vulnerable people, there could be ways out of debt, and the key message is to act now, and don’t put off dealing with your finances.