Insolvency statistics for the period January to March 2014 have been released. They show a 14.3% increase in Individual Voluntary Arrangements over the previous quarter, despite a decrease in the amount of individual insolvents.

The figures show over half of all personal insolvents now make voluntary agreements with their creditors.

Bankruptcies, meanwhile, fell by 15% compared with the same quarter last year. Similarly, Debt Relief Orders decreased by 9.3%.

Visit harringtonbrooks.co.uk/iva for more information on what entering into an IVA involves, and how it compares with other financial solutions.

The statistics also showed an increase in company liquidations, following a dip at the end of 2013, though the number of Company Voluntary Arrangements stayed the same.

View full Insolvency Service statement and report

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If you are feeling out of control of your finances, and feel like you want to know more about IVAs, do not hesitate to contact us.