The amount of individual voluntary arrangements registered has increased by over 20% in the past year, with 14,571 registered in the April-June quarter of 2014. This has lead to a 5.1% increase in the number of people who became insolvent compared to last year, despite the number of bankruptcies and and debt relief orders decreasing.
The number of company liquidations, administrations, receiverships and and company voluntary arrangements also decreased over the last 12 months.
Visit harringtonbrooks.co.uk/iva for more information on what entering into an IVA involves, and how it compares with other financial solutions. You can also view the full Insolvency Service statement and report.