With debt in Britain rising to incredible levels many families are suffering extreme distress as a result. Many people feel embarrassed and too ashamed to discuss the problem with their partner and allow the problem to escalate.

Do you qualify? Your debt needs to be at least £15,000 and you need to provide proof that you are in a position to make minimum repayments of at least £200/month.

You will need to find an insolvency practitioner, your local Citizen's Advice Bureau is probably a good place to start, both for good initial advice and to help you find a practitioner.

what is an IVA?

An IVA (Individual Voluntary Arrangement) is drawn up by an Insolvency Practitioner. It is an agreement to pay a set amount each month and usually lasts for 5 years. The interest on the debt is frozen and if the debtor keeps to the agreement, the debt will be cleared after 5 years. 75% of the creditors must approve before IVA can be set up.