Recent figures released today has revealed that there has been a notable increase in the number of people taking an IVA. (Individual Voluntary Arrangement)

The amount has hit the grand figure of 33,073 which is an increase of 27% since last year. The news is especially grim for Britons as it shows that the debt disease is alarmingly getting worse.

A spokesperson for Debt Advisers Direct commented: "The latest statistics from the Insolvency Service are alarming news.

"People may be surprised to note that the number of IVAs rose at the same time that the number of bankruptcies declined.

"This may be partly due to the fact that more people facing unmanageable debt are aware of their options - IVAs are often viewed as a preferable alternative to bankruptcy, even though bankruptcy is still the most appropriate option for many people.

"Anyone struggling with unmanageable levels of debt should contact a professional debt adviser without delay."