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Since the debt crisis surfaced in 2008 there has been a growing emphasis on austerity measures in the UK which have unfortunately filtered down to households after beginning with government. UK workers are being made redundant by the thousands each month and wages are not rising in accordance with the inflation rate. As a result, too many individuals were being bankrupted so government and consumers’ advocate groups sought means to help them avoid insolvency. Amongst some of the most innovative measures during this time of austerity to help consumers avoid insolvency are debt solutions such as IVAs.

In more recent months the Insolvency Service has instituted Debt Relief Orders which can help the lowest portion of the economy to avoid bankruptcy. However, anyone who owns a car valued higher than £300 cannot take advantage of a DRO nor can anyone who owns a home or has debt equal to or less than £15,000. In other words, even amidst extreme austerity measures in Wales and England, the most commonly sought relief from insolvency is an IVA. An Individual Voluntary Arrangement is open to greater numbers of people facing insolvency which adds to its popularity as a debt solution.

One thing to understand about an IVA is the fact that it must be administered by a licensed Insolvency Practitioner but online debt relief companies such as debtfreeme can provide debt help quickly and efficiently throughout England and Wales. Even though the country is beset by austerity measures, more and more consumers are taking advantage of debt solutions to avoid bankruptcy but the key is to petition the courts before your creditors do. Seek advice from Debt Free Me before your creditors seek involuntary insolvency. It is possible to beat them to the punch if you act as soon as you discover your debt is out of control.