So, in the second quarter of the year, there were over 140 new IVAs (Individual Voluntary Arrangements) per day in England and Wales. That's a figure I found on insolvencynews.com, along with a quote from someone from PricewaterhouseCoopers, who pointed out that although the figure looks alarming, it "does indicate that individuals facing financial pressures are taking affirmative action to address their difficulties".

So, many of the people who've entered an IVA in the past would be a lot worse off today if they hadn't chosen to enter an IVA. After all, the average IVA lasts five years - it's quite a long time, but don't forget that many people who think that an IVA might help probably couldn't even tell you how long it'll take them to repay their debts if they keep going the way they are today.

In most cases, an IVA means 60 monthly payments (and potentially a release of some equity, if the individual is a homeowner). Assuming they can stick to that, that's it - the debt is written off, although the IVA will stay on their credit report for one more year afterwards, as entries on a credit report last for six years.

For someone who was facing the prospect of trying to pay more than they can afford for the foreseeable future, the thought of making 60 payments could well seem a lot more appealing than someone with no debts could imagine.

But that doesn't mean IVAs are the best (or even the only) form of insolvency that could help someone with serious debt problems. A lot of people in England and Wales end up entering bankruptcy or a Debt Relief Order (DRO) - two different forms of insolvency that can also free someone of their obligation to repay their debts.

Different people with different debt problems will need different solutions - and many of them won't need to enter a formal insolvency procedure at all. So it's very important to talk it over with a professional debt adviser before committing yourself to anything.