Struggling with debt is now a common occurrence in the UK. You are not alone with the feelings of stress and despair it can cause.

When debts become overwhelming, it is common for thoughts of bankruptcy to be seen as the only solution. However, there is an alternative which is far less restrictive but can be just as beneficial for the debtor, the Individual Voluntary Arrangement.

Over recent weeks the words 'credit crunch' have been all over the financial headlines, and the effects of the turmoil that has hit the financial markets have been reflected in a number of ways, affecting both financial institutions and consumers.

The credit crunch was sparked as a result of the housing slump, rising interest rates, and record defaults in the sub-prime sector of the United States, and over recent weeks the global repercussions of this crisis have become increasingly evident.