The Chancellor of the Exchequer has pointed the finger of blame at banks for the number of people that are having to apply for an IVA or Individual Voluntary Arrangement.
In a strong statement, the Chancellor has blamed much of the debt crisis of the UK on the lenders that have given credit too easily.
He stated: "Institutions have in some cases been prepared to lend to people without checking if they were ever going to repay it. It doesn't do any good for anybody, particularly the person in debt but also the lender, to be getting into a situation where you have bad debts."