The number of people taking on an IVA to eliminate the huge amount of unsecured debt they've accrued could double in the next year according to a leading debt management company.
The TDX group say that over a million people in the UK have around £25,000 of unsecured debt and the credit crunch is making it harder than ever to service these arrears.
Mark Onyett, chief executive for the group commented that the IVA was the only alternative to bankruptcy for mant people adding, "We expect strong growth for the debt management market during 2008."