IVA saves 110000 people from bankruptcy

'According to accountants KPMG, £1.4bn of bad debts were written off this year after people signed up for Individual Voluntary Arrangements (IVAs).
Also this year, about 110,000 people became insolvent, topping the 100,000 mark for the first time, KPMG said.

Earlier this year government figures showed that the number of personal bankruptcies had declined as more consumers signed up for IVAs, which allow people with debts to work out a repayment plan with their creditors. ' [http://news.bbc.co.uk]

Good news, if only those IVA's could work for everyone. Sadly though you must owe atleast £15000 and be able to maintain payments of about £350.
for more on IVA's see: IVA Information.