In Scotland, an IVA is not available, but there is a similar solution called a Scottish Trust Deed which is a voluntary arrangement made with the creditors.
With credit reasonably easy to come by, over borrowing can lead to financial issues, which is why debt management and consolidation can help those who have uncontrollable debts.
Despite the amount of credit paid off by Britons increasing last year, personal debt still stands at nearly £1.5 billion. According to the Insolvency Service 135,089 Britons faced bankruptcy or obtained an IVA last year.