Debt Advisers Direct is a trading style of Freeman Jones and part of the Think Money Group. We have over 15 years' experience helping people in debt and won numerous awards.
The number of people applying for bankruptcy has decreased by five per cent over the last year, new figures suggest.
Statistics from the Insolvency Service show that there were 26,072 insolvencies - either bankruptcies or those applying for an individual voluntary arrangement (Iva) - in England and Wales during the third quarter of 2007.
The figure was three per cent down on the previous three months and reduced by five per cent year-on-year. Over 15,000 applied for bankruptcy during that period while 10,239 took out Ivas in the quarter, a decrease of 14.3 per cent year-on-year.
An Iva is an agreement between the debtor and their creditors which sets out a timetable of reduced payments over a five-year period.
After the five years is up, the rest of the debt is written off under the terms of the Iva.
