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    Individual voluntary arrangements (IVAs), informal agreements and bankruptcy are all "valid solutions" to problem debt, an expert has commented.

    James Falla, managing director of debt consultant Thomas Charles, said those in debt difficulties should be aware of all three possibilities.

    "Each of those options are very valid solutions and will suit different people better depending on their circumstances," he commented.

    Furthermore, Mr Falla urged debtors to be wary of organisations which push them towards one specific solution.

    Bankruptcy, informal agreements and IVAs can be negotiated through debt management companies.

    IVAs are a court-approved agreement whereby the debtor repays a fixed, affordable sum for a set period of time and at the end of that period, any remaining debt is written off.

    According to financial advice charity Credit Action, at the end of September total personal debt in Britain stood at £1,380 billion, an increase of £120 billion over the previous 12 months.

    During the second quarter of 2007, there were nearly 27,000 individual insolvencies across England and Wales, it reported.

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