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    Individual voluntary arrangements (IVAs) can be good for creditors as, although they receive less than they would if all payments were made, they receive more than they would if the debtor became bankrupt, an expert has explained.

    Money advice website the Thrifty Scot made its comments following research by Grant Thornton which suggests around 10,000 Britons a month will become insolvent during 2008.

    "IVAs allow people in financial trouble to agree a plan with their creditors to make regular affordable repayments over a fixed period," the website stated.

    It quoted figures from accountancy firm KPMG which revealed £1.3 billion in bad debt was written off through IVAs during 2007.

    The government’s debt advice pages explain that IVAs allow a borrower to become debt-free within a set period, often five years.

    It advises that debtors must seek the help of an insolvency practitioner to set up such an agreement.

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