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There has been an increase in the number of "high-flying professionals" seeking individual voluntary arrangements (IVAs), an expert has asserted.

Director of comparison and advice website Iva.com Terry Balfour made his comments to the Scotsman newspaper, highlighting that there has been a "significant" increase in insolvency queries from people who earn higher-than-average salaries.

He told the publication that the average level of debt is about £25,000 but that some people have approached his organisation because they are considering the route for debt of just £6,000.

A number of property developers, accounts, lawyers and bankers are now considering IVAs as a route out of their problem debt, Mr Balfour continued.

"The level of contact from people whose finances would usually be regarded as watertight indicates just how pervasive the current crisis is and points towards more casualties to come throughout the year," he added.

Research conducted last year by CreditExpert.co.uk found that five per cent of the population have considered or entered insolvency – either bankruptcy or the IVA alternative.

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