There are alternatives to individual voluntary arrangements (IVAs) for Britons looking to tackle their debts, it has been stressed.

Ian Richards of the UK Insolvency Helpline urges consumers to mull over the full range of options open to them before deciding how to improve their financial situation.

Methods which could be considered include debt consolidation loans, secured loans and homeowner loans.

"The main point is the IVA is a fantastic way out of debt, but there are other ways that are just as good to get out of debt," Mr Richards explains.

"What we are going to see is an increase in debt management, which in the past has been looked down upon."

Government statistics show that the number of IVAs taken out in the second quarter of 2007 fell by 15.1 per cent from the previous three months' results.

Britons looking to consider alternatives could seek advice on products such as secured loans and homeowner loans or, if they have no assets to use as security, debt consolidation loans might be the best option.ADNFCR-1287-ID-18364687-ADNFCR

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