Most of us pass by the frequent news items on the subprime crisis and the recent economic crunch with nothing more than a raised brow but for other this issue is very close to heart. While the banks and large financial institutions are the ones getting all the press from these events, there is another side to this story in the form of the thousands of lenders who are unable to cope with their compounded debt. Most people think the default and inevitable solution for a delinquent borrower is to declare bankruptcy but in fact there are other options. One such option which was introduced with the Insolvency Act of 1986 allows borrowers to avoid facing bankruptcy by engaging in an IVA. Knowledge of such options help individuals save themselves the heartache that comes along with bankruptcy including the undesirable negative publicity which comes along with it.