The number of IVAs entered by residents of Northern Ireland significantly increased in the first quarter (Q1) of 2010, according to figures from the Insolvency Service.

There were 238 IVAs in the first three months of the year, compared with 192 in the previous quarter. The total was also 65.3% higher than the 144 IVAs issued in the first quarter of 2009.

Meanwhile, bankruptcies fell to 316 in Q1 2010, from 382 in the last quarter of 2009.

An expert at Debt Advisers Direct said: “The statistics show that debt is still very much a problem for people in Northern Ireland. They also reflect the fact that it can take a while for economic problems to `filter through` to insolvencies.

“This suggests we are likely to continue seeing high levels of insolvency in the coming months, and as such it`s more important than ever that people seek debt help at the first sign of problems.”

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