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The rate at which Britons are becoming insolvent has fallen to its lowest since before the financial crisis, according to official figures.

In the 12 months to September 2014, just 0.22% of the adult population became insolvent.

That is the lowest rate since the spring of 2006, according to the Insolvency Service.

The number of people going bankrupt was the lowest for 14 years, as people turned to other forms of insolvency.

For many people it is cheaper, and less damaging, to apply for either Individual Voluntary Arrangements (IVAs) or Debt Relief Orders (DROs).

Forms of personal insolvency Bankruptcy: The traditional way of escaping overwhelming debt. Ends after one year, but you are likely to lose all your assets, including your house, to pay something to the creditors

Individual Voluntary Arrangement (IVA): A deal between you and your creditors, overseen by an insolvency practitioner. Less stigma, less chance of losing your home, but involves paying some of your debts in one go

Debt Relief Orders: Introduced in April 2009, these allow people with debts of less than £15,000 and minimal assets to write off debts without a full-blown bankruptcy

In particular, DROs have continued to prove popular, rising by 2.7% in the year to September.

DROs were introduced in 2009, and enable people with debts of less than £15,000 to be declared insolvent.

Some debt charities would like that amount raised to a higher level.

"Today's figures show that the personal insolvency rate is at its lowest level since 2006," said Graham Horne, the Insolvency Service's deputy chief executive.

"It is still important that people experiencing financial difficulties should seek early advice," he added.