The number of individual voluntary arrangements (IVAs) – where borrowers arrange to pay off a proportion of their debt over a set period of time – leapt by 21.8% over the year to 47,641.
It is based largely on unaccountable, voluntary arrangements that are inconsistent across borders.
But Mackay said: "Of course we all agree it is better[to have] voluntary arrangements.
Individual voluntary arrangements – where money is shared out between creditors – also fell sharply to 10,405.
Pinning the future on solely voluntary arrangements is an enormous act of faith.
"Of course we all agree that it is better for voluntary arrangements.
It contains details of bankruptcies that are either current or have ended in the past three months; current individual voluntary arrangements and "fast track" voluntary arrangements; debt relief orders; and current bankruptcy restrictions orders and undertakings.
RBS points out that 97percentnt of the job cuts following its NatWest deal were made through voluntary arrangements.
Debt Free Direct is a leading provider of individual voluntary arrangements, which allow debtors to cut their interest payments.
Instead, we need a system based on a global framework convention on nuclear security that would fill the gaps in existing voluntary arrangements.
Crisis talks between banks, credit card lenders and insolvency firms have failed to reach an agreement on the cost of individual voluntary arrangements.
