Taking out an individual voluntary arrangement (IVA) can help people with large amounts of debt get their finances back on track, a customer has claimed.
Stephen Bagshaw told the Sun about how his debt reached £42,000 before resorting to an IVA to help sort out his problems.
He recounted how an IVA helped him pay back what he owed, as well as learn from past mistakes.
"I will never go down the spending path again; the IVA definitely helped me get back on track," he told the publication.
"I let my debts build and build, but when I had my IVA approved at the end of last year it felt like a hell of a lot of pressure off my shoulders."
Currently, Mr Bagshaw pays £264 per month towards what he owes, compared with the £1,200 a month of accumulated debts.
Recently, those in the IVA industry met to discuss standards for the sector.
