Choosing to enter an Individual Voluntary Arrangement (IVA) saved a businessman from losing his house when debt problems grew too much for him, according to a report.
A Blackpool-based entrepreneur was given just two weeks` notice before one of his franchises was terminated.
After consulting professional debt advice, he formulated an IVA to take to his creditors which ultimately saved his house, the Blackpool Gazette reports.
The man - who wanted to remain anonymous - said of the debt advice he received: "Their negotiating skills gave us great confidence in saving our property.
"We are now happily out of the IVA with our self-esteem intact. That`s what they do. They sort the problem out."
An IVA is an agreement between the debtor and their creditors, in which a portion of the debt is agreed to be paid over a five-year period. After that period has elapsed, the debt is written off.
