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IVAs 'can help to solve problems'
An individual voluntary arrangement (IVA) has been highlighted as a "good way" for people with severe debts to turn over a new leaf and start again.
Wayne Harrison, a spokesperson for IPA, suggested that IVAs can help a number of people that are struggling with debt.
While some people may wish to consider a secured loan in order to consolidate their debts and better manage their finances, for some an IVA may be a more suitable option.
"Hopefully it's a formal statutory resolution that evokes creditors to get back a reasonable return on money they have lent to debtors and also [gives] debtors the equal opportunity to get their life back on track and start afresh," Mr Harrison said.
He also said that both IVAs and bankruptcy were now viewed as ways to help people that were not capable of managing their financial situation rather than as a last resort.
But for many people, continued borrowing through a secured loan may prove to be a safe option, as it allows them to control repayments and will not wipe clean a credit record.