Some people can’t go bankrupt without losing their job as well and this is one of the advantages of an IVA over Bankruptcy.

Mr F, 29, was a banker whose contract of employment would have meant dismissal – had he sought bankruptcy. A failed relationship had left Mr F with debts of £122,000 in his name.

We negotiated a ClearDebt IVA where his creditors forgave 68% of what he owed. Over five years, he will only need to repay 32 pence of every pound he owed.

Not everyone can get a deal this good – but it does show that creditors can be persuaded by personal circumstances and will accept realistic proposals.