While some people might find that a financial restructuring process can help them become debt free, there are a number of different options available and the best course of action is dependant on specific circumstances, suggets Stephen Rose, director of Debt Advice Bureau.
Mr Rose maintains that to some degree a decision over how best to deal with a debt management problem depends also upon the attitude and preference of the indebted individual.
“It all comes down to the circumstances. For some people, just a reanalysis of their budget and where they’re spending their money may be sufficient,” he said.
“For others, you may be looking at a formal arrangement such as bankruptcy or an IVA.”
Thousands of people reportedly approach Debt Advice Bureaux for online requests regarding advice on becoming debt free, the not-for-profit and independent organisation reports.