Deborah Taylor had established a business which, after taking out loans, pushed her into £134,000 of debt, but since taking out an IVA she has already repaid a fifth of the sum.
“It was a horrendous experience,” the web designer told the newspaper. “I felt as if I was in a bubble, screaming and no-one could hear me. I ended up on anti-depressants.”
She is not alone in turning to an IVA to manage debt, with official figures showing that there were 15,000 people using them in the second quarter of this year.
Instead of bankruptcy and IVAs being the sole preserve of entrepreneurs, Ms Taylor’s case shows that anyone can get affected by insolvency.
By taking action to tackle debt rather than pretending it did not exist, Ms Taylor said that she felt she did the right thing.
“I feel like a different person,” added Ms Taylor.