New standards for Individual Voluntary Arrangements

Posted 2007-12-5

The British Bankers Association (BBA) announced new standards for Individual Voluntary Arrangements (IVAs) to help indebted people through their financial problems.
Credit providers worked together to agree industry standards for the marketing, advice and documentation associated with IVAS. The standards will be put in place by February 2008 and will make the IVA process more “streamlined”. Angela Knight, BBA Chief Executive said:
“People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution. The standards will give [people in debt] the reassurances they need in order to make the right choice for their financial futures”.
According to Government statistics, 26,659 people were declared insolvent in England and Wales during the second quarter of 2007.

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