New standards set for Individual Voluntary Arrangements
Posted 2007-12-5
Angela Knight, the British Bankers’ Association (BBA) Chief Executive explained, “People in debt and their creditors need to know that when an Individual Voluntary Arrangement (IVA) is proposed, it is the most appropriate solution.”
The goal of the standards, slated to be in affect by February 2008 is to make the process of applying for an IVA more “streamlined,” the BBA explained.
Ms. Knight added that the new standards, which have been collaborated between banks and providers, would assist people in debt and give them “the reassurances they need in order to make the right choice for their financial futures.”
Her statements were delivered on the heels of the BBA’s announcement of the new set of standards of the IVAs which seek to establish industry standards for advertising, advice, information and documentation related to IVAs.
The Government’s Insolvency Service reports 26,956 people have been declared insolvent in
The new industry standards will hopefully bring a process of efficiency and thus some relief to individuals who find complicated financial struggles difficult to manage.
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