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IVAs - consumers warned about bogus deals

03/06/2008

Consumers across the UK who have entered Individual Voluntary Arrangements (IVAs) are being targeted by bogus companies promising to end the offers by arranging bankruptcies.

According to a report by Crain`s Manchester Business, a number of consumers have been approached by offshore companies who have offered to end the five-year-long agreement and replace it with a quicker solution.

The firms have been found to target people who appear on a register once an IVA is recorded with the Insolvency Service.

Consumers have been warned to avoid all such schemes.

David Rankin, a debt expert, told the news provider: "These companies are taking advantage of people. [IVAs are] not there so that outfits like this can go and exploit people."

An IVA allows a debtor to avoid bankruptcy by coming to an agreement with his creditors to pay off a percentage of his debts over a five-year period.

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