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OFT to target bogus IVA companies

09/06/2008

Consumers with Individual Voluntary Arrangements (IVAs) have again been warned to be wary of illegal letters advising them to apply for bankruptcy.

Following on from a report last week, the Office of Fair Trading has said that many people across the UK with IVAs were being sent letters telling them that they were mis-sold the IVA, suggesting that they should apply for bankruptcy instead.

The watchdog stated that the letters were targeting people who were vulnerable due to their financial situation and announced it would crack down on such behaviour.

Policy director of the British Bankers` Association Helen Banks said: "We hope this initiative will extend to address some of our other concerns in relation to debt management, such as the increase in cold calling and lack of advice on appropriate solutions for those in debt."

According to the Insolvency Service, 102,792 people went into bankruptcy or entered an IVA in the year to the end of March 2008.

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