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Bankruptcy `increases by 7%` `More Brits applying for personal loans` 70% of Brits `without unsecured loans` Pre-paid cards `more popular as debt rises` IVAs `a real alternative` to bankruptcy Brits `trying to escape credit crunch` by moving abroad West Sussex consumers suffering debt IVA agreements increase Industry body welcomes IVA mailing probe OFT to target bogus IVA companies IVAs can be "helpful" for large debts IVAs - consumers warned about bogus deals Insolvency rates rising IVAs can be "better option" than bankruptcy IVAs are `helpful but should not be taken lightly` IVAs `good to get out of tricky situations` People should "think very carefully" before entering an IVA IVA `saved businessman`s house` Govt unveils new IVA code Credit crunch `sees professionals considering IVAs`

Industry body welcomes IVA mailing probe

11/06/2008

A major industry body has welcomed the Office of Fair Trading`s (OFT) announcement last week to investigate the misleading advertisements about Individual Voluntary Arrangements (IVAs).

Last week, the OFT launched an investigation after numerous complaints of illegal letters being sent to consumers who had taken out an IVA, advising them that applying for bankruptcy would be a better thing to do.

R3, the insolvency trade body, has said that it supports the OFT`s decision to investigate the letters, claiming that it is "concerned" that a number of companies are targeting vulnerable people.

Peter Sargent, vice president of R3, added: "Such companies are giving advice that could put people in a very vulnerable position. If a debtor stops paying their IVA, they`re in breach of an agreement they`ve signed with creditors and can be made bankrupt."

R3 is the brand name for the Association of Business Recovery Professionals, the UK`s largest association for insolvency and business recovery.

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