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Consumers `struggling to cope with mounting debt` 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

IVA forum `makes headway`

01/06/2007

Standards governing the marketing, advice and structure of individual voluntary arrangement (IVA) proposals were discussed at a recent forum in London.

Industry-wide criteria which were debated at the forum included model fee structure, which is the basis on which Iva providers collect fees.

Also discussed were ways in which customers could receive more education about the Iva process and other remedies for debt, as well as standards for using property equity to pay off creditors.

BBA executive director Eric Leenders commented: "The Iva forum was positive and constructive [and] gave lenders and the debt industry an opportunity to discuss the draft protocol proposals we have been working towards.

"All that is left is the fine detail to be thrashed out and agreed. We hope the full set of standards will be in place by the end of the year."

In related debt news, the Registry Trust recently announced that the number of county court judgements for unpaid debts has risen.

Many debts unaffected by base rate cut 09/01/2009 - Yesterday, many borrowers welcomed the Bank of England’s base rate 1.5% base rate – an historic low 08/01/2009 - Today’s base rate cut by the Bank of England’s Monetary Gas price cuts expected 07/01/2009 - Energy company Scottish Power has announced the launch of a Personal debt about £1.5 trillion 07/01/2009 - The UK’s personal debt stands at around £1.5 trillion, according