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Consultation on debt management launched Govt aid for those struggling with mortgages `too late for some` Pensions `no problem` for IVAs UK reaping what it has sown in terms of personal debt, expert claims Struggling consumers `likely to default on TV subscriptions` 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

Increased debt help for consumers after IVA deal

31/01/2008

Consumers struggling with debt problems may be entitled to more help after authorities struck a deal over the way Individual Voluntary Arrangements (IVAs) can be promoted and run.

After a number of discussions over the last few months, the Insolvency Service and British Bankers` Association (BBA) have agreed to a range of new regulations which will ensure greater transparency in the IVA sector – and February 1st saw the introduction of various new industry standards concerning advertising, advice, information and documentation.

BBA chief executive Angela Knight said: "People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution."

An IVA is a formal agreement between the debtor and their creditors to pay off a portion of the debt over a five-year period. After that period is over, the debt is legally written off.

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