New standards agreed for IVA’s
Article Category: IVA (Individual Voluntary Arrangement) Help and Advice
New standards governing the way IVAs are sold and advertised are set to be put in place.
Borrowers who can no longer afford to repay loans will now have greater protection by way of agreed industry standards for advertising, advice, information and documentation, as well has higher levels of transparency.
Angela Knight, chief executive of the British Bankers’ Association (BBA), said that people in debt needed to know that when an IVA is proposed it is the "most appropriate solution".
She added: "The BBA, the Insolvency Service and the participating IVA providers are united in support for this agreement, which should provide customers with the reassurances they need in order to make the right choice for their financial futures."
The Finance and Leasing Association (FLA), which represents the consumer credit, asset and motor finance industries welcomed the proposals and said that the code would "provide greater certainty to both debtors and lenders" and showed the "power and relevance of self-regulation in the financial sector".
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