A Makeover for IVAs
With the Government’s Insolvency Service reporting that 26,956 people in Wales and England declared insolvency in the second quarter of 2007 alone, the British Bankers’ Association (BBA) has recently taken steps to address the issue.
The BBA has developed new industry standards regarding various aspects of Individual Voluntary Arrangements (IVA) to streamline the process of applying for an IVA. The BBA states that the new process is designed to assist people who carry debt rectify their financial situation.
Angela Knight, BBA Chief Executive, stated: “People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution,” BBA.
Ms Knight went on to explain that the new development would also help to give people carrying debt “the reassurances they need in order to make the right choice for their financial futures”.
These new industry standards have evolved only through the cooperation of many banks and providers.