IVA regulatory body to be created

The Debt Resolution Forum will speak on behalf of companies and advisers working across the industry to help ensure that holders of an IVA are treated fairly.

According to Reuters, the forum is being established due to soaring rates of bankruptcy and IVA use as consumers struggle to clear debt.

Although trusted IVA firms can offer a debt solution, there are concerns that some unscrupulous agencies have arisen.

Through the Debt Resolution Forum, activities will include training and education programmes for businesses.

The news follows the announcement that banks are to interact better with debt solution firms to simplify dealings between banks, debtors and agencies to improve dealings.

As with the establishment of the Debt Resolution Forum, this is in response to the rising number of insolvencies experienced in England and Wales, which is affecting both consumers and banks as bad debt levels also rise.