Call for conference over IVA growth

According to Debt Free Direct, while loans and credit approvals are falling, this is because people are struggling with existing repayments and have to take out an IVA.

“We have long campaigned for government regulation that would ideally enshrine the principle of providing the consumer with best advice,” the debt advice firm said in August.

“That would mean best advicefor the individual with the debt problem, as opposed to what is best for the lender or those who are offering the advice.”

An IVA is used by many as an alternative to bankruptcy as it has several benefits and the rise shows the amount of people taking on a form of debt management.