The number of people entering into an Individual Voluntary Arrangement (IVA) looks set to rise in the early part of next year, it has been claimed.
Experts at the consultancy business Capital Economic are convinced that more and more people in the UK will opt for entering an IVA as a way of finding a solution to their debt problems, reports MoneyExtra.com.
Some creditors have been reluctant to deal with IVA providers, but a set of operating standards was recently agreed between these firms and the British Bankers Association (BBA), which Capital Economics believes will boost the popularity of IVAs around the country.
Furthermore, the general economic climate, with credit criteria becomes increasingly stringent, will also lead an increasing number of consumers to turn to IVAs by means of a debt solution, the consultancy firm suggests.
The new set of IVA industry standards will give indebted consumers more clarity about their debt solution options, the BBA said on announcing its planned introduction.