IVA summit agreement

In a move that will see IVAs self-regulated in a way similar to the Banking Code is, it should benefit users of the agreements even more.

While many already trust reputable providers to help them clear debt through an IVA, not ever operator is as bona fide.

A final draft of the code can be expected in the new year and there is a distinct possibility that it will be implemented by Easter.

Due to it being a voluntary code, it should still allow competition in the IVA sector, to the benefit of both and debtors.

According to the Department for Trade and Industry (DTI) the number of people entering into IVAs in the third quarter of this year was 12,228, an increase of 117.9 per cent on the corresponding quarter of the previous year.