IVAs ‘set to get simpler’

The 12-week consultation will aim to canvass opinion on how to make IVAs simpler for all those involved, it has been revealed.

A statement from the service read: “There are proposals to reduce the administrative burden and on insolvency practitioners who supervise IVAs ultimately reducing the administrative cost to the debtors.”

The Insolvency Service explains that IVAs are designed to offer a “flexible debt resolution” and were first used following the 1986 Insolvency Act.

Meanwhile, figures released by the same organisation recently demonstrated that the number of people in the UK opting to enter into an IVA had increased by around 23 per cent over the course of the last 12 months.