New “streamlined” IVA process planned

A number of financial services groups in the UK have agreed the principles of a new “streamlined” set of Individual Voluntary Arrangement (IVA) standards that are aimed at helping people with unmanageable debts.

The new set of standards are reported to be tailored to give consumers with debt management problems a greater degree of clarity over whether or not an IVA is the right option for them.

IVA providers from across the country, as well as the British Banking Association (BBA), were among those involved in establishing the new standards, which are due to be introduced in February of next year.

“The BBA, the Insolvency Service and the participating IVA providers are united in support for this agreement, which should provide customers with the reassurances they need in order to make the right choice for their financial futures,” said the BBA’s chief executive Angela Knight.

Last month, the Insolvency Service revealed that more than 10,000 people in England and Wales entered IVAs during the third quarter of this year.