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IVA guidelines to help those with debt problems

05/12/2007

New guidelines to help people with debt problems have been drawn up by major financial institutions and the British Bankers` Association (BBA).

Designed to help those looking to take out an Individual Voluntary Arrangement (IVA), the new regulations will make it easier to get access to professional debt advice.

The whole consumer IVA system is to be streamlined, with regulations on advertising and transparency introduced in a bid to increase consumer confidence in the system. More information will be on offer for consumers wishing to take out an IVA.

BBA chief executive Angela Knight said: "People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution. The agreement sets out the standards that will apply to creditors and IVA providers in most IVA cases."

An IVA is an agreement between the debtor and their creditors to pay off a portion of the debt over five years. After that period, the debt is classed as settled.

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