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Govt unveils new IVA code

15/04/2008

The government has outlined a new industry code which aims to give people more protection after they have taken out an Individual Voluntary Arrangement (IVA) to settle their debts.

Under the terms of the code - which is voluntary - those with debt problems will have to make a standard statement which details all income and outgoings, and checks on insolvency firms will become more stringent.

The code will also urge borrowers to try to agree an informal deal with creditors before taking out an IVA.

Government minister Pat McFadden said: "It will provide greater transparency for creditors and debtors alike by using standard clauses and a consistent format."

An IVA is an agreement between the borrower and their creditors, in which a portion of the debt is paid off over a five-year period. As long as payments are maintained, the remainder of the debt is written off at the end of the IVA.

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