New standards for debt management

Posted 2007-12-5

The British Bankers’ Association (BBA) has agreed on a new set of industry standards for people applying for Individual Voluntary Arrangements (IVAs) to help control their debt.  Banks and providers have worked out agreements that standardise advertising, advice, information and documentation relating to IVAs.

The standards, due to be implemented by Feb 2008, are intended to make the IVA application process more “streamlined”, the BBA says. 

BBA Chief Executive Angela Knight explained that the new standards would help to reassure people in debt that they are making the right choices for their financial futures. 

“People need to know that when an IVA is proposed, it is the most appropriate solution,” she said. 

During the second quarter of 2007, 26,956 people were declared insolvent in England and Wales.

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