Debt management: IVA regulations amended

05/02/2010

New IVA regulations could provide a cheaper and more effective debt solution.

Revisions have been made to the Insolvency Service's guidelines for Individual Voluntary Arrangements (IVAs) which could help to provide individuals with a smoother debt management service.

Changes include further advice on how to help a debtor who has been made redundant.

Consumer-friendly terminology was also introduced in order to encourage advisors to offer a clearer service to those in need.

The changes were made as an earlier review by the Insolvency Service found that a fifth of people in debt were unclear on aspects of the IVA process.

There were 35,574 individual insolvencies in England and Wales in the fourth quarter of 2009.
This was an increase of 24.9 per cent on the same period a year ago.

The changes were introduced at the start of this month but will be enforced from May 1st.

Posted by Jim Mead

Tags; Income Worries and Debt,

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