New Individual Voluntary Arrangements (IVA) standards from British Bankers’ Association (BBA)

Posted 2007-12-5

With about 26,956 people in England and Wales declared as insolvent, by the Government insolvency service, the British Bankers’ Association (BBA) announced a new set of standards, in the second quarter of 2007 to help people in debt better manage their financial problems through Individual Voluntary Arrangements (IVAs). 

These standards, to be implemented in February 2008, aim at making the process of applying for an IVA more “streamlined”. 

The industry standards for advertising, advice, information and documentation connected to IVAs have been decided by the banks and other service providers. The BBA executive knight stated that those in debt and their creditors should be aware that when an IVA is proposed it is the most appropriate solution. It will give people win debt necessary reassurances that will enable them to make the right choice for their financial futures”.

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