UK Money News
5th December 2007
New IVA standards 'will ensure effective help with money'
Consumers experiencing trouble with debt throughout the UK are to be aided by a new set of standards implemented by one personal finance organisation.
The British Bankers' Association (BBA) has announced that its members have agreed new rules governing the implementation of individual voluntary arrangements (IVAs).
A streamlined process has been established throughout the credit industry, in partnership with the Insolvency Service, to ensure that those needing help with finance get the best possible advice.
BBA chief executive Angela Knight remarks: "People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution.
"The BBA, the Insolvency Service and the participating IVA providers are united in support for this agreement, which should provide customers with the reassurances they need in order to ake the right choice for their financial futures."
In recent money news, the BBA called for a balance to be struck between the need to ensure consumer privacy and the pressures to ensure that fraudsters and money launderers are detected.
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