UK Money News
20th November 2007
Bank fees on IVAs 'are unfair on consumers'
Insolvency companies making substantial profits from the organisation of the individual voluntary arrangements (IVAs) have prompted some banks to increase their rates, according to one personal finance body.
The UK Insolvency Helpline, a service intended to provide help with finance advice for stretched borrowers, states that HSBC has recently hiked its rate from 25 per cent to 40 per cent.
However, the company states that such charges do not provide reasonable help with finance to consumers, especially given the success of IVA scheme since its introduction in 1986.
Ian Richards, for the UK Insolvency Helpline, said: "The reason it is not fair and why there will need to be government intervention here is because the IVA is a wonderful success story."
"The problem is that the IVA companies have industrialised a very simple process and they are making a lot of money out of it."
In related money news, the government released figures which show that in the second quarter of 2007 the number of IVAs taken out fell by 15.1 per cent on the previous three months
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