Providers of Individual Voluntary Arrangements (IVAs) and the credit industry, led by the British Bankers' Association (BBA), have worked closely with the Insolvency Service to agree on a streamlined process for consumer IVAs.
The new standards cover advertising, advice, information and documentation as well as improving transparency, and should be in place by February 2008.
“People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution," said BBA chief executive Angela Knight.
"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 make the right choice for their financial futures.”
