The guidelines, agreed between IVA providers and the credit industry, will offer an enhanced level of protection to those in significant debt.
Furthermore, borrowers can be assured that IVA providers adhering to the standards will operate openly and fairly to help people take the right path back into solvency.
“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.”
