IVA process 'set to be streamlined'

1st June 2007

Providers of Individual Voluntary Arrangements (IVAs) and banking group representatives are convinced that over the coming weeks they will be able reach agreement on measures that will help streamline the IVA process.

Eric Leenders from the British Bankers' Association (BBA) told the BBC that it is in the interests of consumers that reform proposals can be agreed upon and implemented to make the IVA application process a more straightforward one.

In addition, Mr Leeders suggested that it is important for IVA providers and organisations like his own to work together and make the popular debt solution method more "accessible".

"I think what we need to get to is more nailing the detail to make sure that within the course of the coming months there is some hard and fast proposals that everyone can sign up to around the promotion and distribution of IVAs," he said.

Earlier this month, Angela Knight from the BBA said that household finances were likely to be squeezed in the wake of an increase in the cost of borrowing.

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