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ClearDebt welcomes insolvency watchdog’s proposals on IVAs
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IVA provider ClearDebt welcomes the proposals made yesterday (April 5) by the Insolvency Practice Council (IPC) for enhanced ethical standards for Individual Voluntary Arrangements (IVAs).
In particular, ClearDebt welcomes the Council’s restatement of the need for a face-to-face meeting between the debtor and a suitably qualified professional and ClearDebt agrees with the IPC’s comments that IVAs are rarely appropriate for people on state benefits: CleatDebt deplores that this may be taking place in inappropriate cases – often bankruptcy is a more appropriate solution for people in these circumstances.
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ClearDebt also agrees with the Council’s recommendation that, under the new Simple IVA scheme (SIVA), insolvency practitioners should offer a standard fee for SIVAs (as ClearDebt already does for all IVAs).
Commenting, ClearDebt CEO, David Mond, said:
“We think that, in two key areas, the IPC should have gone further. First, we agree that face-to-face meetings with debtors are essential to ensure people understand their rights and responsibilities. We also think they may make a difference in outcomes for creditors.– Debtors who are unwilling to make a meeting may prove unreliable payers. However, ClearDebt think that, wherever possible, this meeting should be with a person who is independent from the insolvency practitioner who is putting forward the arrangement: This should ensure both debtors and creditors have maximum confidence and that the arrangement is not being mis-sold.
“We also agree that standard fees will make the SIVA more transparent, but we think the IPC should urge the government to cap fees when the SIVA is introduced. Failure to do this means, ClearDebt believes, that IVA providers will continue to operate in their current marketplace and not bite the bullet of trying to compete with companies who offer informal debt management plans (DMPs). Competing with DMPs would bring the certainty and debt forgiveness of the IVA to a much greater number of over-indebted people – many of whom have not heard of IVAs, but for whom an Individual Voluntary Arrangement would certainly be best advice”.
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| Links to related ClearDebt articles: Individual Voluntary Arrangement (IVA) Debt forgiven with an IVA ClearDebt debt survey gives regional, gender and age context for upcoming Government insolvency statistics Young women IVA seekers have greater debts People with debt problems are more prepared to cut their children’s activities than to give up smoking CLEARDEBT SURVEY SHEDS LIGHT ON DTI INSOLVENCY FIGURES IVA alternative to bankruptcy misconception ClearDebt comments on Latest IVA Figures ClearDebt clarifies IVA process IVA Rejected but Arranged Structured Repayment Plan to get Finances on Track Debts cut by 61% - saving £600 a month with an IVA IVA is not always the right choice Clear debt with an IVA - and starting life again Your money or your job IVA slashed monthly payments to £300 - from more than £2,000 Divorce/separation can change your financial life IVA after wage drop and debts spiralling. IVA Advice and IVA Help IVA Advice - Guide to arrange an IVA IVA Advice - Northern Ireland IVA Advice - What is the Cost of an IVA? IVA Advice – Being eligible for an IVA? IVA Advice – IVA Facts and advantages over bankruptcy IVA Advice – IVA Facts and disadvantages IVA Help IVA Help - How long could it take? IVA Help - Insolvency Practitioner IVA Help - Secured loan or mortgage? IVA Help - What will happen to my assets in an IVA? IVA Help - What will happen to my home in an IVA? IVA Help - What information do I need to arrange an IVA? IVA Protect – Payment Protection Insurance |
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