5 December 2007
The British Bankers' Association (BBA) has announced a set of new standards to help people in debt to manage their financial problems through Individual Voluntary Arrangements (IVAs).
Banks and providers have worked together to agree industry standards for advertising, advice, information and documentation connected to IVAs.
The aim of the standards, due to be in place by February 2008, is to make the process of applying for an IVA more "streamlined", the BBA explained.
"People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution," BBA Chief Executive Angela Knight stated.
Ms Knight added that the standards would also help to give people in debt "the reassurances they need in order to make the right choice for their financial futures".
According to the Government's Insolvency Service, 26,956 people were declared insolvent in England and Wales during the second quarter of 2007.
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