Firms which provide Individual Voluntary Arrangements (IVAs) to insolvent customers face new regulations from the end of this week.
The guidelines were agreed on Monday, following meetings between credit firms, IVA providers, the Insolvency Service and the British Bankers' Association (BBA).
IVAs can be applied for by people who can no longer handle their debt levels - and provide a compulsory repayment structure for a portion of what the debtor owes.
The amount to be repaid through an IVA is arrived at following an investigation into the debtors finances.
Advertising, advice, information and documentation of IVAs are all covered by the reforms.
Commenting on the agreement, BBA chief executive Angela Knight said: "People in debt and their creditors need to know that when an IVA is proposed it is the most appropriate solution.
"[We] 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."
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