Credit, Collections & Insolvency News
The Insolvency Service has announced it is launching an investigation to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA).
The Insolvency Service says that IVAs support a valid public policy objective by providing debt relief for individuals in financial distress. However, specific issues and concerns have been raised which can have negative impacts for those who are most vulnerable. RSM UK Creditor Solutions LLP have been commissioned, following a fair an open procurement process, to undertake research.
RSM will seek to establish whether there is identifiable poor-quality take-on (miss-selling) across the IVA market, its prevalence; and its form, including taking account of different take-on procedures.
Debt support charities have previously raised concerns that some people may be pushed towards debt solutions that are not right for their individual needs.
The research will be used by the service to consider whether there is a need to make changes to the regulatory framework.
