If you're thinking of applying for an IVA to become debt free, then your chances of getting one approved might soon become a little better.
An agreement between banks and debt management companies regarding codes of conduct and the distribution of fees has been reached.
What this should mean is that applying for an IVA will be a much more straightforward process. As it stands, you could have your IVA application rejected or accepted regardless of your circumstances, as providers have struggled to lay down a clear set of regulations.
The settlement is expected to result in debt management companies taking a lesser percentage of the fees, something providers have been adament about from the beginning.
In an official statement from the BBA (Britsh Bankers Association) Angela Knight, chief executive for the group commented, "The BBA, the Insolvency Service and the participating IVA providers 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."