Is this the start of the fight back against TIX ?
DRF Hails New IVA Protocol
Ø All parties agree on new IVA protocols
Ø Future secure for IVA as a debt management product
Ø Indebted consumers to benefit from secure new working arrangements
Ø All parties committed to work together for good of industry
The Debt Resolution Forum (DRF), representing 28 of the UK’s leading debt resolution firms, today welcomed the new working protocols agreed by an all party committee on IVA’s, which includes: DRF, British Bankers Association, The UK Government’s Insolvency Service and professional bodies from the accountancy and insolvency practitioner industries.
The new protocol will enable severely indebted consumers to access effective debt resolution advice and products such as the Individual Voluntary Arrangement (IVA). The protocols follow a year of intense negotiations between all parties
Commenting, DRF chairman, Chris Holmes, said:
“We have all worked very hard to ensure that an equitable solution can be reached. I believe it is now fair to say that the “creditor strike” has been ended and that there will be an increasing flow of IVA’s agreed as we move through 2008. The agreement looks likely to come into force from February, but we believe many on both sides will be working towards protocol compliant IVAs from today.
“We have achieved an agreement to improve standards, increase transparency, reduce process and allow greater access for debtors to this crucial and effective statutory solution to financial crises.
“The real winners from this deal are not the banks, who will earn more income, or the IVA providers, who will also benefit from this deal but is the UK’s society and economy, which we believe will greatly benefit from this move”.
Speaking of the meeting, chair of DRF’s standards’ committee, David Mond, said:
“A key issue, that of creditor practices that limit access to IVAs was hard fought – but there appears now to be a clear commitment on the part of the British Bankers Association to the ultimate removal of hurdle rates and other preconditions: I believe DRF members will do all they can to ensure IVA proposals are compliant to the new protocol and to ensure creditor actions and practices are accurately recorded to ensure things move swiftly in this area.
John Tegg
www.protectiva.co.uk
0800 180 0099
We will make all your IVA payments for you if Accident or Sickness stops you paying them yourself.
