IVA downturn
By Mark Heath, Illingsworth Finance. Posted in Financial Services on Feb 24, 2008
There seems to have been a downturn in individual voluntary arrangements (IVAs). Debtmattters for example have exited the IVA department and shares in most debt companies have plummeted. This prompts suggestion that IVAs are not by any means always the most appropriate route to refinance from a poor personal predicament.
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I agree, as an Insolvency Practitioner I see misselling of IVA's by a number of parties, but then I also see misselling of other 'debt resolution' services.
It's difficult in any industry to find someone who genuinely gives best advice, someone who considers all the options and lets the individual decide based upon the advice given, and someone who quotes the right price. But when you do find that person/organisation tell everyone you know. I am all for booting out 'rogue traders' from any industry.
IVA's as a 'debt resolution' tool are very useful and shouldn't be dicounted just becuase of bad press or stories of misselling, although to second your comments again, they are not always the most appropriate route for an individual.
Posted 4th of Mar 2008 @ 10:27:57 By Kevin Lucas