Research into concerns around Individual Voluntary Arrangements
The Insolvency Service wants to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA).
Applies to England, Scotland and Wales
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The Insolvency Service wants to understand the experience of some consumers when taking out an Individual Voluntary Arrangement (IVA). 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. Therefore, RSM UK Creditor Solutions LLP have been commissioned, following a fair an open procurement process, to undertake research. This 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.
The outputs of the research will be used by the Insolvency Service to consider whether there is a need to incorporate changes to the regulatory framework.