Rogue Firm Casts Doubt on Debtors’ IVA Solutions
A company called the IVA Review Board (IRB) is sending letters to debtors in individual voluntary arrangements (IVAs) suggesting they may be able to stop making payments – despite attempts by the Office of Fair Trading (OFT) to revoke its licence.
Industry experts warn that the letters could lead to debtors having their IVAs terminated. Mark Sands, head of bankruptcy at Tenon Recovery, said: “Once arrears go beyond a certain level then it’s likely the IVAs will be terminated and the debtor will have to start all over again.”
A company called the IVA Review Board (IRB) is sending letters to debtors in individual voluntary arrangements (IVAs) suggesting they may be able to stop making payments – despite attempts by the Office of Fair Trading (OFT) to revoke its licence.
Industry experts warn that the letters could lead to debtors having their IVAs terminated. Mark Sands, head of bankruptcy at Tenon Recovery, said: “Once arrears go beyond a certain level then it’s likely the IVAs will be terminated and the debtor will have to start all over again.”
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