- Wednesday, 8 April 2009Seeking an
IVA consultant could now allow Britons to escape enforcement for up to 30 days as part of a new "grace period".
The Credit Services Association (CSA), which represents debt collectors and similar recovery agents and agencies, has agreed the 30-day period with the government.
It means that anyone seeking
IVA advice or debt management guidance from an accredited source can now prevent CSA members from taking action without cooperating with the chosen adviser.
The CSA explains that the move is intended to give borrowers some "breathing space" in seeking
IVA advice or similar debt guidance without the fear of enforcement hanging over their heads.
It also aims to give the
IVA consultant or debt management practitioner the chance to arrange an agreeable repayment process with creditors that can remove the need for debt collectors to take action.
The CSA's Debt Manifesto notes that, from 4,902 IVAs arranged in 1998, by 2006 the figure had reached 44,332.
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