The British Bankers Association has called for banks and debt management
companies to meet up and discuss the way they advertise their service to
debtors, and the advice they receive for debt help.
Concerns have grown at the BBA that debt management companies and IVA
factories are targeting young debtors with advertising that will lead them to
believe they can walk away from debt responsibilities.
‘The results for their long term financial position could be disastrous as
they may find in years to come that they can’t get a mortgage or raise a loan to
start a business. This would not just be bad news for them but bad news for the
whole of the UK economy,’ said BBA chief executive Ian Mullen.
‘Accordingly, I have invited the companies involved in debt resolutions to
meet the banks to discuss a way forward.’
Shadow chancellor George Osborne voiced concerns that IVA
companies were encouraging people to take out an IVA when it was not always
the best route for them.
Debt management businesses are working with the
Insolvency Practitioners Association to create
self regulation for members of new debt management body the Debt Resolution
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