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Tuesday, January 09, 2007

Self Appointed IVA Watchdog Under Fire

An organisation that claims to be the regulator for the "cowboy-plagued" IVA industry, has itself come under fire from the Department of Trade and Industry (DTI).

An IVA (individual Voluntary Arrangement) is being touted by the cowboys in the financial services industry as a panacea for people with excessive debts.

An IVA is a legal contract between debtor and creditor, supervised by a Licensed Insolvency Practitioner (who takes a fee), the purpose of which is to reach a compromise between debtor and creditor and avoid the consequences of bankruptcy.

The DTI is more than a little aggrieved that, which launched its website earlier this week, claims to be a regulator and was displaying the logo of the DTI's official Insolvency Service without permission.

Unfortunately for the DTI claims that it knows nothing about the organisation, and has requested that the logo be removed.

Evidently the British Bankers' Association (BBA) also looked into the company, as the BBA logo was used without permission.

Hardly a promising start for a "regulator"!

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