HSBC Have Got It Completely Wrong Again.
HSBC recently hit out at the aggressive marketing of individual voluntary arrangements (IVAs), which it believes is allowing consumers to leave behind the bad debts from reckless spending on credit cards.
As a partner in a firm that helps debtors to negotiate IVAs with their creditors and advises on bankruptcies I am keen that we are not portrayed as unprofessional.
An IVA by its very nature is a mechanism that allows people in financial trouble to repay their debts — the complete opposite of allowing them to walk away from their debts.
The problem is not the insolvency industry, but the availability of very cheap credit and the willingness of consumers to be the Micawbers of the 21st century by spending much more than they earn.
Nick Hood
Senior London partner
Begbies Traynor Group
London EC3
Letter In The Times
August 27th, 2006
As a partner in a firm that helps debtors to negotiate IVAs with their creditors and advises on bankruptcies I am keen that we are not portrayed as unprofessional.
An IVA by its very nature is a mechanism that allows people in financial trouble to repay their debts — the complete opposite of allowing them to walk away from their debts.
The problem is not the insolvency industry, but the availability of very cheap credit and the willingness of consumers to be the Micawbers of the 21st century by spending much more than they earn.
Nick Hood
Senior London partner
Begbies Traynor Group
London EC3
Letter In The Times
August 27th, 2006
posted by Your Friends @ Myvesta.org.uk at
8/27/2006 10:10:00 am
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