IVA Factories Come Under Fire

Debt Free Direct, the largest IVA factory in the UK, has approached the Advertising Standards Association (ASA) requesting that they investigate competing firms of IVA factories.

The IVA or Individual Voluntary Arrangement give them their full name are a formal alternative to bankruptcy that allow individuals to write off a portion of the debts after a 5 year period. The process leaves the individual debt free after the IVA period comes to an end and enables the debtor to avoid bankruptcy.

Although the IVA process represents a better deal for creditors any organisations have been concerned that the IVA strategy has been mis-sold by large commercial IVA factories looking to make a quick profit from the process. The concern being that the IVA factories are omitting to present the debtor with all of the options open to them and are simply 'pushing' the IVA option.

Money advisors stress the need for individuals facing debt problems to firstly speak with a not for profit debt help organisation first in order to obtain impartial debt advice and to discuss all of the available debt strategies comprehensively.

Myvesta UK