OFT issues warning on IVA sales - papers 17th Jan

The regulator, which has the power to revoke a company's consumer credit licence, has written a letter to all debt management companies following concerns about aggressive adverts, which suggest customers can write off debts in an individual voluntary arrangement (IVA) with few adverse consequences. The move comes after a rapid increase in the number of over-indebted consumers opting for insolvency. Up to 115,000 people are expected to have opted for bankruptcy or IVAs in 2006 and in 2007 the number could reach 150,000, says the paper. TENS OF thousands of people who have been topping...