IVA : B.B.A. Calls For Summit.

A debt summit has been announced by the British Bankers' Association (B.B.A.) to address the issue of "Irresponsible" debt relief products being sold to consumers, reports The London Stock Exchange today.

The London Stock Exchange continued:

" The B.B.A. hopes to discuss issues surrounding the debt relief market, including the promotion of products, advice consumers are given and the costs of the range of products available.

Ian Mullen, chief executive of the B.B.A., remarked that a number of people find their finances unmanageable, despite banks lending "responsibly".

"Individual voluntary arrangements can be appropriate in some cases, but we are concerned that young, inexperienced and vulnerable people are being targeted by adverts and mail shots which lead them to believe they will be able to walk away from their responsibilities," he argues.

According to the B.B.A., research demonstrates that eight out of ten companies offering debt management products failed to give consumers sufficient information about the arrangements they were making. "

Here at myIVA-Adviser.com, we agree with Ian Mullen, that being able to find accurate information on all debt solutions is an essential requirement to finding the best solution available for your own personal circumstances, and we look forward to the outcome of the planned summit.

• News and Press