IVA : Banks Put IVA Factories Under Pressure To Tell The Truth.

The B.B.A. has written to the chief executives of all the debt relief companies operating in the sector and hopes to get them around the table to thrash out their differences with banks.

The call comes as one of the leading firms in the sector, Debt Free Direct, has complained to the Advertising Standards Authority about claims that rivals are making in their adverts.

According to a report by thisismoney.co.uk , Accuma, Spectrum and W3 Debt Solution have been named in a dossier handed to the A.S.A. that claims that firms are making exaggerated claims about how much money customers can have shaved off their debts.

According to the B.B.A. press advertising is open to challenge with a number of claims made by providers that they can clear 90 per cent off their debts by taking out an IVA, without emphasising the risks involved to their credit rating.

The B.A.A. article continued:

"Market research shows that eight out of ten firms did not provide adequate information about their service, costs and the consequences of entering into different arrangements and nine out of ten firms failed to clearly explain available options and their consequences - most only focused on the advantages of an individual voluntary arrangement (IVA)."

myIVA-Adviser.com continually asks its clients to not believe the 95% 'write off' lies which some debt companies trumpet as being achievable.

We cannot stress enough how important it is for people to be given the full truth about their available debt solution options. If you would like to discuss your circumstances with one of our debt specialist, just call 0800 088 7503 for free anytime.

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