Secured Loan Services Launches IVA Service To Brokers;

Master broker Secured Loan Services (SLS) has launched an Individual Voluntary Arrangement (IVA) service enabling brokers to help clients manage their way out of debt.
SLS is offering the service in association with accounting firm Grant Thornton. By giving its brokers access to an IVA service, SLS hopes it can help borrowers deal with their problems before they escalate into full-blown bankruptcy, which is not in the interest of either debtors or creditors.
Last year 110,000 IVAs were put in place, and during 2008 that figure is expected to rise to 130,000. With an increasing number of consumers struggling under the burden of personal debt and access to financial products becoming more difficult for adverse clients, it is imperative that those fighting financial problems deal with the issues at hand as quickly as possible.
Mat Manser, sales director at Secured Loan Services said: “Mortgage and loan brokers have increasingly been given responsibility under Financial Services Authority regulation to ensure their clients can afford the finance they are taking on. It therefore seems natural they should also be in a position to help those that struggle. Our IVA service will give them all of the support they need to make sure clients who are struggling in today’s difficult financial environment have access to the best advice and most appropriate solution for their needs.”
An IVA is a private agreement between an individual and their creditors by which a set amount of the debt is written off while the rest is paid back over a fixed period. The arrangement has to be agreed by at least 75%, by value, of the voting creditors and thereafter it is binding upon all of them. An IVA is only possible in cases where debts exceed £15,000. The average person entering an IVA owes just over £50,000 and agrees to pay back almost 40% of the total.
source:http://www.introducertoday.co.uk/News/Story/?storyid=630&title=Secured_Loan_Services_Launches_IVA_Service_To_Brokers&type=news_features