Graham Lund, deputy managing director, Callcredit comments "Looking at the year on year comparison for IVA volumes there's been a 22pc drop in the first three months of 2008 compared to the first three months of 2007.
London, UK, June 9, 2008 (PRESSbooth.ORG) -- "There are two key likely factors behind this reduction. We believe that the new IVA protocol which came into effect at the start of February this year, designed to reduce mis-selling of IVAs and put an end to unscrupulous IVA firms pursuing unsustainable deals has had an effect on these stats, as has the well documented rise in repossessions.
"IVAs are not an easy solution for consumers in debt and we'd urge consumers to address debt concerns with their lender or an independent organisation such as the Consumer Credit Counselling Service as soon as they become apparent, in order to work out the most suitable individual repayment plan."
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