Association of British Credit Unions (ABCUL) calls for further measures to prevent IVA abuse

Industry News | 29/05/20

ABCUL has called on the Insolvency Service and the Insolvency Practitioners’ Association to stop insolvency firms making money out of those disadvantaged by the coronavirus. Last week the largest provider of Individual Voluntary Arrangement’s (IVAs), Creditfix, wrote to creditors asking them to approve a £84.12 fee on each of their 86,000 IVAs – a £7 million coronavirus bonus for the firm – in order to review them. This is despite the IVA protocol being adapted to ensure additional support for those in IVAs facing further financial difficulties.

Source: ABCUL