An Individual Voluntary Arrangement (IVA) should always be a consumer’s first port of call when faced with serious debt, rather than a debt sale scheme. An IVA is a well-recognised form of debt management and is an alternative to bankruptcy. IVAs are available to anyone with over £15000 of debt. This comes after a Birmingham-based debt sale company has been given an interim Enforcement Order, which will stop them attempting to take advantage of people with debt problems. Momentum Network Limited received the Order after making claims that they could make consumers “debt free in two weeks by buying their debt for £1″. The Office of Fair Trading has welcomed the move and warned consumers that if they enter into such an agreement, they will still be liable for the original debt.
OFT gain injunction against debt sale firm
April 27, 2010 By
