Advertising clamp down for IVA factories

The Office of Fair Trading (OFT) has criticised companies offering debt advice for misleading customers.

The OFT has written to a number of IVA companies who use television, newspapers and the Internet to advertise their services, to warned them that it will consider taking formal action if do not amend their ways.

The OFT said that some debt companies who advertise Individual Voluntary Arrangements as a debt solution were misleading their customers for not explaining where administration charges were being charged.

They also said they were failing to point out to homeowners using Individual Voluntary Arrangements (IVAs) to clear their debt problems that they may be required to release equity from their property as a condition of the IVA.

The OFT also pointed out that some companies were failing to inform their clients that an IVA will impact on their customers credit rating for 6 years.

Setting The Standard

The team behind My IVA Adviser believe it is only right that the OFT protects people searching for a solution to their debt problems.

It's essential that people are given all the necessary facts to enable them to make an informed decision on how they want to deal with their debt problem.

Professional debt advice

If you're struggling with a debt problem and would like to have a chat with a professional advisers, please call our helpline on 0800 088 7503.

There's no charge for the consultation, there's no obligation to act on our advice and your enquiry will be held in the strictest confidence.

Alternatively, fill in the contact form below and we'll call you at your preferred time.

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In accordance with the Financial Conduct Authority's guidance, please follow this link if you would like to read a free guide about In Debt - Dealing with your creditors
To find out more about managing your money and getting free debt advice, visit Money Advice Service , an independent service set up to help people manage their money.

'www.my-iva-adviser.co.uk' is a trading styles of IVAorg CIC. Company Number: 08560305 | Data protection registered ZA033231
IVAorg CIC is authorised and regulated by the Financial Conduct Authority (FCA) | Firm Reference Number (FRN) 684439