AToM to launch IVA

All Types of Mortgages is set to launch the AToM individual voluntary arrangement.

The IVA proposition will go live on June 1, backed by accountants Grant Thornton.

The AToM IVA will enable clients who are struggling to pay off their debts to repay a realistic amount of their debts over a set period.

Customers who owe their creditors in excess of £15,000 in total will be able to take control of their finances by taking out the IVA.

Richard Hearn, managing director at AToM, says: “4,000 IVAs are currently being taken out per month in the UK. With more and more people suffering from the burden of debt they need structured solutions and we wanted to provide this support to brokers.

“We wanted to align ourselves with a highly reputable business that would not charge clients or brokers for the advice, and who would actively manage the IVA and keep the broker involved. Grant Thornton is a leader in this field, it sits on various industry bodies that shape the IVA market, and already carries out work for major banks. It also has the contracts with a number of voluntary sectors, including the Citizens Advice Bureau”.

Gareth Neill, partner at Grant Thornton, says: “We are delighted to assist with the service AToM can now offer their brokers. It means that AToM will have a solution for any situation referred to it and more importantly for its brokers to retain their clients for the future.”