Debt resolution firms form industry body

THE debt resolution industry has come together to form the Debt Resolution Forum as a means to self-regulate the industry.

Debt resolution firms deal with bankruptcies, insolvencies and individual voluntary arrangements.

The Insolvency Service’s most recent report shows the number of people applying for IVAs has more than doubled in the past year.

Andrew Smith, marketing director of ClearDebt and spokesman for the DRF, says: “Thanks to careless lending from high street banks in the past seven years, the amount of IVAs issued will rise soon. We will see a ripple effect, with the possibility of up to 80,000 IVA cases next year.”

“We have to show that we are strictly regulated. This will answer a lot of questions we are asked.”