Through consultations it has been established about many individual debt advisors that works under the umbrella of companies offering debt management plans have been left unable to provide options for individuals seeking solutions through dissolution of the debt management market this is lead to an unfortunate set of circumstances where many advisors are now guiding individuals down the i v a route which is not in many cases the best solution for the clients and in fact can leave the clients in a situation where they are credit damaged for many years longer than they may need to be.
It’s has been unfortunate that the discoveries Nader have made are that many individuals are not understanding the ramifications of an individual voluntary arrangements and many individuals believing that an IVA is a form of debt management rather than a form of bankruptcy and in many instances the restrictions that are placed on the individual agreed into an IVA left them in much worse circumstances than other Debt Solutions may have put them in.
1. All members should have the interests of the client and their circumstances to provide the best debt solution.
2. All members should explore the avenues of bankruptcy and debt relief orders as well as individual voluntary arrangements.
3. Members of naida must carry out a fact find prior to referral of any case directly to an insolvency practitioner exploring all of the Debt Solutions available to the client
4. All members of naida must be directly authorised by the FCA for debt adjustment or advisory or operate under an umbrella of a regulated party