Firms which advertise IVAs on the television need to be careful they truly express the benefits and drawbacks of their services, a leading lawyer has warned.
Recently, the Advertising Standards Agency (ASA) has fined a number of IVA companies over misleading adverts.
Now, Andrew Gregory, head of business recovery at leading law firm DWF, has said that other companies must be careful when promoting IVAs.
"With the ever increasing amount of personal debt in the UK economy it is good that consumers can choose from a range of debt solutions," Mr Gregory explained.
"However it is very important that the advantages of these solutions are not exaggerated and that IVA providers are careful not to make misleading statements.
"IVA providers must ensure that their advertisements are honest and open and accurately reflect the level of their fees and the minimum settlement that creditors are likely to accept."
Mr Gregory added that it was important for companies to maintain consumer trust in their products.
Recent figures indicate that over 13,000 sought IVAs in the first quarter of 2007.
IVA firms warned about advertising standards
Posted - 09 May 2007 : 14:06:39
