Nov 21 2008
Following the announcement from the Insolvency Service to withdraw the introduction of the SIVA, TDX Group, the leading provider of analytics-based debt management, believes the financial difficulties industry must, in the face of worsening economic conditions, redouble its efforts to deliver previously agreed improvements to the existing IVA regime.

Mark Onyett, Chief Executive of TDX Group said, “In its proposed form the SIVA was not going to achieve its original objectives of driving operating efficiencies across the insolvency industry. The withdrawal of the SIVA allows the industry to focus on the benefits of the Protocol-compliant IVA1, which is still only being used in around half of cases. Greater consistency in proposal formats and increased use of electronic media will enable lower operating costs and speedier decision-making for troubled consumers who find themselves unable to cope with their debts.”

Mark Onyett adds: “The Insolvency Service and the British Banker’s Association have been instrumental in bringing the industry closer together and TDX Group continues to endorse their progressive approach through the ongoing development of the IVA Protocol.”

Notes:
The IVA protocol, is a voluntary framework for dealing with straightforward consumer based IVAs which came into effect on 1 February 2008. Its aim is to increase trust and confidence between the participants in an IVA and also improve the efficiency of the IVA process.