R3 – the association that represents 97% of regulated UK insolvency practitioners - says that Capital One’s comments are badly timed. A number of industry bodies and interest groups are currently examining ways of improving IVAs at a time when record numbers of people are using them as a means of avoiding bankruptcy and relieving indebtedness.

Some R3 members believe that at the rates Capital One wants to enforce, regulated practitioners will withdraw from the IVA market, leading to less choice and forcing consumers into bankruptcy. Ironically this would result in significantly lower returns for creditors, including the banks.

R3 Yorkshire Chairman Nick Reed said, “The timing of comments from Capital One is surprising. The industry is currently trying to draw up a protocol to further enhance help to consumers. R3 is working with the British Bankers Association and other interested parties on a whole range of issues besides the fees charged, including the marketing of IVAs. It is important that an industry wide agreement is reached which balances the interests of all stakeholders.”

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