Debt management company Debt Free Direct saw its turnover leap this year as
companies reaped the rewards of a boom in Individual Voluntary Agreements (IVA).
turnover surged by 101% for a six-month period compared with the same time frame
Debt Free Direct, which specialises in resolving credit card debt, announced
that profits would be ‘significantly more than double’ the amount it made in
player in the sector, has already celebrated a 250% increase in turnover, and
reported a ten-fold rise in profits.
Both businesses focus on the drafting of IVA’s between financial institutions
and debt-laden clients. The agreements have generated controversy because
interest is frozen on outstanding debts once the IVA has been agreed.
Additionally, debt-management companies broker a deal that can see debtors
paying as little as 25% of their original debt.
Research compiled by the
Service shows record numbers of people are filing for bankruptcy.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies