Debt advice business Debt Free Direct has seen interim
turnover and profits leap over the last six months, driven by the growing IVA
Turnover increased for six months ended 31 October 2005 to £12.2m, up 91%
from £6.4m a year earlier. Gross profit climbed to £10m, from £4.7m. Adjusted
profits before tax climbed to £4.3m from £1.9m.
‘Although legislation has been in place since 1986, this is still a young and
growing marketplace which attracts new entrants,’ said chairman Michael
The growth of the market has seen some debt management businesses club
together to form a lobby group and
self-regulation, a move long-awaited by the insolvency industry.
The Debt Resolution Forum has been set up to act as a lobby group for debt
management providers, and has called in the Insolvency
Practitioners Association to help set up a regulatory arm of the DRF.
A spokesman for the company said Debt Free Direct has not joined the DRF, but
would not rule out the move in the future.
‘We’re very much in favour of regulation, but not part of the DRF yet,’ the
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