The Group is a provider of tailored financial solutions and advice to
individuals who are experiencing debt problems. The Group's principal aim is to
help individuals regain control of their financial affairs by advising them on
the most appropriate course of action based on their individual circumstances.
The Group is highly regulated as its key product, an IVA, is a legally binding,
court-approved agreement and can only be administered by Insolvency
Practitioners (IPs) - individuals licensed under the Insolvency Act 1986 to
undertake insolvency appointments.
Historically AIP has attracted prospective clients primarily through direct
advertising in a range of media channels including press, directories, radio,
the internet and more recently television. Prospective clients call a free-phone
number that is answered by a team of experienced debt advisers who collect
personal and financial details in order to ensure that recommendations can be
made based on the most appropriate course of action considering the personal
circumstances of the individual concerned.
Unsecured consumer debt has risen at a compound rate of 12-15 per cent each
year since late 1997.
The Bank of England's recent Financial Stability Review (December 2004), noted
that unsecured lending had been rising more rapidly than mortgage lending. In
November 2004 consumer debt passed the £1 trillion barrier; £182 billion of
which is outstanding on credit and store cards, personal loans and overdrafts.
According to the Financial Times, the average household now borrows 140 per cent
more than its combined income, up from 90 per cent in 1998 and from 100 per cent
at the peak of the last boom in the 1980s.
The Bank of England also believes that "the growth rate of household
indebtedness is likely to remain strong over the next few years" and with 42 per
cent of individuals with unsecured debts experiencing repayment problems the
Directors of Accuma believe that this increasing level of consumer indebtedness
creates a strong opportunity to rapidly increase market share and create
barriers to entry in a relatively short timescale.
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