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[asl1978] 15/8/2008 13:27

Launch of new debt standard

Aug 14 2008
TDX Group, the leading provider of analytics-based debt management, today launches The Debt Standard - the UK's first independently awarded quality mark for responsible and ethical debt solutions companies. The Debt Standard will enable over-indebted consumers to select the most appropriate advice when seeking a debt solution. Its quality mark will provide an instantly recognisable signpost - guiding consumers towards accredited IVA, Debt Management Plan and Trust Deed solution providers.

The Debt Standard addresses an urgent need to simplify the complex and confusing debt solutions market. TDX Group describes consumers seeking a way out of a debt problem as 'extremely vulnerable' and believes that many are 'panic buying' the first debt solution they're offered. The company points to figures from its own market study which shows that, of the £9 billion set to flow into debt solutions during 2008, around £8.1 billion (90%) will be managed by the first debt solution provider the debtor had spoken to.

Further research from TDX Group amongst debt solutions customers shows that:

· It takes between six to nine months to accept that they have a serious financial problem...

· ...but only nine days to go from acceptance of the problem to action

· 91% said they'd signed up to the first debt solution they were offered

· Further feedback suggests that around 50% of them failed to do any background research on their chosen debt solution provider

Whilst free advice is available to debtors, many choose to use the commercial sector, but their lack of information means that people can end up with an inappropriate debt solution. This is a major factor to explain why upwards of 45% of debt solution agreements fail in their first year alone – often leaving debtors in a worse financial position than they started. The Debt Standard will help people by listing approved members on its website www.thedebtstandard.com and through its quality mark that will signpost debtors towards providers whose ethics and practices are continually audited. TDX Group believes that choosing the right provider from the start will also help to drastically improve the long term success levels of debt solutions.

Code of practice

At the heart of The Debt Standard is its Code of Practice which supports a robust and independent audit as a secure mechanism for ensuring that member companies provide over-indebted and vulnerable consumers the most suitable debt solution. Key features of The Code of Practice state that companies must:

· Offer free, appropriate, impartial and objective advice to the consumer regardless of the range of services offered by that organisation and the level of fee available from internal and external solutions

· Provide clear advice to the debtor and reasons for the solution(s) offered shall be documented by the company

· Offer the consumer access to the full suite of financial and debt solutions either directly or via partnerships with alternative service providers

· Assist and support the consumer for the lifetime of the service being offered by the provider

Membership to The Debt Standard and permission to display the quality mark will be given exclusively to providers that undergo and pass a rigorous and regular assessment of their business, managed by an independent assessor and with support from a group of major UK creditors. Failure to comply with The Debt Standard's Code of Practice and other required legislation, regulation and guidelines will constitute a breach of The Debt Standard. Disciplinary action for breach may include suspension or termination of membership to the scheme depending upon the seriousness of the failure.

Industry support

The Debt Standard has been warmly received by the debt solutions industry with four initial Members - Invocas, Help with Debt, FairPoint and Money, Debt and Credit – already having successfully passed the independent audit. Between them, they account for around 30% of the IVA market. A number of other providers are in discussion to join the scheme in August.

Mark Onyett, CEO of TDX Group, commented:

"The problem debt market is complex, making the task of selecting the right solution and the right provider a difficult one for the over-indebted consumer. And, with the pressure of mounting debts on their backs, it is little wonder that people who're probably extremely savvy when it comes to shopping around for the cheapest TV or holiday, grab hold of the first lifeline they're thrown when it comes to choosing a debt solution.

The Debt Standard breaks new ground in the debt solutions industry. Now, at a time when they're extremely vulnerable, debtors can be rest assured that, by choosing a company displaying The Debt Standard symbol, they will be getting the most appropriate solution for them."

Nick Pearson from AdviceUK, commented:
"AdviceUK warmly welcomes the launch of the Debt Standard. At present if a member of the public chooses to use the services of a debt solutions provider, there is no easy way for them to assess if they will receive a quality, value for money service which gives then the best advice for their circumstances. We hope that the Debt Standard will allow consumers to make an informed decision about which companies they should turn to if they get into financial difficulty. We hope that all debt solutions providers will make every effort to join the scheme at the earliest opportunity.

A full copy of The Debt Standard Code of Practice is available to consumers free of charge and can also be downloaded from The Debt Standard website at www.thedebtstandard.com

[hamidahamida] 08/8/2008 12:08

Byrom Keeley, the informal debt management solutions business, has had a good
start to the year with a significant increase in volume. This business has
benefited from consumer concerns about the credit crunch.


Creditors are more positive towards debt management
solutions, and are asking for clients to be put on to dmps first before they consider iva this way they are getting back more of their money

likes of fairpoint - invocas - cleardebt have all reporting big big increase
in their debt management side

ACCUMA have reported significant increase in volume for debt management plans
so i am expecting big increase in profits for this division

[jailbird] 08/8/2008 11:44

Reduction in insolvency figures in england and wales

however in scotland



Insolvencies at 'all-time high'

[hamidahamida] 06/8/2008 16:52

Expecting the results SOON and an announcement will be released to confirm the date. Lets hope they also update the market on trading.

[welshwiz] 29/7/2008 13:03

cant get an answer either way for the delay.
will try again tomorrow.

[pictureframe] 29/7/2008 12:06

good luck getting an answer - i have sent 3 emails and left 2 mesages for investor relations to call me to no avail

[welshwiz] 28/7/2008 09:19

Thought the update would have been whilst i was on holiday...will try finding out today.

[pictureframe] 25/7/2008 10:53

welshwiz - 16 Jul'08 - 10:29 - 3104 of 3110


Trading statement now overdue...i was told told the 14Th so assume it is imminent now.


Well I for one am getting concerned ! ;0(

[andrbea] 23/7/2008 12:52

look at pfg
up 100p in last week


shows that some pockets of the debt mrket can still make profits




evox - 17 Jul'08 - 20:32 - 1 of 2


Yes, but.....
UK doorstep lender Provident Financial Plc. said it expects "high-quality profits growth" in 2008 following a strong start to the year, continuing favourable market conditions and its strong funding position.
Provident, which lends small cash sums at higher than average rates of
interest to people with patchy credit records, said it has around 80 million
pounds of excess capital and over 400 million pounds of undrawn borrowing
facilities.
The company said conditions in the UK non-standard lending market continue
to be favourable as mainstream lenders tighten their credit granting criteria,
resulting in an increased flow of applications to Provident Financial.
It said its consumer credit division saw customer numbers rise 6.3 percent
over the 12 months to the end of March, with loan impairment levels stable since
the year-end.
Provident Financial will announce its interim results on July 30.


wad collector - 23 Jul'08 - 11:12 - 2 of 2


You can't compare the yields on a selection of banks (which will doubtless be slashed after the years chaos) with Providents situation.
Have a look at IPFs results today, (the old half of prov.) , a contrast to lending banks.

[ihavenoclue] 21/7/2008 16:46

picture .... i forgot what i was told ... want me to hunt out the reply ?

[pictureframe] 21/7/2008 13:25

still no reply to my 2 emails......WW no results/update yet despite what you were told?

[pictureframe] 17/7/2008 11:50

should have known better really does this ever hold its gains lol

[ihavenoclue] 16/7/2008 16:38

pictureframe - 16 Jul'08 - 08:18 - 3103 of 3105


On the move again - this is the 4th day of rises

=============================

Well ya jinxed that one LOL

[ihavenoclue] 16/7/2008 16:38

jailbird - 16 Jul'08 - 06:23 - 3101 of 3104


let us post the last final result s statement..instead of the selective copy and paste above.

===============================

hmmm you copy and pasted the TFNF instead of the UKREG. So an utterly pointless exercise TBH

[welshwiz] 16/7/2008 10:29

Trading statement now overdue...i was told told the 14Th so assume it is imminent now.

[pictureframe] 16/7/2008 08:18

On the move again - this is the 4th day of rises

[pictureframe] 16/7/2008 07:47

Well they havent bothered replying to me email - it appears shareholder questions dont get answered

[jailbird] 16/7/2008 06:23

let us post the last final result s statement..instead of the selective copy and paste above.


Nothing happened with the bid. But what gets me is that no director has bought any shares at the LOWLY price.

I think it may be best to wait for some before buying in this sector yet.

You would think that in this climate these companies should do well,
particularly the IVA side. However competitors are coming out of this isde of their business.


I see FRP had a big fall but have been rising lately.
These are the biggest players of the lot(Old name DFD)

DETS share price has been falling and DEBT is still single digit as ACG.

I say the jury is still out...but i'm sure we will know sure enough.
maybe consolidation is still needed.



Accuma incurs 5 mths EBITDA loss as 'credit crunch', difficult trading hits

LONDON (Thomson Financial) - UK smallcap Accuma Group PLC said it incurred
an EBITDA loss of 2.7 mln stg, which includes exceptional costs and overheads,
for the five months to end-Dec 2007, on difficult trading conditions throughout
the period, particularly within its insolvency division.
The debt advice group said its consumer loan broking division was also
impacted by the credit crunch during the period.
The company reiterated that it has received some approaches which may lead
to a satisfactory offer for its insolvency division. With the restructuring of
this business now completed, the company believes that the realisable value of
this business alone considerably exceeds its existing market capitalisation.
The company incurred a pretax loss of 14.8 mln stg for the period. Revenues
came in at 5.5 mln stg, also reflecting the significantly reduced levels of IVA
(Individual Voluntary Arrangement) fees and the reduction in the loan broking
business during the period.
Meanwhile, it said Byrom Keeley, its informal debt management solutions
division, continues to perform well, and it is confident of continued growth of
this business during the year ahead.
It said it is confident that the early identification of problems and its
radical restructuring will protect the group in the current financial year.

[qs9] 15/7/2008 20:52

Come back 20p please!

[ihavenoclue] 15/7/2008 16:46

pictureframe - 15 Jul'08 - 09:59 - 3084 of 3098


Either - 1) Bid or 2) Part of company has found a buyer 3) Back to profitable trading - 1)2)or3) is all good ;0)

=====================================================

Already announced number 3 and i copy and pasted it only a few posts before yours. They even announced it way back in March

ihavenoclue - 15 Jul'08 - 00:18 - 3070 of 3098 edit


hami ... i feel the bit before that paragraph is more important

" I am pleased to say that this radical surgery seems to have stemmed losses: the business is currently trading profitably once again and continues to accept approximately 80 new cases per month. Acceptance rates have also improved to 85% (at one point acceptance rates had fallen to 78%)"

Increased new case rates and now running profitably. How many IVA companies can say that with a market cap of currently just over £2.5m ?


========================================================

Turnover - £000s EBITDA - £000s

Insolvency division 2,029 (1,885)

Debt management 1,423 589

Loan broking 2,025 (375)


With the IVA division now making a profit the loan broking loss would have already been taken care of by the debt management side which is still growing.

[amazon_woman] 15/7/2008 12:44

don't think so markets in a mess atm

AW

[pictureframe] 15/7/2008 12:43

wow what a spread - pump & dump gone on here?

[pictureframe] 15/7/2008 12:08

100k delayed buy for a start

[amazon_woman] 15/7/2008 11:44

2v1 now going up again

AW