Cleardebt Group PLC
01 December 2006
1st December 2006
CLEARDEBT GROUP PLC ('ClearDebt' or 'The Group')
ClearDebt launches IVA Protect - Payment Protection Insurance
Highlights
- IVA contributions protected on all suitable IVAs
- No charge to debtors - lowest possible cost to creditors
- Provides stability and confidence for both debtor and creditor
Aim-quoted IVA provider ClearDebt today is pleased to announce the introduction
of 'IVA Protect' - payment protection insurance for all ClearDebt IVA's.
ClearDebt believes it is the first IVA provider to make available such a policy,
insured through Lloyd's of London Underwriters, Cassidy Davis part of Jubilee
Managing Agency Limited. As a corporate, rather than a retail product the
insurance will be applied to all ClearDebt IVAs
IVA Protect has been deliberately created to pay out whenever possible as its
aim is to enhance debtor and creditor confidence that their IVA can last the
distance; increasing ClearDebt's stature as the partner of choice for both
creditors and debtors.
ClearDebt will not receive any commission on this Policy.
The Policy, brokered by Willis, will cost 4% of the contribution offered to
creditors by each debtor. It will not increase the amount a debtor has to pay.
Cover is likely only to be declined if the debtor is aware of any impending
redundancy or debilitating illness.
The policy is designed to protect the debtor's monthly IVA contributions and can
pay up to 12 months' for any one claim, should a debtor be unable to work due to
an accident, illness or involuntary unemployment. Accident and illness are
covered from the day the debtor's proposal is accepted. A 90 day qualifying
period applies only to unemployment. Further occurrences of unemployment or
illness will also be covered for additional 12 month periods.
David Mond, CEO of ClearDebt Group Plc said,
'Our aim is to ensure our IVA's are the best possible for both debtors and
creditors. Creditors will benefit from lower IVA failure rates and our low,
fixed fee structure means we will still produce higher returns than our
competitors to creditors.
'Taking no commission means creditors receiving a better dividend and the policy
will remove the worry of unemployment or serious illness for debtors in IVA's.
IVA Protect will allow ClearDebt to offer the best service to both creditors and
debtors. We believe that it will strengthen our level of passed IVA's and help
ClearDebt with its aim of achieving the industry's lowest failure rate.'
-ends-
For further information please contact
David Mond, CEO ClearDebt Group Plc
Tel: 0161 244 5433
Andrew Smith, Director of Marketing ClearDebt Group Plc
Tel: 0161 244 5433
Paddy Blewer, College Hill Associates
Tel: 020 7457 2020
David Youngman, W H Ireland
Tel : 0161 832 2174
Note for Editors:
ClearDebt is AIM quoted under the ticker CLEA.L
ClearDebt aims to provide the most transparent and ethical service to debtors,
at the lowest cost - giving many more people the opportunity to arrange an IVA
than has been possible before. All customer-facing staff are trained in IVA
provisions and all have insolvency practice experience: ClearDebt is not a call
centre, nor do ClearDebt employ call centre type operatives.
ClearDebt's principles include providing best advice wherever possible to all
debtors: Where the facts indicate an IVA is the right solution ClearDebt will
provide advice and support - but never pressure - to the debtor. Where the facts
indicate other solutions ClearDebt will point the debtor in the right direction.
This information is provided by RNS
The company news service from the London Stock Exchange
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