Cleardebt Group PLC
06 December 2007
ClearDebt Group PLC
('ClearDebt' or 'the Group')
Agreement with British Bankers Association
ClearDebt Group Plc, the Aim Quoted IVA provider is very pleased to note today's
announcement by the Debt Resolution Forum, regarding the new IVA protocol agreed
by the DRF, BBA, UK Government Insolvency Service and other industry
stakeholders.
The full release is attached below
For further information, please contact:
David Mond, ClearDebt Group plc Tel: 0161 969 2030
Andrew Smith
Paddy Blewer
College Hill Associates Tel: 020 7457 2020
(Financial PR)
DRF Hails New IVA Protocol
O All parties agree on new IVA protocols
O Future secure for IVA as a debt management product
O Indebted consumers to benefit from secure new working arrangements
O All parties committed to work together for good of industry
The Debt Resolution Forum (DRF), representing 28 of the UK's leading debt
resolution firms, today welcomed the new working protocols agreed by an all
party committee on IVA's, which includes: DRF, British Bankers Association, The
UK Government's Insolvency Service and professional bodies from the accountancy
and insolvency practitioner industries.
The new protocol will enable severely indebted consumers to access effective
debt resolution advice and products such as the Individual Voluntary Arrangement
(IVA). The protocols follow a year of intense negotiations between all parties
Commenting, DRF chairman, Chris Holmes, said:
'We have all worked very hard to ensure that an equitable solution can be
reached. I believe it is now fair to say that the 'creditor strike' has been
ended and that there will be an increasing flow of IVA's agreed as we move
through 2008. The agreement looks likely to come into force from February, but
we believe many on both sides will be working towards protocol compliant IVAs
from today.
'We have achieved an agreement to improve standards, increase transparency,
reduce process and allow greater access for debtors to this crucial and
effective statutory solution to financial crises.
'The real winners from this deal are not the banks, who will earn more income,
or the IVA providers, who will also benefit from this deal but is the UK's
society and economy, which we believe will greatly benefit from this move'.
Speaking of the meeting, chair of DRF's standards' committee, David Mond, said:
'A key issue, that of creditor practices that limit access to IVAs was hard
fought - but there appears now to be a clear commitment on the part of the
British Bankers Association to the ultimate removal of hurdle rates and other
preconditions: I believe DRF members will do all they can to ensure IVA
proposals are compliant to the new protocol and to ensure creditor actions and
practices are accurately recorded to ensure things move swiftly in this area.
For further Information:
Andrew Smith Mobile: 07971 272 483
Office: 0161 968 6825
Home: 01234 822 919
Email: Andrew.smith@cleardebt.co.uk
Paddy Blewer, College Hill Associates
Mobile: 07765250857
Office: 020 7457 2074
Email: paddy.blewer@collegehill.com
This information is provided by RNS
The company news service from the London Stock Exchange UPMGAQ
