ClearDebt acquires IVA book
DEBT management firm ClearDebt has acquired a book of 1,000 individual voluntary arrangement (IVA) cases from Edinburgh-based Invocas Group.
ClearDebt, based in Timperley, said the deal would enable it to expand its operations “in the growing IVA sector”.
The deal value was not disclosed but the company said it was being funded, in part, by a £625,000 loan from chief executive David Mond. The loan carries interest of 10.5% and is repayable on demand.
After consulting with the firm’s nominated adviser Seymour Pierce, ClearDebt’s independent directors said they were satisfied that the terms of the loan were “fair and reasonable”.
In a brief trading update ClearDebt said that its year-end figures will be ahead of market expectations. The number of IVAs approved this year is expected to exceed 2009-10 by 100%, it said.
