Frp Advisory Group Regulatory News (FRP)

3 Feb 2005 07:00

Debt Free Direct Group PLC03 February 2005 3 February 2005 Debt Free Direct Group Plc Trading Update Debt Free Direct Group Plc ("Debt Free" or the "Company"), the consumer debtadvice and solutions company, today releases a trading update following itsinterim results announcement of 11 January 2005. New IVA case run rate Further to the interim announcement made on 11 January 2005, Debt Free ispleased to announce that in January we issued 231 new IVA proposals. Based onhistoric experience and case data, the Company anticipates that this will resultin approximately 200 completed IVA cases. Accordingly, the annualised IVA case run-rate has increased to approximately2,400 from 1,764 in December and 1,320 in the 6 month period to 31 October 2004.This significant increase reflects the growth in trained call handling and IVAprocessing staff. As stated in the interims, we remain confident that themonthly case run-rate will continue to increase. The turnover for January was approximately £800,000 compared to £641,000 inDecember and a monthly average of £515,000 in the 6 months period to 31 October2004. Enquiries: Debt Free DirectAndrew Redmond (CEO) 01257 240599Paul Latham (FD) 01257 240529 Teather & GreenwoodMark Dickenson 0207 426 9000Jon Drage Citigate Dewe Rogerson 0207 638 9571Michael BerkeleySarah GestetnerFiona Mulcahy Note to Editors Debt Free Direct helps individuals find the best solution to their debtproblems, based upon an analysis of their particular financial circumstances.Financial information on an individual is process through a computer model (TheBest Advice Model) developed by Debt Free Direct in order to recommend asolution suitable for that individual's particular financial circumstances. Thesolutions offered range from basis advice, such as simply destroying creditcards and curbing unnecessary expenditure, to the following solutions: • consolidation loan• re-mortgage• informal arrangement• individual voluntary arrangement (IVA)• bankruptcy Debt Free Direct is unique in the marketplace in that, unlike most of itscompetitors who sell specific products, Debt Free Direct looks to provide thebest advice to the consumer and recommends them the most appropriate service. Debt Free Direct is based in Chorley, Lancashire, and was admitted to AIM inDecember 2002. This information is provided by RNS The company news service from the London Stock Exchange