Profits Up as IVA Market Stabilises
Debt Free Direct has announced that their profits are up despite tough trading conditions in the IVA market.
London (PRWEB) June 29, 2007 -- Despite two profit warnings this year debt solution providers, Debt Free Direct have posted good financial results with assurances that it will meet market expectations of pretax profits of about £8.5m, up 65% on last year, on a turnover up an impressive 75% to £27.9m.
The IVA (Individual Voluntary Arrangement) market has had a rocky six months with creditors taking a harder line and resisting more proposals from the IVA market. Many banks have claimed that people in debt were being actively sold IVAs as opposed to be being part of a range of Debt Management options.
Debt Free Direct, however, strongly believes that going forward the IVA industry will sort out the market leaders from the back markers, allowing for 'peaceful and sustainable working relationships with creditors' to develop over the coming months. 'The difference between the genuine debt advisors and the less ethical sales orientated companies is already becoming increasingly apparent to creditors and we remain confident that the ethical advisors will prosper' say Michael Jordan.
The ASA's response to the highlighting of misleading and untruthful IVA adverts is helping the industry. Now that the more 'outrageous and untruthful claims' of smaller competitors have been stopped, Debt Free Direct believes that the IVA advertising marketplace will become less competitive over the coming months.
Debt Free Direct was established in 1997 and is the largest IVA provider in the market and has a good reputation for providing the most appropriate debt advice to consumers.
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