Relax Group (formerly known as debts.co.uk) have released their figures for their year end 31st July 2008.

Relax Group specialise in consumer debt management plans, IVA’s and Protected Trust Deeds (Scotland). They said demand for debt help driven by the credit crunch has lead to current business levels being 12% above plan.

Despite announcing pre-tax profits of just £14k (prior year £3.42m) their share price jumped up 30%. They stated their current year profit included exceptional costs of £2.77m relating to restructure. They said they expected business levels to exceed market expectations.

IVA.TV Note:

An IVA is a formal agreement between a consumer and their credit companies. You make an offer to repay as much as you can afford over the next 5 years (rather than opting for Bankruptcy) and if approved by over 75% of your creditors (by balance value) then on completion of the IVA the remainder of your debt is written-off. An IVA is administered by an Insolvency Practitioner. If you own your own home you will be expected to contribute any equity. An IVA will affect your credit rating for 6 years.

An IVA can lead to a substantial part of your debt being written-off.

To see if you qualify for an IVA please call 0800 0483 651.