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In addition, TDX Group runs The Insolvency Exchange, which advises on more than 80% of the UK's Individual Voluntary Arrangements (IVAs) on behalf of creditors, the process by which debtors negotiate a repayment plan with their creditors in order to avoid bankruptcy. Earlier this year TDX Group launched a similar scheme, The Debt Management Exchange to address the growing market for debt management plans .
Mark Onyett, TDX Group's Chief Executive, said: "Our partnership with Investcorp marks a new phase in our development. As well as bringing market insight and additional financial strength, Investcorp shares our ambitious vision of how to expand the company both in its core UK market as well as internationally. To attract a partner of Investcorp's calibre underscores the strength of our business model and management team."
Hazem Ben-Gacem, Managing Director at Investcorp, said:
"We are very pleased to work with Mark and his management team, who have, in a short period of time, established TDX Group as the market leading provider of arrears management solutions in the UK. TDX Group has a comprehensive service offering with a proven and measurable track record in reducing its customers' debt write-offs, and we think there is substantial growth potential for the business in the years to come."
In the UK, the total debt (secured and unsecured) of the UK population is approximately £1.4 trillion. Furthermore, the global economic slowdown is resulting in an upswing in delinquent debt across many countries. Given this, the need for quality arrears management has significantly increased, as an improved collection or sales strategy for delinquent debt can result in considerably lower write-offs for creditors.
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Posted by Siba Sami Ammari
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