ClearDebt Group PLC, the Aim Quoted IVA provider is pleased to announce the signing of a significant referral agreement with The Money Helper (“Money Helper”, or “MH”)
Highlights
# Referral agreement with The Money Helper could eventually provide an additional 100 new IVAs per month to the Group.
# Consideration will be the issue of warrants in ClearDebt on a sliding scale based on volumes of referrals.

ClearDebt announces that it has entered into an agreement with Darren Ferneyhough and Michael Cooke, trading as “The Money Helper”, under which MH will introduce to ClearDebt, co-ordinating Independent Financial Advisors who will subsequently introduce indebted individuals to ClearDebt for the purpose of arranging an Individual Voluntary Arrangement (“IVA”) on the most appropriate advice basis.

Consideration for the referral of the IVAs will be paid by reference to a sliding scale and will be satisfied by the issue to Darren Ferneyhough and Michael Cooke of up to 10,000,000 warrants to subscribe for ordinary shares of 2p each in the capital of ClearDebt (“Ordinary Shares”) (the “Warrants”). Each Warrant will give the holder the right to subscribe for one Ordinary Share at a subscription price of 3p per share at any time until 26 March 2010.

ClearDebt believes that this agreement has the potential to provide an additional 100 IVAs per month.

David Mond, CEO of ClearDebt Group PLC commented

“This is an excellent arrangement for the Group, as it has the potential to increase our IVAsper month to an average of 120 per month. We believe that this will see the start of ClearDebt becoming a major player in the IVA arena.

We are confident that our flexible kaizen derived systems will be able easily to cope with the increased level of IVAs that we believe will flow from this arrangement. We will also ensure proper control of the increased work flow over the coming months in order to maintain our excellent reputation for efficiency, fee transparency and our ethical approach in the market place with both creditors and the indebted consumer.

With the potentially increased cash flows, matched by our efficient systems, we are very confident about the Group’s future prospects. The Board is still in negotiations with a number of other referrers and will remain alert for any further opportunities which may enhance the Group’s value.”

Mike Cooke from The Money Helper said

“The selection of ClearDebt as our working partner for IVA business came after a lengthy investigative period, the results of which have convinced us that ClearDebt offers the best service to all participants in the IVA process: debtors, creditors and administrators, guaranteeing an exceptional level of satisfaction for all concerned. We look forward to working together to make this initiative a success.”

For further information, please contact

David Mond, CEO, ClearDebt Group PLC    Tel: 0161 288 7444
Andrew Smith, Marketing Director, ClearDebt Group PLC    Tel: 0161 244 5430