CCCSVA helped 70 clients to agree an IVA (Individual Voluntary Arrangement) in the first quarter of 2008. A wholly owned subsidiary of Britain's leading debt charity, the Foundation for Credit Counselling, CCCSVA began offering IVAs in the second quarter of last year.

The average level of debt among the clients was £61,360. Lenders agreed to write off 66 percent which left clients paying on average £20,862 over five years.

Only two proposals put to lenders by CCCSVA in the first quarter of 2008 were turned down.

CCCSVA does not solicit clients directly: its clients will have approached CCCS for advice about their debt problems. In their case an IVA will have been an appropriate possible solution.

During the quarter, IVAs were recommended to 0.9 percent of the charity's telephone clients, and to 4.3 percent of online clients, reflecting different demographics. IVAs are only recommended after a full review of all the options.

Announcing the first quarter figures, Malcolm Hurlston, chairman of CCCSVA and of the Foundation, said:

"When we launched CCCSVA last year we promised to bring high standards, lower prices and transparency.

"Our market presence and activities supporting the British Bankers Association and the Insolvency Service, have brought higher standards. The numbers we are publishing today demonstrate progress both with pricing and transparency.

"Before we said we would offer IVAs, the average cost to lenders was around £7,000. Our average price this quarter was £5,600. Our price would have been lower but for the intervention of intermediaries acting for lenders. In 2007, before they fully intervened, our average price was £5,400 but with volume we still plan to bring our prices lower.

"We have disclosed and shall continue to disclose quarterly all the figures we have reported to date. In addition we shall publish information about the success or otherwise of our IVAs from the end of the year. We are considering publishing the names of lenders who reject IVAs which in our view are compliant.

"The IVA is an important part of the armoury of support for lenders and debtors in need of a way forward. It is our aim that it should have its rightful place among the solutions and we shall continue to strip out cost and improve standards.

"Our numbers are small but gradually rising. Our counselling approach is only to offer IVAs to the most appropriate clients."

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For further information:

Frances Walker

0207 636 5214 / 07771 788 713 (out of hours)

Notes for editors:

1. CCCS Voluntary Arrangements is a company wholly owned by the charity, the Foundation for Credit Counselling.
2. The Insolvency Practitioner is Jackie Westerman and the Chief Executive is Steve Nicholson.
3. CCCSVA has 25 staff; CCCS has 627. The charity maintains a Centre for Bankruptcy Counselling which offers a free and specialist service to its clients.
4. CCCS counselled 34,000 people in the first quarter of 2008, for 4,500 of whom bankruptcy was a serious option. The Centre for Bankruptcy Counselling gave free and detailed bankruptcy advice sessions to 1,900 clients.