Expansion plans for debt charity

Debt advice charity the Consumer Credit Counselling Service is to enter the financial services market by offering personal insolvency products to beneficiaries.

The charity hopes to generate charitable income by selling Individual Voluntary Arrangements - formal agreements between debtors and creditors setting out repayment plans - at rates lower than those charged by commercial operators. IVAs typically allow people to write off a percentage of their debts.

"We want to provide additional services for our clients," said a spokeswoman for the charity.

"At the moment, we work with commercial companies, but our main objective is to do it better in-house. We will still charge a fee, which we have yet to finalise."

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