TDX Group, the UK’s leading debt management solution provider (www.tdxgroup.com), today announced that M&S Money and First Direct have both signed up to The Insolvency eXchange (TIX), which delivers insolvency management services to creditors.

Under the agreement, TIX will process Individual Voluntary Arrangement (IVA1) proposals received by M&S Money and first direct from Insolvency Practitioners. The service will analytically decide which proposals to accept and then manage each IVA through the 5-year term of the arrangement.

HSBC, the parent company of both M&S Money and First Direct, was one of the first banks to sign up to TIX, which went live in November 2006. Following a highly positive experience that has delivered significantly improved returns for the bank, both subsidiaries have selected to join the service.

Mark Onyett, Chief Executive of TDX Group said, “TIX is really gaining momentum, and we’ve been exceptionally pleased with its success. IVA levels are significantly higher than last year and creditors recognise that they need to take an intelligent approach to IVA management to ensure they are optimising the value from this part of their portfolio. The efficiency that TIX creates for the industry, and the new level of scrutiny applied to IVA proposals, will ensure that an IVA is only set up where it is the most effective solution for both the debtor and their creditor, which in this case will be either M&S Money or First Direct.”

Chris Broom, Head of Credit, First Direct said, “TIX has quickly become established as an influential organisation within the insolvency industry. We believe its approach will improve self-regulation within the industry and this must be in the long term interests of both debtors and creditors.”

Claudine Williams of M&S Money said, “We have been reviewing for sometime how as a business we handle our IVAs and after reviewing who in the industry could assist us, we chose TIX as they impressed us regarding their industry knowledge, their pro-activeness, professionalism and the fact that their unique approach will add value to our business and the return we receive from IVAs.”

TIX is a unique approach to IVA management, enabling creditors to collectively decide IVA proposal acceptance criteria and establish industry standards. The service uses advanced analytics and technology to ensure all of the circumstances of each debtor are considered appropriately, allowing improved validation that an IVA is the most appropriate solution for the debtor.


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