This one as a market cap around 20 million and floated only a few months back but looks to have been overlooked by the small investor and could be a sound play as a defensive in these docile markets.

We all know about the number of people in debt and over burden with credit and also the huge increase in bankrupts. I picked out Debt Free Direct about 18 months ago as I could forsee the present market conditions taking place. Accuma is cheaper than Debt Free Direct after its large rise, and as far as I can see as larger number of areas it covers.

Heres a top fund manager commentating on it.................

Allsopp told Citywire: "Accuma is a perfect play on consumer debt and the softness of the high street. It will exhibit enormous growth going forward and is cheaper than bigger rivals like Debt Free Direct."

Heres what the company does..........................

The Group is a provider of tailored financial solutions and advice to
individuals who are experiencing debt problems. The Group's principal aim is to
help individuals regain control of their financial affairs by advising them on
the most appropriate course of action based on their individual circumstances.
The Group is highly regulated as its key product, an IVA, is a legally binding,
court-approved agreement and can only be administered by Insolvency
Practitioners (IPs) - individuals licensed under the Insolvency Act 1986 to
undertake insolvency appointments.

The Group's operations comprise a personal insolvency practice specialising in
IVAs, general debt advice and the referral of individuals to other solution
providers where appropriate. The Group does not lend money, nor does it take
clients' debt on to the balance sheet, thereby limiting its business risk. The
solutions offered to individuals depend upon personal circumstances and
principally comprise the following:

Individual Voluntary Arrangement (IVA)

IVAs were introduced as part of the Insolvency Act of 1986 as an alternative to
bankruptcy, enabling individuals who were struggling with unsecured debt
payments to reach a legally binding compromise with their creditors. Penetration
of IVAs has historically been low due to the limited number of providers, cost
to the consumer and perceived complexity.

The Directors believe that this gives the Group an opportunity to build critical
mass and create barriers to entry in a relatively short timescale.

An IVA is a legally binding, court-approved agreement between the individual and
his/her creditors, under which the individual agrees to make fixed monthly
payments, generally over a five-year period.

IVAs must be supervised by an IP and have many advantages for both the debtor
and creditors. The debtor avoids bankruptcy which can be of particular
importance for home owners or those employed in occupations where bankruptcy
would be highly disadvantageous. The IVA conveys a legal obligation on the
creditors to freeze all interest and charges and, subject to adherence of the
terms by the debtor, to write off any outstanding debts after expiration of the
fixed period. An IVA therefore provides both certainty to and reduced pressure
on the individual.

From the creditors' side, the attractiveness of an IVA is the ability to
forecast a higher return than in bankruptcy combined with lower administrative
costs compared to traditional debt collection. This is driven by a legal
obligation on the part of the debtor to make fixed monthly payments, or to
introduce other funds, which have been assessed by Accuma Insolvency
Practitioners (AIP), one of the Group's trading subsidiaries, as being
affordable and sustainable.

AIP does not directly charge the debtor a fee for its services; these are
received as a priority from the contributions made by the debtor into the IVA
and are agreed and funded by the creditors. AIP charges the creditor an initial
fee of 2,500 - 3,000 as well as an average 78 monthly supervisory fee which
over the five-year period gives good cash-flow visibility. Where AIP believes an
IVA is inappropriate the following solutions will be recommended:

Informal Arrangement

AIP advises on two types of informal arrangement, managed and self-managed,
under which creditors agree to extend the repayment period for the individual.
This is not a legally binding agreement and often interest and charges continue
to be applied until the individual has repaid the amount in full. Under the
managed scheme, AIP refers individuals to a non-connected company which manages
the scheme between individual and creditor.

Re-mortgage

This solution is usually suitable for homeowners with positive equity in their
property. This has until recently been a particularly strong area of activity in
the UK with individuals re-mortgaging to consolidate high interest credit,
taking advantage of lower mortgage interest rates and the high perceived value
of their property. AIP refers such individuals to professional finance brokers
and receives a percentage of any commission payable to the finance broker.

Consolidation Loans

This is a highly competitive area of the market where individuals take out a new
loan to repay existing unsecured debts. AIP recommends professional finance
brokers and would usually receive a percentage of any commission generated.

Bankruptcy

If an individual is made bankrupt, a trustee is appointed to manage their
financial affairs and to sell any assets that may exist in order to repay their
debts. Accuma does not directly advertise or promote bankruptcy as a solution.
However, as the Group aims to provide a full range of solutions, if bankruptcy
is deemed the most appropriate option, the individual is provided with free
information detailing the actions to be undertaken. ENDS.

Well worth a punt in these markets as a defensive play.

DYOR.

cheers GF.

All buys so far today.

cheers GF.

Just ticked up . NICE.

Due another tick up soon

Seems to be a lot of volume going into this one now BB. Can only be good for the stock.

cheers GF

Looks ready to tick up.

What do you think of the new entrant aim mentioned in shares, debtmasters? do you think there will be a negative effect on accuma? The debt mountain is big enough for all three companies but am wondering how this will react......?

Not really bothered BB, Debtmasters is already out there so its not as if its new competition.

Im sticking with Accuma and its excelent management team.

cheers GF.

A nice rise up this morning.

cheers GF.

Seems its been an excelent day for these.

Cheers GF.

Nice tick up this morning

Yes looking rather strong at the moment.

cheers GF.

This one is one of favourite in the portfolio, its not gonna shoot ahead and give you grey hair along the way its gonna be a steady ascent back to the initial placing place......hopefuly

Good news for the stock bad news for cosumers..............

Individual bankruptcies up 24.5%
MoneyAM

The latest Government figures, published for May, show that individual bankruptcies were up 24.5% on last year, at 10,091.

Several lenders, including Barclaycard, HSBC, HBOS and the Royal Bank of Scotland, have recently warned about bad consumer debts.

According to Britain's leading debt charity, Consumer Credit Counselling Service (CCCS), debt is beginning to affect a wider spectrum of people, including the better-off. The number of clients estimated to be earning 50,000 a year or more being helped by the CCCS to come to special arrangements with lenders has almost doubled since the first quarter of 2004.

cheers GF.

Nice tick up today.....up 2.5p! Its only a matter of time with this one i think this one is definately a long term winner.

Its strange that this has not been picked up on more radars, the debt market is one of the only markets that guaranteed to increase

Up another 4% today, this looks like it has the potential to emulate DFD

Yup BB looks like we are seeing a breakout here.

cheers GF.

Another tick up today, are we the only ones capitalising on this gem gf?

Looks like it, but who cares we dont want that lot from advfn getting wind of this.

cheers GF.

PS, found it pays to keep quiet on certain stocks.

Breaking out, Im in. Felt like I missed the boat on DFD.

Welcome aboard Paul, this is motoring this morning a full breakout in progress! DFD quadrupled due the Individual Voluntary Agreements im sitting on this one for the next year when it hopes to make a major brake into the black........