Accuma’s business hit as banks get tough

Britain’s Consumer debt company and third-largest supplier of individual voluntary arrangements (IVAs) Accuma proclaimed that its business has been hit by the banks’ policies to clinch debtors. Accuma’s cases decreased by 20% in the past few months as its IVA numbers had dropped to 221 a month between November and January from 271 a month between August and October. Company’s share prices drop more than 50 percent after the news spread in the market profit which incited panic across the consumer debt sector. Rival firm, Debt Free Direct, also worried for their profit. Yesterday Accuma’s shares were up 3.5p to 86p, still down more than 60% since last week’s shock warning.