EuroDebt Financial Services, part of Pentagon (UK) has signed a reseller agreement with specialist prepaid card firm, Advanced Payment Solutions (APS), to provide its reloadable cashplus prepaid MasterCard®, issued by Broadcastle Bank Ltd.

EuroDebt is the UK's only debt management company to focus on home visits as a key part of its client liaison. The company has established more than 100,000 agreements with creditors and over 15,000 active debt management plans (DMPs) with UK consumers and has a strong track record of working with creditors to freeze interest and charges.

With a core focus on the financial sustainability of consumers who have taken a responsible attitude to repaying outstanding debts, EuroDebt aims to offer the cashplus prepaid MasterCard to clients who have a regular income. This will give them the ability to make the sort of purchases that normally require a credit card, enabling them to avoid financial exclusion. However, the facility doesn't work if there are insufficient funds in the prepaid card account, eliminating the risk of consumers living beyond their means.

EuroDebt's Managing Director Richard Bramham confirmed that it is not unusual for people who have incurred severe debt in the past to be refused bank accounts and therefore payment cards: "We have a number of clients who, as a result of their past actions, have no choice but to use cash for their day to day living. This often means they are excluded from purchases that usually require a credit or debit card such as online and mail order. With the cashplus prepaid card, they will be able to have their wages or salary paid directly onto the card or to top up the card manually at a wide range of retail outlets. Our objective is to make paying bills and everyday expenses much easier and accessible.

"This type of ‘budget in advance' product encourages clients to develop a more responsible and sustainable approach to their personal finances. The reality is that with the emergence of e-commerce and an increasingly cashless society, clients without ‘web-suitable' cards are to a degree socially disadvantaged. This is a wonderful way for people to, firstly, change their attitude to spending and, secondly, still function normally in their day to day lives, which we know is the key to their debt rehabilitation."

EuroDebt's 65 UK franchises will offer the cashplus prepaid card to clients, as well as the service being available online at www.eurocashplus.co.uk and via a client service centre.

Advanced Payment Solutions Chief Executive Rich Wagner says the cashplus card is a product which is truly ‘of our time': "Technology is fast changing the way we transact purchases and even socialise. Having a payment card that lets you take advantage of these new developments has never been so necessary, but at the same time consumers have never had to have so much willpower to avoid debt. By separating the credit facility from the facilities offered by a card we are offering a truly unique product and we are delighted to be able to work with alongside firms like EuroDebt to help the indebted get back on their feet.

"Although the card is primarily designed for a more mainstream audience, this new partnership with EuroDebt reinforces the attractiveness of the prepaid model for yet another consumer group."

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