A Chorley debt advice company is to create up to 100 jobs this year due to increases in the numbers of people with financial problems.

Debt Free Direct, based at Ackhurst Business Park, already employs around 200 people and has grown ahead of management expectations.

Debt Free Direct has reported a doubling of business year on year. In January the company set up 438 new debt insolvency arrangements compared to 193 in the same month last year.

Executives expect full-year profits to soar at the end of the current financial year. Their latest trading report anticipates that profits will be closer to the top of analysts' forecasts, ranging from £4.2 to £4.9million.

Paul Latham, finance director, pictured, said: "All the jobs created will be based in Chorley either at York House at Ackhurst or Sumner House on St Thomas' Road.

"In October 2003, we employed just 50 staff, but our expansion has been rapid and we anticipate further growth."

The company offers clients a range of personal debt management solutions ranging from consolidation loans to more complex arrangements.

Since its inception in 1997, it has become one of the biggest debt management firms in Britain. It is listed on the alternative investment market on the London Stock Exchange for smaller, growing companies.

Since going public in 2002 its share price has soared from 42p to £3.10, a seven fold increase.