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The best debt solution
Deciding upon the most appropriate debt solution depends on how debts arose, their size, what you earn and many other circumstances. It is essential to get good, impartial advice before taking any decisions.
Because ClearStart does not depend upon creditors for funding, and because it does not have to 'sell' a certain number of solutions each month, you can be sure that advice is based on your own needs, not on creditors' targets.
Don't live with debt – eliminate it
As an organisation, ClearStart is independent and so able to do whatever is most likely to solve debt problems for individuals. In general, an IVA will often prove the best choice for people with serious debt problems. This is because an IVA has guaranteed interest forgiveness and debt forgiveness built in by law.
But other options are sometimes appropriate, including especially Debt Management Plans.
Free advice is available on all major debt solutions and you can find out more below. To see how your own situation might be improved, go to the ClearStart online application process. There is also a helpline available if you are not able to give details online.
IVAs
For people facing serious debts, the Individual Voluntary Arrangement (IVA) is often an effective solution because it eliminates debt, rather than helping you to live with it.
Debt Management Plans
An IVA is not possible for everyone and a well run Debt Management Plan can be a viable alternative in some circumstances. However, you need to be careful that you are not persuaded into a poor value plan against your best interests.
Consolidation Loan
If your debts have not yet grown too large, a consolidation loan can work but many people who contact ClearStart are already facing problems that need more effective action.
Bankruptcy
This is a last resort, with far more serious consequences for your future than an IVA. Wherever possible, ClearStart will try to ensure a successful IVA instead of bankruptcy.
DROs
A new government initiative, Debt Relief Orders (DROs) are designed for people with smaller debts than those suitable for IVAs.
Remortgaging
This is similar to a consolidation loan but it is secured against your house and so requires very careful thought.