Free Debt Management Plan

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A Free Debt Management Plan from ClearStart, or DMP as it is often known, is an informal solution for anyone who is in debt and struggling to meet their repayments. It is an arrangement with creditors that allows you to pay back what you can reasonably afford to pay each month in one affordable payment, rather than lots of unrealistic demands for cash.

How does a free Debt Management Plan work?

One of our specialist debt advisers will review your situation to understand if a free Debt Management Plan could be a good option for you. They want to understand how much you can afford to pay towards your debts each month after you have paid all of your essential bills and accounted for day to day living costs. A single monthly payment will then be agreed between you and your creditors. Your repayments will typically be lower and over a longer period, enabling you to manage your debt more effectively. Throughout we will deal with your creditors for you, which will hopefully reduce some of the stress which may be caused by endless calls chasing payment.

Advantages of a Free Debt Management Plan

One affordable monthly payment

100% of your monthly payment goes to your creditors

You will keep your home if you stick to the plan

We will deal with your creditors for you

The plan is confidential, no-one needs to know

The ClearStart DMP is free to set up and has no fees

Things to consider

When considering a debt solution it is important to fully consider all of your options.

Unlike some other options, a Free Debt Management Plan is not legally binding for you or your creditors. This means creditors may still contact you and they can decide to change the terms of the plan at any time.

Creditors also aren't required to freeze interests and charges, your debts may continue to build and so it may take a long time for you to fully repay what you owe.

In addition Free Debt Management Plans, like many other debt solutions, will also affect your credit rating. However your credit rating will also suffer if you don't do anything about debts you are struggling to manage and instead fall behind on repayments.

A Free Debt Management Plan is not always the best option, one of our specialists advisors can help you decide if it's right for you.

Is it right for me?

If you have debts of less than £9000 a Free Debt Management Plan may be right for you

A Debt Management Plan is typically suitable for people who have unsecured debts of less than £9000 with more than two creditors. You should also have at least £50 a month disposable income to go towards your debts.

At ClearStart we believe it's important you get all of the right advice and support before you make a decision. That is why we don't charge fees for our initial advice. If you decide a Free Debt Management Plan is right for you then you won't pay any fees for the lifetime of your plan. However it's important to know that fees are chargeable for other debt solutions such as an Individual Voluntary Arrangement (IVA). These fees are standard across all providers however we won't charge any of these fees until you successfully enter into an IVA.

For confidential, no-obligation advice on the right debt solution for you contact one of ClearStart’s Debt Specialists today. It could be your first step towards a Brighter Future.

What are the fees?

There are no fees for ClearStart Debt Management Plans

As oppose to other debt management companies who charge initial setup fees, monthly fees and annual review fees, ClearStart provides Debt Management Plans without any fees meaning no debt management setup fee, no monthly fees, no annual review fees and no hidden charges. Every penny you pay goes towards clearing your debts.

How does ClearStart offer a no fee Debt Management Plan?

ClearStart does not charge any fees for setting up or administering a debt management plan (DMP). We negotiate with your creditors to fund our costs meaning that all the money you pay goes directly towards paying off your debts. We also attempt to get interest and other charges frozen, although this cannot be guaranteed. Additionally, we don’t charge any fees even if a creditor does not agree to fund our services. We regularly deal with most of the top lenders which enable us to negotiate the best possible outcomes for our clients. Our aim is to help you get your finances under control with affordable payments, either monthly or weekly, that are made on a date that suits you, for example just after pay day.

How can ClearStart offer free Debt Management Plans?

ClearStart does not charge any fees for setting up or administering a debt management plan (DMP). We negotiate with your creditors to fund our costs meaning that all the money you pay goes directly towards paying off your debts. We also attempt to get interest and other charges frozen, although this cannot be guaranteed.

Common Questions

What debts can be included in Debt Management Plan?

A Debt Management Plan includes all unsecured loans such as credit cards, personal loans, store cards, utility bills, and catalogue debts. Pay day loans can be included in Debt Management Plan but no secured debts like mortgage or a hire purchase car loan can be included.

How long does a debt management plan last?

This depends on how much you owe, how much you can repay and what your creditors will agree to. There are no firm answers and things can change – ClearStart will work with you to try and ensure the best possible outcome.

Why can’t I just get a new loan?

There is no one-size-fits-all answer to this question and ClearStart can help you assess your own circumstances. In fact, we will always show you all sensible options when we talk about your circumstances and a consolidation loan can sometimes be helpful as an alternative to debt management plan. Our debt management test form will help show you the alternatives.

Will it affect my credit rating?

Yes, your credit rating will be affected. Credit reference agencies such as Experian, Equifax and Call Credit maintain records of your credit accounts. Failure to maintain contractual payments towards any debts will result in a default notice being made on your credit file. These notices will remain on your credit file for 6 years (unless the creditor agrees to remove them prior to this) and may affect your ability to obtain credit.

More information

Why set up a ClearStart Debt Management Plan?

ClearStart have the right contacts with the lending agencies and can negotiate for better terms on your behalf. They can negotiate for lower and affordable monthly instalments to be made over an extended period of time. ClearStart have the right skills, legal and technical knowledge to ensure that you get a fair deal and that your interest is not compromised.

Do I have to accept the solutions offered?

No. You can seek further advice to understand the various debt solutions available to help you deal with your debt. However, if you are not satisfied, you don’t have to accept the plan offered and can seek out other debt service providers.

What if I change my mind?

You are under no obligation to proceed with any of the solutions we advise on. Should you change your mind once a plan has been put into place, you are provided with a cooling off period of 14 days under the Financial Services (Distance Marketing) Regulations 2004. Please see our Debt Management Terms of Business (PDF) for full details on your right to cancel.

What happens when the Debt Management Plan finishes?

It may be that you can repay enough over time to reach a final settlement with your creditors so that they are no longer pursuing you for any money. You need to be aware of the damage to your credit rating that many missed or partial payments will have caused, so you will find it harder to get credit in future.

Don't just take our word for it, our customers say it best

"I am so grateful for the support ClearStart provided in regard to dealing with our creditors and they really do offer a 1st class service"

Mr I Griffin

"I had my hours reduced at work which led to us having a reduced household income. Now we are in a fee free Debt Management Plan with ClearStart which is a huge relief to us."

Miss Tilly

Apply for a free DMP

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