The information on these pages is being disclosed for the purpose of AIM Rule 26 and was last updated on 30th September 2013. Please use the navigation bar on the left to browse the website.
David Mond, CEO of ClearDebt Group talks with BRR Media about the release of this years accounts for the company. Click here to listen in to what David said.
Introduction to ClearDebt
The business carried on by ClearDebt was founded in June 2004 by David Mond, a senior partner of Hodgsons, a Manchester-based firm of chartered accountants and insolvency practitioners. It commenced trading in April 2005 as ClearDebt Limited, which was acquired by ClearDebt Group Plc in January 2006. ClearDebt advises consumers who are finding it difficult to repay their debts as they fall due. The principal solution offered to date has been the Individual Voluntary Arrangement ("IVA").
ClearDebt Group plc registered in England & Wales number 02441375. The registered office is Nelson House, Park Road, Timperley, Cheshire, WA14 5BZ. The main country of operation is England & Wales.
Products and Services
Consumers with debt problems have various options available to them including an IVA, a secured or unsecured loan, the use of a debt management plan or bankruptcy. An IVA is often the preferred solution for those individuals who are able to use it as it allows the individual to continue with their day to day lives with fewer restrictions than would be enforced in bankruptcy.
IVAs were introduced by the Government as part of the Insolvency Act 1986 ("IA") to assist debtors by offering an alternative to bankruptcy. Creditors generally benefit from a higher return than if the debtor filed for bankruptcy. An IVA is a legally-binding agreement between a debtor and its unsecured creditors which provides for payment by the debtor of a fixed monthly amount for a period of time, commonly five years, to a trust account supervised by an insolvency practitioner. IVAs are, however, flexible and can be based on other means of repayment, such as a one-off payment from a third party.
ClearDebt provide, where appropriate Debt Management Plans (DMPs).
Debt Management Plans are provided by debt management companies who negotiate with indebted individuals creditors to change their debt repayment terms. DMPs can be a good debt solution, especially if the indebted individuals problems are likely to be short term. Increasingly, especially if that indebted individuals don't owe very much in total, creditors may ask to try debt management before being considered for an IVA.
A DMP can be put in place by any debt management company or made by the indebted individual ("self help debt management"). Sometimes commercial and charitable DMPs are simply a step on the road to bankruptcy, offered to debtors who are terrified of the word insolvency. However in many circumstances they can be an appropriate solution, especially if the indebted individual can nearly pay all of his/her debts or if they strongly believe the problems will be short term.