Clear Money Advisor

Clear Money Advisor: intermediary between debtors and authorised debt solution providers

Clear Money Advisor is a commercial lead generation company based in the United Kingdom. It is not authorised by the Financial Conduct Authority (FCA) to provide debt advice. Its role is to put people with financial difficulties in touch with FCA-authorised debt solution providers, who assess the suitability of each case and explain the available options.

The company states that it may receive payments from its partners when a user enters into a debt solution. The service is free to use and without obligation, according to the website itself, and fees only apply if a financial solution is ultimately formalised with a provider.

Debt solutions that can be explored through its partners

Through its network of authorised providers, Clear Money Advisor guides people towards various alternatives for unsecured debts. Among the solutions mentioned on its website are:

• Individual Voluntary Arrangement (IVA): a voluntary individual arrangement that may allow unsecured debts to be combined into an affordable monthly payment, usually over a period of five to six years. Debt write-off is not guaranteed and depends on personal circumstances and creditor approval.
• Debt Relief Order (DRO): aimed at people who cannot meet payments to their creditors, with low-value assets and a maximum debt of £50,000.
• Scottish solutions: for customers in Scotland, information is offered on Trust Deeds and Debt Arrangement Schemes, among others.
• Debt Management Plan (DMP): a company negotiates with creditors on behalf of the debtor; the debtor pays the plan administrator, who in turn pays the creditors.
• Bankruptcy: normally suitable when debts cannot be repaid within a reasonable timeframe.
• Debt consolidation: generally involves a new loan to combine several debts into a single, more manageable payment.
• Protected Trust Deed: may help eligible people in Scotland combine unsecured debts into an affordable monthly payment, with no guarantee of write-off.

How the service works

The process begins with a short form in which the user indicates the number of creditors, the approximate amount of debt (from £5,000 to over £50,000), whether they own a home and whether they have a regular income. Authorised partners then explain the options available according to the circumstances and contact the user during office hours to discuss alternatives. The company states that the user can choose to speak to a provider by phone or manage the process online, depending on their situation.

Clear Money Advisor stresses that it is not a debt advice firm and that it cannot guarantee results. Solutions may affect credit history for up to six years and some involve fees or put assets at risk. The company also notes that certain types of debt, such as student loans and child maintenance arrears, may not be eligible for certain solutions.

Vulnerability statement and customer care

The company includes a vulnerability statement asking people experiencing financial difficulties, emotional distress or mental health problems to make this known during the consultation process. Its stated aim is to communicate clearly, sensitively and supportively, and to make reasonable adjustments where appropriate. For those who need to speak urgently, a phone number is provided.

Contact details and opening hours

The website displays a contact email and several phone numbers. The opening hours indicated are Monday to Thursday 9:00 to 20:00, Friday 9:00 to 18:00, Saturday 10:00 to 16:00 and Sunday closed.