YourClear is a Lancashire-based debt management and debt advice company. They were licensed by the Office of Fair Trading as a debt adjustment and debt counseling company in 2005, and follow the guidelines for debt management companies. YourClear offers free debt advice, either through their 24 hour free phone line at 0800 107 2007 or online. They initiated the UK’s first  total Web-based service and can respond to online enquiries within 60 seconds. (www.yourclear.com)

What services does YourClear provide?

YouClear advertises that they follow “Best Advice” ethical guidelines. This means that they will review your financial situation, consider various options and recommend the best possible solution for your particular situation. They can provide you with  free information on several different strategies for managing debt, including:

1. Individual Voluntary Agreements (IVAs)
2. Debt management plans
3. Re-mortgages
4. Bankruptcies
5. Debt consolidations

They also offer self-help materials, such as sample letters to creditors and budget information if you wish to deal with creditors on your own.
            With their web-based E-advice service, you can create an online financial profile of  your assets and liabilities and a financial statement detailing income and debts. You can send them an enquiry online through their secure server.

When do I need  debt advice?

There are a number of early warning signs that can indicate you are headed for debt problems. Some of the warning signs are:

1. Missing more than 1 months payments to credit cards
2. Fear of opening bills or statements, because you don’t want to know
3. Borrowing from family or friends without being able to repay
4. Using 1 credit card to pay another
5. Paying interest only on loans (www.northernireland.shelter.org.uk)
6. Spending more than you earn each month
7. Consolidating debts at high interest rates
8. Finding it impossible to save any money (www.erasingdebt.net)
9. Being unable to deal with a minor financial emergency (appliance or car repair, etc) without borrowing
10. Financial problems affecting other areas of life such as relationships or health (www.payplan.com)

If several of these factors apply to you, you should seriously consider consulting some type of debt assistance service, YourClear or another service.

Can debt problems affect my health or relationship?

There is some evidence that debt or financial problems and the stress they cause can lead to illness. In a 2006 survey by the Debt Counsellors Association, 63% of people surveyed believed that their health suffered due to debt problems. Dr. Roger Henderson identified what he termed ”Money Sickness Syndrome” in a 2005 paper. (www.axa.co.uk)  According to Dr. Henderson, 43% of UK citizens have experienced some symptoms of MSS. Physical symptoms can include:

1. Shortness of breath
2. Headaches
3. Nausea or indigestion
4. Lack of appetite
5. Sleep disturbances There are also psychological symptoms which can include:
6. Mood swings
7. Nervousness or anxiety
8. Inability to concentrate
9. Depression(www.axa.co.uk)

More than 10 million people also admit that money or debt has caused problems in their relationships. A Financial Services Authority survey showed that 74% of couples agree that money is the most difficult subject to discuss, with 27% regularly arguing about money. Another 32% admit they lie to their partners about credit card use or amounts.(www.myvesta.org.uk) Consulting a debt advice company or organization and regaining control of your finances can be a major factor in reducing these problems.

What will YourClear do for me?

They will provide free and confidential advice as to your best debt solution. Be aware, though, that while the advice is free, services may not be. YourClear says “Most solutions are free to debtor, fees from creditors” but they also advise that  “Payments for debt management fees are either collected direct from your creditors or by way of a service charge, depending upon the circumstances.” (www.yourclear.com)  Yourclear advertises that you can be “Rid of debt in 60 months or less” .(www.mqsearch.co.uk)
 
            Experts advise that debt management plans through for-profit companies may increase debt levels. John Porter, a senior consultant at Debt Counsellors, says “Often when you look at the details of a programme, the overall costs to the debtor increases greatly with added charges and interest rates included in the debt management company’s fees.” (www.prweb.com)

The Insolvency Helpline, a non profit consumer help organization, warns consumers to beware of debt management companies that advertise drastically reduced payments or companies that quote payoff times. (www.insolvencyhelpline.co.uk)

YourClear customer satisfaction

In a customer satisfaction survey by YourClear, they reported that

1. 75% of customers found service to be extremely good
2. 96% were satisfied with advise received
3. 95% would recommend YourClear to friends or family
4. 76% had tried other companies and rated YourClear better or best

If you are looking for free, confidential advice, you may want to consult YourClear, or perhaps one of the free, non-profit organizations such as Consumer Credit Counseling Services (www.cccs.co.uk)  or National Debtline.(www.nationaldebtline.co.uk)