Business Lines
Our Brands
Fairpoint trades under a number of different brand names. Each brand serves a different product/market place and is utilised to extend our market reach within and across those product markets.
Debt Free Direct and Clear Start are our core debt solutions brands. The primary product offering of these brands is a managed payment plan, which could take the form of an IVA or a Debt Management Plan. Debt Free Direct is widely recognised as the clear leader in the IVA market. Clearstart is recognised as providing wide ranging impartial debt advice.
Lawrence Charlton is the trading style used to provide debt management plans for consumers.
Our financial services product range is collectively branded under the Allixium trading style. Other brands include DFD Mortgages.
Our Business Lines
We divide our business into three principle business lines:
Individual Voluntary Arrangements
An IVA will normally result in a consumer being debt free within five years of the agreement commencing. In return it requires a consumer to make regular monthly payments over this time period. An IVA agreement provides both interest and capital forgiveness.
Fairpoint has over 16,000 IVAs under management as at 30 June 2008 and a market share of around 20% of new business.
Debt Management Plans
Debt Management Plans are generally suitable for consumers who can repay their debt in full, if they are provided with some relief on the rate at which interest accrues on their debts. They will often take 15 years to complete and offer consumers a fixed repayment discipline as well as third party management of creditors.
Debt Management Plans were introduced as an in-house consumer solution in June 2008 and already generate similar new business volumes to IVAs.
Financial Services
The financial service products that we provide fall into two distinct categories:
- Refinancing Solutions
We provide a range of secured finance solutions, from mortgages through to loans that are appropriate for consumers who have an ability to meet their debt obligations, subject to reorganising their finances.
- Money Management Solutions
A wide range of solutions fall under this category. All of them have the primary objective of making the core debt solution work smoothly. Examples include products such as the following:
- A prepaid bank account that is introduced to consumers at the start of their contract and provides full access to the MasterCard network along with a controlled banking facility.
- A utility switching service that lowers the consumer's monthly expenditure and therefore protects the longevity of the consumer's payment plan.
