Debt Free Lincoln

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May not be suitable for all.

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Debt Free Lincoln – Debt Help Assistance

Debt Free Lincoln
Welcome to Debt Free Lincoln, where we understand the challenges of managing debt. Our tailored solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, aim to provide you with affordable and sustainable options. We’re here to support you through your debt journey, without judgment, to help you achieve long-term financial stability. Explore our services and seek professional advice to find the right solution for your circumstances.

Make one affordable monthly payment to us and we’ll manage the payments to your creditors for you.

We deal with your lenders on your behalf, taking care of all the hassle and paperwork.

Check if you qualify

How do I get started?

Answer a few quick questions

Use our easy online questionnaire to start the debt help process.

Speak to a debt specialist

Our friendly, experienced team will explain all the available options.

Choose your plan

Select the best solution for your circumstances and lifestyle.

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What debt are you most concerned about?

Credit Cards

Over Drafts

Unsecured Loans

Store Cards

Personal Loans

Utility Bills

Business Debt

Catalogues

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Advantages of a DMP

We will manage the contact with your creditors and provide them everything they need. So, as long as you keep in touch with us, your creditors shouldn’t need to contact you.

You will just make one monthly payment to us, instead of paying all of your creditors individually.

In the vast majority (99.48%) of cases, creditors will stop applying interest and charges, so the money you pay will come straight off the balance.

You will have an online account which you can use to view your account and make changes.

If your circumstances change, we will renegotiate the payments with your creditors.

Disadvantages of a DMP

Your creditors don’t have to agree to the repayment, or to freeze interest and charges.

A debt management plan doesn’t protect you from further recovery or legal action from your creditors.

Your credit rating will be impacted because you’ll be paying reduced amounts to each creditor. If you’ve been missing payments to your debts it is likely that your credit report will already have been impacted.

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Debt Free Lincoln
Bankruptcy can be a viable debt solution for individuals in the UK facing overwhelming financial challenges. It involves a legal process where your unmanageable debts are written off, providing a fresh start. Bankruptcy is suitable for those with limited assets and income unable to repay debts. The process typically lasts for one year, during which a Trustee oversees your finances. While bankruptcy offers relief from debt, it can impact your credit score, ability to borrow, and access to certain professions. It’s essential to understand all implications and seek professional advice to navigate this process effectively.

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Debt Free Lincoln
Individual Voluntary Arrangements (IVAs) offer a structured approach to resolving debt issues for individuals in the UK. An IVA allows you to consolidate debts into a single affordable payment over a fixed period, typically five years. Suitable for those with steady income and significant debts, IVAs provide the benefit of writing off remaining debts upon completion. However, IVAs can impact credit scores and require commitment to monthly payments. Seeking expert debt advice is crucial to determine if an IVA is the right path towards financial freedom.

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Debt Free Lincoln
Debt Relief Orders (DROs) can provide a much-needed financial lifeline for individuals in the UK burdened by unmanageable debts. A DRO is a formal insolvency process suitable for those with low income, minimal assets, and debts below a certain threshold. It freezes debt repayments for 12 months, offering relief from creditor pressure. While DROs offer a fresh start, they come with restrictions on borrowing and may affect credit ratings. Seeking professional advice is crucial to assess eligibility and understand the implications of a Debt Relief Order.

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Debt Free Lincoln
A Debt Management Plan (DMP) is a practical debt solution designed to help individuals in the UK manage their debts effectively. It involves consolidating multiple debts into a single affordable monthly payment. DMPs are suitable for those struggling with unsecured debts and seeking a structured repayment plan. While DMPs offer the benefit of reduced monthly payments and creditor communication, they may prolong debt repayment and impact credit scores. It’s crucial to explore all available options and seek professional debt advice to determine if a DMP is the right solution for your financial situation.

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How does it work?

Let’s say you owe…

Debt Type	Amount
Bank Loan	£5,366.00
Gas Bills	£129.00
Pay Day Loan	£1,989.00
Overdraft	£1,234.68
Debt Collection Agency	£380.16
Short Term Loan	£243.88
Debt Collection Agency	£471.61
Council Debt	£1,009.24
Credit Card	£8,433.00

Total amount owed

£19,256.57

After an IVA

65%
debt written off

IVA Payments
£110
per month

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Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.

Debt Free Lincoln in Lincoln offers tailored debt solutions including Bankruptcy, DMPs, DROs, and IVAs. Get professional advice for your financial challenges.