Debt Help Lancashire

Speak to an expert to discover all the debt solutions available to you.

Safe, secure & confidential

Advice is free but fees and disadvantages may apply if you enter a debt help solution.
May not be suitable for all.

Help also available at MoneyHelper

Variation: Affordable Debt Help Lancashire

Debt Help Lancashire
Welcome to Debt Help Lancashire, where we offer tailored debt solutions to individuals facing financial challenges. We understand that seeking debt help can be overwhelming, and our range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are designed to provide affordable and sustainable solutions. Explore your options and seek professional advice without judgment to regain financial stability.

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.

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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 Help Lancashire
Bankruptcy can be a viable debt solution for individuals in the UK facing overwhelming financial challenges. It provides a fresh start by clearing unmanageable debts, but it’s essential to consider the implications carefully. Bankruptcy is suitable for those with significant debts that they cannot repay, offering a way to become debt-free and start afresh. The process involves declaring yourself bankrupt, and an official receiver manages your assets to repay creditors. While bankruptcy can have a negative impact on credit scores, it provides relief from unaffordable debts and allows individuals to focus on rebuilding their financial stability. Seeking professional advice is crucial to understanding the best course of action and navigating the bankruptcy process effectively.

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Debt Help Lancashire
Individual Voluntary Arrangements (IVAs) are a structured debt solution for individuals in the UK seeking to repay creditors and become debt-free. An IVA is suitable for those with unmanageable debts, offering a formal agreement to repay a portion of what is owed. While it can provide relief from creditor pressure and write off remaining debts after completion, an IVA may impact credit ratings and borrowing. Seeking professional advice is essential to determine if an IVA is the right solution for your financial circumstances.

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Debt Help Lancashire
Debt Relief Orders (DROs) offer a debt solution tailored to individuals in the UK struggling with low income and minimal assets. A DRO freezes debts for 12 months, providing relief from creditor pressure and allowing individuals to focus on essential living expenses. It is suitable for those with debts under a certain threshold and limited assets. While a DRO can offer a fresh start after the moratorium period, it may impact credit ratings and future borrowing. Seeking professional advice is crucial to determine eligibility for a DRO and understand its implications on financial stability.

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Debt Help Lancashire
A Debt Management Plan (DMP) is a practical debt solution for individuals in the UK struggling to manage multiple debts. It involves consolidating debts into a single affordable monthly payment, negotiated with creditors. A DMP is suitable for those with regular income who can afford reduced payments over an extended period. While it can provide relief from creditor pressure and simplify debt repayments, it may take longer to clear debts compared to other solutions. Credit scores may be impacted, but a DMP offers a structured approach to managing debts effectively. Seeking professional debt advice is essential to explore the suitability of a DMP and understand its implications fully.

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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 Help Lancashire in Lancashire offers tailored debt solutions including Debt Management Plans, IVAs, and Bankruptcy. Get professional debt advice in Lancashire today.