Debt Management Lancashire

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Debt Management Lancashire: Get Help with Debt

Debt Management Lancashire
Welcome to Debt Management Lancashire, where we understand the challenges of debt and offer tailored solutions to help you regain financial stability. Our range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are designed to suit individual needs and promote long-term financial well-being. Explore your options with us without fear of judgment and take the first step towards a debt-free future.

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 Management Lancashire
Bankruptcy can provide a fresh start for individuals facing overwhelming debt in the UK. It is a legal process that involves declaring yourself unable to pay your debts. This solution is suitable for those with unmanageable debt and no realistic way of repaying it. The process involves filing a bankruptcy application, which, if accepted, will result in assets being sold to repay creditors. While bankruptcy can offer relief from debt, it can have long-term consequences, such as affecting credit scores, assets, and future borrowing. It’s essential to seek professional advice to understand if bankruptcy is the right option for you without judgment.

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Debt Management Lancashire
An Individual Voluntary Arrangement (IVA) is a formal agreement between you and your creditors to repay a portion of your debts over a fixed period. This solution is suitable for individuals in the UK looking to avoid bankruptcy and manage their debts effectively. While an IVA can offer a fresh start, it may impact credit ratings and borrowing abilities. Seeking professional debt advice is crucial to determine if an IVA is the right path for you.

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Debt Management Lancashire
Debt Relief Orders (DROs) offer a route out of debt for individuals in the UK with low income, minimal assets, and debts they cannot repay. This solution allows for debts to be frozen for 12 months, after which they may be written off. While a DRO can provide relief, it can also have consequences, such as affecting credit ratings. Seeking professional advice is essential to understand the eligibility criteria and implications of a DRO without judgment.

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Debt Management Lancashire
A Debt Management Plan (DMP) is a practical solution for individuals in the UK struggling with debt. It involves making affordable monthly payments to a DMP provider, who then distributes the funds to your creditors. This option is suitable for those with unmanageable debt looking to consolidate payments and negotiate reduced interest rates. While a DMP can help regain control of finances, it may impact credit scores and borrowing abilities. Seeking professional debt advice is crucial to explore all options and determine if a DMP is right for your circumstances.

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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 Management Lancashire: Providing tailored debt solutions in Lancashire. Explore Debt Management Plans, IVAs, DROs, and Bankruptcy options to regain financial stability in the UK.