Clear Debt Lancashire

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May not be suitable for all.

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Clear Debt Lancashire – Debt Help Support

Clear Debt Lancashire
Welcome to Clear Debt Lancashire, where we offer tailored debt solutions to help you regain financial stability. We understand the challenges of managing debt and provide non-judgmental support to explore options like Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy. Our focus is on affordability and long-term financial well-being, so you can make informed decisions without feeling overwhelmed. Take the first step towards a debt-free future by seeking professional advice today.

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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Clear Debt Lancashire
Bankruptcy can be a daunting but viable debt solution for individuals in the UK. It offers a fresh financial start by clearing unmanageable debts, but it’s essential to understand the process, implications, and eligibility criteria. Bankruptcy involves declaring yourself unable to repay debts, which is suitable for those with significant debt they can’t afford to repay. The process typically lasts for a year, during which your assets may be used to repay creditors. While bankruptcy can provide relief from debt, it also comes with consequences like affecting credit scores, limiting access to credit, and potentially losing assets. It’s crucial to seek professional advice to navigate the complexities of bankruptcy, ensuring you make informed decisions tailored to your circumstances.

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Clear Debt Lancashire
Individual Voluntary Arrangements (IVAs) are a popular debt solution in the UK for individuals struggling with unmanageable debts. An IVA allows you to make affordable monthly payments to creditors based on your budget, with remaining debts written off after successful completion. It’s suitable for those with significant debts and a stable income. While an IVA can provide relief from debt, it may impact credit ratings and borrowing capabilities. Seeking professional advice is crucial to determine if an IVA is the right solution for your financial situation and to navigate the process effectively.

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Clear Debt Lancashire
Debt Relief Orders (DROs) offer a debt solution for individuals in the UK with low income and minimal assets. A DRO freezes debt repayments for a year, providing relief from unmanageable debts. It’s suitable for those with debts under a certain threshold and limited assets. The advantages of a DRO include debt write-off after a year and protection from creditors. However, drawbacks may include restrictions on financial activities and affecting credit scores. Seeking professional advice is essential to determine if a DRO is the right debt solution for your circumstances and to navigate the application process effectively.

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Clear Debt Lancashire
Debt Management Plans (DMPs) are an effective debt solution for individuals in the UK struggling to manage multiple debts. A DMP allows you to consolidate debts into one affordable monthly payment based on your budget. It’s suitable for those with unsecured debts who can afford to make reduced payments to creditors. The benefits of a DMP include lower monthly payments, reduced interest rates, and stopping creditor harassment. However, drawbacks may include a longer repayment period and potential credit score impact. It’s crucial to seek professional advice to set up a DMP tailored to your financial situation and explore other debt solutions if needed.

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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.

Clear Debt Lancashire offers tailored debt solutions in Lancashire, UK. Explore options like Debt Management Plans, IVAs, DROs, and Bankruptcy for effective debt relief.