Debt Advice 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

Debt Advice Lancashire – Debt Help Available Now

Debt Advice Lancashire

Welcome to Debt Advice Lancashire, where we understand the challenges of managing debt. Seeking help can feel overwhelming, but we’re here to support you. Our range of services, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are tailored to your needs. Explore your options with us for a brighter financial 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 Advice Lancashire

Bankruptcy can be a challenging but viable debt solution for individuals in the UK facing overwhelming financial burdens. It is a legal process that involves declaring yourself unable to repay debts, leading to the potential discharge of these debts. Bankruptcy is suitable for those with unmanageable debts and no realistic way of repaying them. The process typically lasts for a year, during which a trustee manages your assets to repay creditors.

While bankruptcy offers a fresh start, it comes with consequences. Your credit score will be significantly impacted, making it challenging to obtain credit in the future. Certain assets may be sold to repay debts, and restrictions may apply to your financial activities. However, bankruptcy can provide relief from unmanageable debts and a chance to rebuild your financial stability.

If you are considering bankruptcy, it’s crucial to seek professional advice tailored to your circumstances. Debt Advice Lancashire can offer guidance and support without judgment, helping you navigate this challenging process.

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Debt Advice Lancashire

An Individual Voluntary Arrangement (IVA) is a formal agreement between you and creditors to repay debts over a set period, typically five years. IVAs are suitable for individuals in the UK with significant debts they cannot afford to repay in full. Monthly payments are based on what you can afford, and any remaining debts are written off after successful completion of the IVA.

While an IVA offers a structured path to debt relief, it may impact your credit rating and ability to borrow. However, it can provide a lifeline for those in financial distress, offering a clear route out of debt.

For expert advice on whether an IVA is right for you, contact Debt Advice Lancashire. Our team can provide personalized guidance to help you make informed decisions about your financial future.

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Debt Advice Lancashire

A Debt Relief Order (DRO) is a debt solution designed for individuals in the UK with low income, minimal assets, and debts they cannot repay. It provides debt relief by freezing debts for a year, after which they may be written off if your financial situation remains unchanged. A DRO is a cost-effective alternative to bankruptcy, suitable for those who meet specific eligibility criteria.

While a DRO offers a fresh start, it comes with restrictions on your financial activities. Your credit score will be impacted, and certain assets may be at risk. However, a DRO can provide much-needed relief from overwhelming debts and a path towards financial recovery.

For personalized advice on whether a DRO is right for you, contact Debt Advice Lancashire. Our experts can guide you through the application process and support you in taking control of your finances.

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Debt Advice Lancashire

A Debt Management Plan (DMP) is a flexible debt solution suitable for individuals in the UK struggling with multiple debts. It involves making reduced monthly payments to creditors based on what you can afford. A DMP can help you regain control of your finances by consolidating debts into a single affordable payment.

While a DMP offers benefits like reduced stress and simplified repayments, it may take longer to clear debts, and interest and charges may still apply. Creditors must agree to the plan, and your credit score will be affected. However, a DMP can be a valuable step towards financial stability.

If you’re considering a DMP, Debt Advice Lancashire can provide expert advice and guidance tailored to your needs. Explore your options with our support to find the best debt solution for your 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.

Get expert debt advice at Debt Advice Lancashire in the UK. Explore tailored solutions like Debt Management Plans, IVAs, and Bankruptcy for a brighter financial future.