IVA Company Colchester

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Tailored Debt Help Solutions Available in Colchester

Welcome to IVA Company Colchester, where we understand the challenges of managing debt. Our range of debt solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are tailored to your unique circumstances. We offer support without judgment, focusing on affordability and long-term financial stability. Explore your options with us 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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For individuals in the UK facing overwhelming debt, bankruptcy can be a viable solution. It provides a fresh start by clearing unmanageable debts, but it’s not without consequences. Bankruptcy is suitable for those with no realistic way to repay debts, offering relief from financial pressure. The process involves declaring bankruptcy, which is a legal status, and working with a trustee to manage assets and debts. While bankruptcy can offer a path to financial freedom, it comes with drawbacks like affecting credit scores, potential asset loss, and limitations on future borrowing. It’s crucial to understand the implications before proceeding. Seeking professional advice tailored to your situation is key to navigating bankruptcy successfully.

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Individual Voluntary Arrangements (IVAs) offer a structured way to manage debts for individuals in the UK. Suitable for those with a steady income but struggling with repayments, an IVA consolidates debts into one affordable monthly payment. This solution involves working with an insolvency practitioner to negotiate with creditors and agree on a payment plan. While an IVA can lead to debt write-off and financial freedom, it’s essential to consider the impact on credit ratings, borrowing, and assets. Seeking professional debt advice is crucial to determine if an IVA is the right path for you.

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Debt Relief Orders (DROs) are a potential debt solution for individuals in the UK facing financial hardship. Designed for those with low income, minimal assets, and debts they cannot repay, a DRO offers a fresh start by freezing debts for 12 months. Although a DRO can provide relief from overwhelming debt, it’s important to weigh the advantages against the limitations. Eligibility criteria and the application process must be understood before proceeding. Seeking professional advice is encouraged to determine if a DRO aligns with your financial situation.

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Debt Management Plans (DMPs) provide a structured way to manage debts for individuals in the UK. Tailored to those struggling with repayments but able to make reduced payments, a DMP consolidates debts into one manageable monthly payment. This solution involves negotiating with creditors to agree on lower payments and potentially freeze interest and charges. While a DMP can offer relief and prevent further financial strain, it’s essential to consider its impact on credit scores and borrowing capabilities. Seeking expert debt advice is crucial to explore if a DMP is the right fit 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.

IVA Company Colchester offers tailored debt solutions in Colchester. Explore Debt Management Plans, IVAs, DROs, and Bankruptcy options for financial relief in your unique situation.