IVA Lincoln
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Welcome to IVA Lincoln, where we understand the challenges of dealing with debt. Our tailored debt solutions, including Debt Management Plans, Individual Voluntary Arrangements, Debt Relief Orders, and Bankruptcy, are designed to support you on your journey to financial stability. Explore your options with us 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.
Check if you qualify
Advantages of a DMP
Disadvantages of a DMP
For individuals in the UK facing overwhelming debt, bankruptcy can be a viable solution. By declaring bankruptcy, you can have your debts written off, offering a fresh start. It is suitable for those with unmanageable debts and no other viable options. The process involves submitting a bankruptcy petition to the court, followed by an investigation of your financial situation. While bankruptcy can provide relief, it comes with consequences. Your credit score will be significantly impacted, assets may be sold to repay creditors, and future borrowing may be challenging. However, bankruptcy offers a chance to start anew. Seek professional advice to understand if bankruptcy is the right path for you.
Individual Voluntary Arrangements (IVAs) offer a structured way out of debt for individuals in the UK. An IVA allows you to make affordable monthly payments towards your debts, with the remaining balance written off upon completion. It is suitable for those with unmanageable debts and a stable income. The application process involves working with an insolvency practitioner to propose an IVA to creditors. While an IVA can provide relief, it may impact credit ratings and borrowing. Seek professional debt advice to determine if an IVA is the right choice for you.
Debt Relief Orders (DROs) offer a way out for individuals in the UK burdened by debt. A DRO is suitable for those with low income, minimal assets, and debts under £30,000. The application process involves working with an approved intermediary to assess eligibility and submit the DRO application. Once approved, your debts are frozen for 12 months, providing a breathing space. While a DRO can offer a fresh start, it may affect credit ratings and borrowing options. Seek professional advice to determine if a DRO is the best solution for your circumstances.
Debt Management Plans (DMPs) are a practical debt solution for individuals in the UK struggling with repayments. A DMP consolidates multiple debts into a single monthly payment, making it easier to manage finances. It is suitable for those with non-priority debts they can afford to repay over time. The process involves working with a debt management company to negotiate reduced payments with creditors. While a DMP can provide relief, it may impact credit scores and extend the repayment period. Consider seeking professional debt advice to explore if a DMP is the right choice for you.
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
Example case completed in 2023. Repayment calculated using income and expenditure data. Monthly payments and write off percentages are based on individual circumstances.
IVA Lincoln in the UK offers tailored debt solutions, including Debt Management Plans, IVAs, DROs, and Bankruptcy. Get help with debt today in Location.