IVA Debt Advice & Debt Help in Lancashire

Facing personal insolvency is stressful. At Debt Support Direct, we can provide guidance on your debt advice & debt help options in the Lancashire area.

If you are struggling to repay your debt, you may be able to relieve some of the pressure by entering a debt solution called an Individual Voluntary Arrangement, often referred to as an IVA.

An IVA is a legally binding agreement between a debtor and their creditors, typically lasting five years for tenants and six years for homeowners, in which the debtor will pay back only what they can realistically afford each month, considering their income, living costs and essential expenses, and in return, their creditors agree to freeze the interest on the debts and write off any amount still outstanding after the Arrangement has concluded.

The benefits of an IVA debt solution are:

One monthly payment over a fixed period, so you will be debt-free in a set time – typically 60 months (5 years) for tenants and 72 months (6 years) for homeowners.
Any remaining debt at the end of the agreement is written off.
It is affordable. Your monthly payment will depend on your specific income & expenditure.
The creditors are no longer allowed to make any further contact with you to recover the debt, so this stops phone calls, text messages & letters.
Legal protection – your creditors cannot pursue the debt any further, including debt collectors, bailiffs, and attachment of earnings.
If you currently have attachment or earnings or an attachment of benefits, this will stop, and you will receive your total income.
Your essential living expenses are protected, e.g., Home, Car etc.

Below is an IVA Example:

Debt Level – £10,000.00
Monthly Payment – £100.00
Payment Term – 60 months
Total Amount Payable – £6,000.00
Total Debt Write Off – £4,000.00 (40% debt write-off)

Points to be aware of:

You are not guaranteed approval; we must get most of your creditors to agree to the proposal.
It is a formal agreement, so you must maintain the payments. Otherwise, it can fail – allowances can be made for a sudden drop in income, such as unemployment or sickness periods.
It will affect your credit score – an IVA will remain on your credit file for six years from the date your creditors agree. If your proposed term is for five years, it will stay on your credit file for a further 12 months at the end of your IVA.
You must owe at least £6,480 to enter an IVA. If you owe less than £6,480, you may qualify for other debt solutions; we can discuss available alternatives.
Your details will be listed on the insolvency register.

Target Group: Lancashire residents seeking IVA debt advice and debt help in the following areas:

Blackpool, Blackburn, Preston, Burnley, Bamber Bridge, Bolton, Lancaster, Lytham St Annes, Leyland, Chorley, Fulwood, Accrington, Skelmersdale, Morecambe, Nelson, Darwen, Fleetwood, Ormskirk, Rawtenstall, Thornton, Colne, Poulton-Le-Fylde, Haslingden,

Heysham, Clitheroe, Bacup, Kirkham, Oswaldtwistle, Great Harwood, Cleveleys, Barnoldswick, Brierfield, Adlington, Longton, Burscough, Tarleton, Clayton-Le-Moors, Euxton, Freckleton, Coppul, Longridge, Whitworth, Bolton-Le-Sands, Garstang, Rishton, Carnforth, Barrowford, Preesall, Church, Lancaster, Lancaster University.

The administrative county of Lancashire comprises 12 districts: West Lancashire; the boroughs of Burnley, Chorley, Fylde, Hyndburn, Pendle, Preston, Ribble Valley, Rossendale, South Ribble, and Wyre; and the city of Lancaster.

You can check to see if you qualify for an Individual Voluntary Arrangement or any other debt solution by speaking with a Personal Finance Manager by CLICKING HERE and applying online.

If you have used our online application form, we will contact you to run through your income and outgoings and discuss your options so you can make an informed choice. At Debt Support Direct, we offer all statutory debt solutions in England, Scotland, Wales, and Northern Ireland so that you can choose the debt solution tailored to you and your circumstances.

Once you have chosen the debt solution that you feel is the most appropriate, there will be some paperwork to fill in to put the payment programme in place. After this is done, you will make one monthly payment for the duration of your plan to pay off your debt.

Our debt advice is free, non-judgemental, and friendly, so if you are struggling with debt, speak to one of our experienced debt experts for a confidential chat on 0161 549 9848.

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Which Debt Plans apply to you?

We assess your circumstances based on your individual circumstances and will assess for all available debt advice solutions.

Please find below a list of debt solutions we will evaluate for:

Debt Management Plan (DMP) – Information on a debt management plan
Individual Voluntary Arrangement (IVA) – Information on an IVA
Debt Relief Order (DRO) – information on a DRO
Bankruptcy – information on Bankruptcy

If you have an attachment of benefits and have chosen the debt solution that you feel is the most appropriate, there will be some paperwork to fill in to put the debt solution programme in place.

Our debt advice is free, non-judgmental, and friendly, so if you are struggling with debt, speak to one of our experienced debt experts for a confidential chat on 0161 549 9848.

Free and impartial money advice is available from the Money Helper, an organisation set up by the Government for people in debt.

Important Information

Debt Support Direct does not administer any debt solutions; we will assess your debts, circumstances and affordability and signpost you to an organisation or charity that can set up and help the debt plan you decide suits your circumstances.

All debt solutions should be very carefully considered. Some providers may charge fees if a solution is taken; if applicable, these will be outlined during your consultation.

Your ability to obtain further credit in the short term will likely be affected, which may also be the case over the medium to long term. Calls from mobile phones and other networks may be charged to our free phone number.

The Financial Conduct Authority regulates Ruby Holdings Limited, trading as Debt Support Direct. We can offer debt advice for both formal and informal solutions. All debt solutions must be carefully considered, and you must take independent advice.

There are sources of free debt advice and services. You can find out more by contacting the Money Helper on 0800 138 7777 or visiting moneyhelper.org.uk

Here are some links to UK debt charities that can provide help and advice on managing debt:

Please carefully read the information on these websites to understand what services they offer and if they would fit your needs. Reaching out for help as soon as you start having difficulties managing your debts is important. These organisations can help you understand your options and work with you to develop a plan to get back on track.