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 personal 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 5 years for tenants and 6 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 and this includes 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 full 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 to be approved; 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 6 years from the date your creditors agree to it. If your proposed term is for 5 years, it would remain 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 the other options available to you.
- 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 of 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 then discuss all 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 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.
Take the first step to dealing with your debt today.
We assess your individual circumstances based and will make an assessment for all available debt advice solutions. Please find below a list of debt solutions we will assess for:
- Debt Management Plan (DMP) – click here for more information on a debt management plan.
- Individual Voluntary Arrangement (IVA) – click here for more information on an IVA.
- Debt Relief Order (DRO) – click here for more information on a DRO.
- Bankruptcy – click here for more information on Bankruptcy.
All debt solutions should be very carefully considered. Fees will be charged if a solution is taken for us to set up your plan and maintain it – all fees will be outlined during your consultation. For further information on fees, please see the FAQ section of the different solutions available. Retained payment may place you further into arrears. You have the right to a cooling off period of 14 days. It is likely that your ability to obtain further credit in the short term will be affected and this may also be the case over the medium to long term. Calls to our free phone number from mobile phones and other networks may be charged.
Debt Support Direct is regulated by The Financial Conduct Authority. This means we can offer debt advice and deliver both formal and informal solutions. All debt solutions need to be carefully considered and you must take independent debt 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 by visiting the website.