Reduced Income and Tax Credits making me struggle monthly

On June 28, 2011, in News, by Lewis Alexander

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  • “It was all going swimmingly.

My main job as the school secretary was bringing in about £1000 a month.  The pub shift on a Friday night gave me a further £150 a month and the tax credits contributed that final few hundred quid extra that was making the difference between being able to get around Tesco & funding the kids lunch monies versus being permanently squeezed between spending on food, household essentials, and utilities.

Now, with my tax credit recalculated and for some reason reduced, its forced me to apply for a better paid job / income, which I am frightened is going to take me away from spending as much time with the kids!  The world these days just seems to be one giant bill, and I can’t find any way to reduce mine, without impacting the kids and the time spent with them!

I had already started to feel the pinch as every time I went round the supermarket, the same food seemed to cost more!  So, I made sacrifices; the food budget was stretched, treats like chocolate and fizzy pop became ‘persona non grata’ as far as the shopping list was concerned! Big name brands were quickly ditched for the ‘Value’ range!  Cue a child revolt, as the value beans didn’t go down too well, but I found that with thought and careful planning I could keep their lunch boxes fun and healthy even on the tightest of reduced income or budgets.

Then there is the small matter of the ever increasing cost of paying the gas and electric bills!  First our summer holiday at mum’s caravan was cut out, but now I am struggling to even pay for the school trips to the Science Museum! It’s starting to make a massive difference to our lives!

Well, I could not deny the £25 for the Science museum, so I borrowed it from one of those new internet lending sites.  What a mistake that was! As I now need to find money that I simply don’t have from next week’s budget otherwise I won’t make the payment and that telephone number interest rate is going to bite back at me!  It just feels like I am being sucked into a cycle of debt.”

  • Sound familiar?

Across the UK, thousands of families are feeling the pinch following the latest round of decisions on tax credits.  Despite increasing from £18bn in 2003 to £30bn in 2010, this latest decisions have really hit the pockets of some of those up against it financially.  To some this has meant they have lost a small amount of secondary income that some basic re-budgeting can sort out.  However some families depend on those extra monies to pay for life’s essentials, such as to clear debts.

As we heard in the story above, the price of food and utilities has rocketed in the past 2-3 years since the financial crash or credit crunch.  Utility bills alone have risen to £560million in the last year according to u-switch.   Some 24.9 million households have been affected. When we couple this with the soaring price of petrol and the effect this has on food prices then the pressure is really on for those families already on a reduced income or budget.

In the post credit crunch lending markets, it is no longer easy to borrow that little bit extra to tide you over.  That with the static figures that are being returned on UK Salary Price Rises and for some, the only means of borrowing left is the new ‘quick cash’ lender.  These loans typically range between a week and 30 days, with hefty arrangement fees (in comparison to loan amounts) and a real sting in the tail, if the borrower misses a payment once the loan is repayable.

  • If these issues ring a bell in your home and you feel like you are swimming against the tide financially, then maybe we can help.
  • Our trained specialists are vastly experienced in dealing with a range of personal debt circumstances and people suffering from a reduced income, you can call us in confidence 24 hours, 7 days a week, on 0800 018 6868.
  • No matter how complex or tough you think your debt problem is, get in touch to see if we can start making a change to your financial life today!
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End my Personal Debt

On June 24, 2011, in News, by Lewis Alexander

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Are you looking for help and advice that enables you to put and end to your personal debt problems?

  • Would you like to End your Personal Debt for good?
  • Can you not imagine sleeping well at night knowing there is an end to your debt?
Personal debt advice in the UK is not always free and you should not pay high phone call costs to get advice on how to end your personal debt problems. Apply online for advice on how to end your debt. Our trained advisors are pleased to help drawing from their experience of varying personal debt issues. There are not many people in debt that do not think the same thing every day, “I want to put an end to my debt”!

  • There are many immediate benefits of seeking professional debt help and advice.
  • Get advice on debt now!
  • Clear debt with professional advice!
  • Calls are dealt with in the strictest of confidence.
  • Our end debt advice is available to residents in the UK over 18.
  • Friendly advice about debt which will try and help you resolve and end your debt.
When dealing with trying to end debt it is a very difficult time. All situations can affect your HEALTH directly and require tailored solutions which need to be discussed. The following information could provide a good start for you to end your debt.
A debt management company can negotiate with your creditors to reduce your debt repayments so as the debt can be repaid over a longer period of time than you are currently contracted to do so. Debt management plans or DMP’s will help you with your money. It’s an informal agreement between you and your creditors.

All secured loan companies require you to secure your new secured loan against your home. If you fail to pay them or default on your agreements with secured loan companies you can lose your home. You MUST keep up repayments on loans and other debts secured against your home or your home could be at risk of repossession.


An IVA may not be the best route to take. Even though companies offer quick fast solutions, you must be careful not to rush into advice that is best for the advisor or company offering it, NOT yourself!  An IVA can stop a court order and will prevent a petition for bankruptcy against you. After 60 months (5 years) an IVA usually ends, the remainder of your unpaid debt is usually written off by your creditors, restrictions do apply and you would be expected to release any available equity from your home in the final years of the IVA to increase the total contribution back to your creditors. A Protected Trust Deed is an IVA in Scotland.

Bankruptcy information and advice to end debt – this is the final way to end your debt. If bankrupt, your debt will have been cleared by a court. If you have filed for bankruptcy, you have a new start but your credit rating will show a record of bankruptcy. Again, restrictions apply so be aware to make an informed decision about how to end your debt.

  • Apply online or call 0800 018 6868 now, your call is FREE from land line!
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Consumer debt management help and advice

On June 20, 2011, in News, by Lewis Alexander

Do you need help or advice about a consumer debt management plan?

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  • Debt management help and advice service for the UK consumer suffering with personal debt problems.
  • The UK consumer has generated more personal debt than in any any other European country in recent years and it is set to continue.
  • If you feel you could benefit from personal debt management advice and other debt help, now is the time to get in touch.

Are you one of the growing number of consumers in the UK who thinks they need some kind of debt help or do you need guidance in how to manage your finances in general and personal debt in particular?

If so, you are certainly not alone. Modern life seems to be conducive to consumers finances being more and more difficult to control effectively manage.

For a lot of consumers struggling with their finances and trying to clear debts, it’s the constant juggling that wears them down. Trying to make sure every bill gets paid on time whilst still being able to afford clothes and feed themselves and their families is not always an easy task.

  • Are you always broke almost as soon as you’ve been paid each month?
  • Does your income fall short of the total you must pay on bills every month?
  • Do you feel like everyone is chasing you for money?

These are very good indicators of a need for professional debt management help and advice.  We can give exactly that! Our trained credit advisors are ready to help you. You should remember that often money problems are not always as bad as you may think when you are stuck right in the middle of it all. Our advisors will assess your situation and make constructive recommendations and offer the personal debt help you may need.

After we have made recommendations based on what you tell us you can decide on a plan of action to clear your debts. Our personal debt management plan does assist many consumers to clear their debt. Whilst debt management is not the only way we can help, it does form the basis of most of the personal debt solutions we offer consumers as help to clear debt problems.

Because we deal with consumer debt problems every day, we can offer the benefit of our experience to the particular consumer may need it. There are things that are incidental to having debts that are difficult to cope with if you don’t know how to deal with them.

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Ways to find debt help and advice

On June 15, 2011, in News, by Lewis Alexander

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Information about how to find ways to clear personal debts through debt help and advice?

  • Are you unable to meet your credit card or loan repayments?
  • Are you ignoring your mail and telephone calls?

Find debt help and advice that you may need to clear your personal debt online. There are a number of ways to clear your debts which we have provided links below to explain in greater detail.

  • Contact a debt advisor today by calling a recognised company using a free phone number!
  • Ask people you can trust for advice, you may be surprised who is struggling!

Help is available as we state above to find personal debt solutions that can assist you to clear your debts. A personal debt problem is often not unique, at Lewis Alexander we can offer you help with debt problems and the debt support you may need today.

In England, Wales and Northern Ireland the IVA or Individual Voluntary Arrangement is a very useful debt management tool which helps many people through difficult personal debt problems. An IVA, however, does not apply in Scotland. In Scotland there is the Protected Trust Deed which does essentially the same job although it does have some differences. The main difference between a ‘Trust Deed’ and an ‘IVA’ is the length of time one stays in force. An IVA usually lasts for 5 years whilst a Trust Deed usually lasts for just 3 years. Most of the other aspects of the Trust Deed are the same as an IVA.

  • Interest and Charges are usually stopped with an IVA and Trust Deed.
  • You only make one monthly repayment with a Trust Deed and IVA.
  • Creditors letters and telephone calls usually stop with an IVA and Protected Trust Deed.
  • Court proceedings and bankruptcy can be prevented with an IVA or Trust Deed.
  • Once you finish the term of the agreement you will usually be deemed clear of debt.

An IVA or Trust Deed is a legally binding agreement and there may be consequences if you fail to adhere to terms set out in the agreement. If a Trust Deed is either not suitable or is not possible, then in Scotland you may apply for the Scottish equivalent of Bankruptcy known as Sequestration or enter into a Debt Management Plan if suitable.

Find debt advice to help you get out of a debt problem

Finding reliable debt advice is not the easiest thing to do sometimes because you trawl a pile of websites and then you still need to talk to someone to see if that company is going to be able to help.

If you have personal debts and are trying to find help or advice about how to deal with them, we can help. We have helped many people to re-organise or clear debts completely.  These people all chose us because they got reliable and straight forward debt advice in the first instance from us.

  • Are you feeling overwhelmed by credit card bills?
  • Do your catalogue bills just seem to get bigger?
  • Are your store cards a burden?

These are common thoughts for people starting to struggle with their debts. It can then lead on to bills not being paid, then the creditors start chasing for payment and interest and charges start to accumulate on each account not being paid. This description is over simplified perhaps but it happens every day in the UK.

  • We can help you find personal debt solutions available to assist you in getting back on track.

If you have debt problems you will know that life events are often the cause or the catalyst. Many people go through something in their life like an illness or a divorce perhaps, then suddenly find themselves sliding into debt. If you fit any of those types of groups, we could find tailored debt help to suit you.

Debts can be sorted out!  The longer you take to face your debts, the longer they take to sort out. Act today, you could be one day closer to being clear of debt.  The Internet, television and press are full of adverts and articles about how to find debt advice as personal debt has become an enormous problem in the UK.

If you have found yourself in a position recently where you’ve felt that money is the only thing you seem to think about and about how on earth you are going to pay those bills. Well, take five minutes out of your day, give us a call and then see if we can give you a debt management solution to get you through your debt problems for the long term.

Further down the line of personal debt trouble, there are things that may start to be a threat or may even take place that indicate how serious your situation has become. Please do not fall into the age old trap of ignoring your debt problems, they will not go away by burying your head in the sand.

  • There is NO SHAME in getting yourself into DEBT
  • Don’t be the person who ignores it and makes the problem worse making it harder to get out of.

There are lots of things that can be discussed and implemented confidentially with you before you get anywhere close to having to go through any of the above outcomes. Your situation is likely to be one that we have come across before which means we won’t be shocked. There is personal debt help available and you will not be judged.

  • To find out how or if we can help you start to clear your debts, call free from a land line today using 0800 018 6868.
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24 hour debt help and advice

On June 12, 2011, in News, by Lewis Alexander

credit report UK from Experian24 Hour debt advice and debt help, lines open 24 hours a day in the UK.

  • Are your personal debts keeping you up at night?
  • Have you gone passed the stage of being able to manage your debt?
  • Do you worry about your personal finances 24 hours a day?

24hr debt advice and help is available online throughout the UK.

Getting personal debt help is one thing, but getting the right help when you need it is something completely different. Our lines are open 24 hours a day to call and subsequently enquire about different debt solutions, so if you need debt advice we will be there. Our advice is available during normal office hours but our lines are open and operators are available to answer your call live 24 hours a day, 7 days a week.

Once people decide to get help they are often stressed with personal debt and sometimes upset about their predicament, having someone listen with a sympathetic ear is exactly what they are looking for. People are usually embarrassed about getting themselves into the debt in the first place so we do not judge at all.

Talking to our professional debt advisors will allow you the benefit of our extensive expertise. We may have a debt solution you haven’t even thought of and will give you a full appraisal of your situation offering several possible options to explore to get out of debt at the end of it, such as a debt management plan or an IVA.

It is common to find that some individuals debts are not as bad as they thought they were and that they just needed to get some proper advice from a 24 hour personal debt service and then learn how to better manage debt in the future. This approach often saves people in a lot of money in the long term regarding their total debt repaid.

What kind of debts cause people the most problems?

Household bills are not normally the cause of personal debt because people pay them as a matter of course anyway and tend to be used to paying for them. The bills that more often than not cause the trouble are things like;

Because these debts often have high interest rates, the debt becomes bigger when only minimum repayments are being met resulting in the debt taking much longer to repay.

  • We specialise in helping vulnerable people 24 hours a day

Personal Debt Help

Some groups of people are more vulnerable to personal debt than others. These groups of people are often living on low incomes and are usually part of single income families or living alone. They may also be limited to what they can do to earn a living. We have clients from all the following groups although there are others.

A 24 hour debt helpline service for all UK residents!

By talking with a trained debt councillor ( not always available 24 hours) you will be able to understand relatively quickly what options are actually available to you when trying to clear debts in the UK.  The simple bit is actually the hardest, picking up the phone and dialling a debt service that wishes not to charge you for the call but offer you a free from a landline debt helpline.  UK Loan information should also be free of cost online!

  • Financial peace of mind is easy to obtain if you take the good advice!
  • Not ALL personal debt problems are easy to solve, do NOT be tricked!

Debt advice is available 24 hours everywhere it seems. Getting the right debt advice is very important if you want the best chance of getting out of debt quickly. Debt help is not purely about just being told what you need, sign a piece of paper to tie you into yet another contract and then reap the rewards of poor debt management plans. To really get to the bottom of an individuals personal debt situation takes care, attention and tact because people often feel embarrassed and vulnerable when it comes to talking about debt on our 24 hour debt helpline.

It is a possibility to clear debts for good through effective debt management and building a personal debt help plan that will address your specific situation. Once that has been established we can recommend what personal debt management solutions we think would suit you best meaning you will be better placed to make an informed choice about your financial future.

There are other ideas we may have that could involve less formal propositions but these tend to only be applicable when the debt problem is not that severe. The larger the debt problem, the more formal the personal debt solution tends to be.  You will have an idea of how serious things have become by how much stress you feel under to pay bills each month. Obviously, if things are so bad that you are not paying your mortgage or arrears each month, you could be about to lose your home so something has to be done quickly.  Other lesser bills can be dealt with equally efficiently and this will keep creditors away from your door and off the phone.

  • Some of the more formal debt advice UK options, such as the IVA or Individual Voluntary Arrangement, actually guarantee the end of creditors writing, calling or visiting you to try and get cash from you.

You may be struggling 24 hours a day to get credit because of a rocky patch in your past. Find out what can be done to repair your credit rating by examining your credit reference files and ensuring everything is correct.  Find information about how to repair your credit rating.

Our debt advisors won’t just try to convince you to take out this, that or the other miracle debt cure like other companies, they will want a proper discussion to carefully work out what would be the most beneficial debt management solution for you as an individual.

  • Debt help in the UK is readily available 24 hours a day, 7 days a week.
  • Allow our experienced debt advisors help you solve your debt problems.

Debt advice should not cost you anything but your time!

Most debt companies will charge you for dealing with your debts before they actually do any work and you should take extra care when selecting the debt service you wish to use. Some of the debt help organisations do not actually deal with your creditors for you and they just sell your enquiry to other debt management online or IVA services. This means your financial details are passed around the industry until some individual manages to sell you the best advice for themselves or the debt company they work for.

Try speaking with us at Lewis Alexander.  They are well educated regarding the current personal debt situation in the UK  and are very helpful from the point of taking your initial enquiry to clearing your last penny of debt, it is all taken care of in house and you will NOT be passed about from company to company!

Obviously anyone can find themselves in debt, even the rich can get into problems! Don’t wait, get 24 hour UK Debt Help and Advice today! We offer help with debt to people from England, Scotland, Wales and Northern Ireland.

  • For 24 hour debt help and advice call our free from a landline debt helpline using 0800 018 6868, calls are usually free from a land line but call costs may vary from a mobile, please check with your service provider before calling.
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National Debt Help and Advice Service in England

On June 9, 2011, in News, by Lewis Alexander

free credit report UK from ExperianNational debt help and advice is available in all cities of the United Kingdom including Manchester, Leeds, Glasgow, Edinburgh, Birmingham, London and Bristol.  You can visit debt charities or the main citizens advice bureau in your area, these services are usually free.

  • Do you live in England and need some sort of debt help or advice to clear personal debts?
  • Are you struggling to clarify what type of debt solution would suit you best?
  • Would you benefit from a confidential conversation with a trained advisor?

Here at Lewis Alexander, we make no secrets of the fact that we do charge for our ongoing debt management services but the initial advice we offer is free. Find debt help in Birmingham, Manchester, London, Bristol, Leeds, Glasgow or Edinburgh online.  A trained advisor can help you if you call our free phone helpline using 0800 018 6868!

Find information about the debt help you may need to clear debts. It is no different in Birmingham or Manchester than to any other area or residential location in England, the following are the ways that most people explore to clear their debts in the UK.

The difference in Glasgow, Edinburgh and the rest of Scotland than to any other place in the UK is that the IVA is actually known as a Trust Deed with slight varying factors.

  • Debt help and advice around Scotland

We help people with personal debt living in areas around Scotland such as Paisley, Hamilton, Cumbernauld, Perth, Sterling, Scone, Tayside, Greenock, Irvine, Ayr, Livingston, Kilmarnock, East Kilbride, Larkhall, Troon, Kirkintilloch, Falkirk, Grangemouth, Dundee, Buckhaven, Edinburgh, St Andrews, Montrose, Aberdeen, Arbroath, Stonehaven, Banchory, Westhill, Inverness, Halkirk, Wick, Ullapool, Portree, Tarbert, Bowmore, Banff, Peterhead, Thurso, Huntly, Rosyth, Whitburn, Johnstone, Erskine, Clydebank, Bonhill, Kilbirnie, Saltcoats, Largs, Helensburgh, Aviemore, Isle Of Skye, Fort Augustus, Giffnock, Motherwell, Wishaw, Renfrew, Strathaven, Bishopbriggs, Stewarton, Dumbarton and other surrounding towns and cities around Glasgow and Scotland can all call Lewis Alexander Financial Management free from a land line!

  • Debt help and advice around the Midlands

We also help people in personal debt living around Birmingham in areas such as Oldbury, West Bromwich, Dudley, Smethwick, LadyWood, Perry Barr, Wolverhampton, Erdington, Kingstanding, Walsall, Sutton Coldfield, Wednesbury, Halesowen, Digbeth, Aston, Hockley, Balsall Heath, Kings Norton and other surrounding areas of Birmingham!

Lewis Alexander is a well recognised national debt help services based in Manchester UK, offering services to people living in and around the Manchester area including Trafford Park, Bolton, Wythenshawe, Drolysden, Ashton, Wigan, Warrington, Ancoats, Swinton, Pendlebury, Salford, Altrincham, Stretford, Sale, Prestwich, Longsight, Whalley Range, Stalybridge, Stockport, Eccles, Irlam, Failsworth, Denton, Hyde, Duckinfield, Cheadle, Partington, Farmworth,  Crumpsall, Cheetham Hill, Oldham, Chadderton, Middleton, Shaw, Worsley, Fallowfield, Urmston, Reddish, Withington, Kearsley, Heaton Park, Moston, Timperley, Hale, Bury,  Blackley, Rochdale, Middleton and other areas around the North West!

  • Debt help and advice around London

We also help UK residents struggling with debt living in and around London in places such as Slough, High Wycombe, Berkshire, Reading, Newbury, Luton, Milton Keynes, Northampton, Elstree, Fulham, Epsom, Dartford, Brentford, Watford, Gillingham, Staines, Cheshunt, Sunbury, Bracknell, South Ockendon, Borehamwood, Camberley, Woking, Leatherdhead, New Addington, Swanley, Chatham, Loughton, Basildon, Potters Bar, Hackney, Wembley, Harrow, Lambeth, Deptford, Bethnal Green, Stepney, Willesden, Highbury and other surrounding towns and cities around London!

  • Debt help and advice around Yorkshire

Help is available from Lewis Alexander Financial Management for people residing in Yorkshire locations such as Morley, Pudsey, Farsley, Rodley, Kirkstall, Holbeck, Meanwood, Headingley, Horsforth, Moortown, Roundhay, Seacroft, Hunslet, Middleton, Thorpe, Garforth, Swillington, Cross Green, Churwell, West Park, Bramley, Armley, Beeston, Wakefield, Chapel Allerton, Weetwood, Coockridge, Eccup, Shadwell and other surrounding places in and around the Leeds and West Yorkshire areas!

  • So if you need national debt help or advice in the UK, call Lewis Alexander today in confidence using 0800 018 6868
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Help to Consolidate Personal Debt

On June 5, 2011, in News, by Lewis Alexander

Personal debt consolidation help and advice service in the UK.

free credit report UK from ExperianYou can consolidate personal debts without another loan if you have previously been refused credit!

  • Does your present situation ever give you the impression that your personal debts have become so unmanageable that you feel as though you are drowning?
  • Are you only making minimum payments on credit cards?
  • Do all these payments together use up all your available cash each month?
  • Do your monthly outgoings outweigh your monthly income?

If you answered YES to any of these questions then perhaps personal debt consolidation is something that could help you make your life easier.

Personal debt consolidation help is available throughout the UK, therefore if you are being charged for personal debt consolidation advice on expensive phone lines stop and think for a moment!

  • Are these companies helping you?

At Lewis Alexander we could be able to help you pay off your debts through one affordable monthly repayment and will also attempt to help you consolidate personal debts through an IVA or debt management plan that can assist in clearing your store cards, credit cards, cash or payday loans and other personal unsecured debts such as overdrafts.

Once we talk to you, we can discuss your options, give you personal advice and recommend a solution to help with debt which we both agree will be in your best interests. With our personal debt consolidation advice you could be able to stop yourself sinking further and further into debt trouble.

  • At Lewis Alexander we help people get out of debt, we can do it without having to take out more loans and we can even try if you have been refused loans or credit!
  • First and foremost, we will deal with you in a confidential manner.

We want you to be honest about your debts without feeling awkward. We want this to be the fresh start and the beginning of a healthy financial future for you and your family. We will not expect you to fill in any loan applications and there will be no credit checks if using our debt management service.

  • If you want to improve your financial situation and sort out or clear personal debt and improve your financial life for the long term, call our debt helpline free from a land line today using 0800 018 6868.
  • Find debt consolidation help online about how to consolidate all your unsecured debts into ONE affordable monthly repayment!
  • Do not struggle after a change in circumstance with different debts each month, get the help available to consolidate and clear your debts!
  • Debt consolidation can offer debt relief quicker than a lot of other methods.
  • A debt management plan could also help you to consolidate your debts.


When you look at what you pay out each month on personal loans, credit cards, store cards and any other kind of credit or hire purchase agreement, you will be very aware how different interest rates can vary on all these different types of credit agreements.

When you work out what you have to pay on each of these separate bills each month, you will probably be surprised how much of your payment for each is actually towards paying interest charges. You will be aware that some of your debts hardly ever seem to get any smaller.

Debt consolidation help can be costly, so don’t use premium rate phone lines for advice because they are not helping you straight from the start. Think about it. If they are charging you premium rates for advice, what will they charge you for actually doing the work?

Personal Debt Help

When we set up a Lewis Alexander  debt management plan for our clients, we not only give personal advice, we try to organise your finances so you can manage. Our initial advice is FREE but our ongoing services are chargeable!

When you are looking for advice about any aspect of and an IVA or debt management plan, getting the wrong advice can be very expensive. Not only will we give you debt consolidation advice but we will give you advice about the aspects of debt management we believe suit you.

Unsecured personal debt will create stress and pressure in your daily life and it must be dealt with as soon as you realise you are encountering problems. If you leave a debt problem to mount up it will only become greater and the possibility of an advisor being able to assist you is far less.

  • At Lewis Alexander we have a proven track record of helping people clear debts from the point of their first contact with our debt helpline to the last penny being paid off.
  • Most people are not aware of the help and assistance available online and the debt consolidation and management information out there is quite amazing.

For personal debt consolidation advice in confidence, call FREE from a land line using 0800 018 6868 today!

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IVA advice and help in England UK

On June 3, 2011, in News, by Lewis Alexander

Personal advice about an Individual Voluntary Arrangement or IVA in England

  • free credit report UK from ExperianHave you been advised to or considered clearing your personal debt with an IVA?
  • An IVA could be the solution you have been looking for to help you become clear of debt.
  • It has a fixed term of repayment, so you know exactly when it will end, however, conditions do apply!

Could an IVA be what you need to clear your debt?

When an individuals personal debts have become such a problem that they feel they can no longer manage the monthly repayments, there is a debt settlement solution called an Individual Voluntary Arrangement or IVA which can give people in debt the help to clear debt that they require.

An Individual Voluntary Arrangement or IVA is a formal procedure set up by a licensed professional, where an arrangement is made between you and all of your creditors to make reduced payments towards the total amount of your debt, in an effort to pay off part of what you owe then normally after five years of making these payments your debts are classed as settled.

  • An IVA usually lasts for 5 years or 60 months, creditor contact usually stops and interest and charges are usually frozen.
  • You may be required to release equity from any home you may own towards the end of an IVA in order to increase the total contribution your creditors would receive.

After it has been agreed that an IVA is the best option for you, you will be asked some questions about your current financial situation to try and work out an amount that you will be able to repay each month for the term of the IVA.

Personal Debt Help

Once this figure has been agreed by you, an application will then be made to the court for an ‘Interim Order’ and once  this is in place no creditors can instigate legal proceedings against you. There will then be a meeting of all your creditors which you would be wise to attend. Once the majority of the creditors agree that an IVA should be put in place, that’s it.

  • Your financial situation will be reviewed during the course  of your IVA!

An Individual Voluntary Arrangement or IVA should not be confused with other informal debt management procedures as it is legally binding and you are tied into to it for five years normally.

If you are not sure that an Individual Voluntary Arrangement or IVA is the answer for you to clear your debts you contact a trained consultant for further IVA help or advice to help you decide if an Individual Voluntary Arrangement or IVA is for you.

Trust Deed in Scotland

  • In Scotland there is no such thing as an Individual Voluntary Arrangement or IVA.
  • In Scotland it is known as a Protected Trust Deed and does effectively the same job.
  • With a Trust Deed you can;
  1. Stop and prevent interest and charges
  2. Make one simple monthly payment
  3. Put a halt to creditors calls and letters
  4. Stop court proceedings or Bankruptcy

If you think your personal debt situation warrants considering an IVA or Trust Deed, call us to get detailed IVA or Trust Deed facts and figures based on your current situation and obtain further information about debt help in general.

An Individual Voluntary Arrangement or IVA is not the solution for everyone and it should be carefully considered before proceeding. Your credit rating will be affected due to the formal nature of the IVA.

  • You can obtain further information about an IVA if you call us free on from a land line using 0800 018 6868 and we will gladly discuss your situation and give you the very best help with debt problems and IVA advice we can in the strictest of confidence.
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