• free credit report UK from ExperianAre you in arrears with credit cards, store cards, personal loans or overdrafts?
  • Been looking to claim back Mis-Sold Payment Protection Insurance / PPi on credit agreements you may have paid off or still have outstanding?
  • Currently on a Debt Management Plan and wondering why fee charging PPI companies are not falling over themselves to take on your PPi Claim or case?

When you claim back PPi or Payment Protection Insurance that may have been mis-sold to you, the lender will pay you back the money they owe in full.

If you still have an outstanding balance with the particular lender that you are claiming back mis-sold PPI from then this lender has the right to reduce your debt by what they owe you instead of sending you the funds directly! This is why fee charging PPI claim companies struggle to get paid their fees if you are in arrears or on a debt management plan.

It is often the case that the money you get back as a result of winning your PPI claim does not add up to more than what you may have outstanding, therefore you will have to find the fee to pay the PPI company which can be up to 30%.

For example;

  • John B owes £4500 to Lloyds TSB Card Services
  • He wins a PPI claim against Lloyds TSB for £1000
  • He has used a PPI claim company that now require £300 or 30% of the £1000 won as their genuine fee for making Johns claim.
  • John now owes Lloyds TSB £3500, but now also owes a PPI company that won his claim £300 which he does not have!
  • John is also on a debt management plan so the fee he owes the PPI company will have to be added onto his debt management plan, this in turn means that the PPI company has to wait a long time to get the fee they are owed by John paid back in full.
  • This is why most fee charging PPI companies do not want to make PPI claims for people in arrears or on debt management plans.

At Lewis Alexander we are licensed under the Consumer Credit Act by the Office of Fair Trading, this allows us to carry on the activity of debt adjustment and counselling, we are NOT licensed or regulated by the Ministry of Justice in respect to Claims Management Activities so we do not engage in the fee charging sector or services of mis-sold PPI claims.

  • We offer our clients who are on a Lewis Alexander Financial Management Plan the benefit of our knowledge and get them the forms they need that enable them to understand how to claim back PPI for free themselves.
  • All it costs is their time.

The information required to enable someone to claim back mis-sold PPI without paying a company a fee is readily available on the internet from sites such as “Money Saving Expert” and “Which” the consumer campaign organisation.

However, it is always reasonable to get a company to do the job for you as long as you can afford the fee they charge and have the funds to pay if your accounts you are claiming against still have outstanding balances.

  • Some people genuinely struggle with forms and finding the right way to get claims processed so this is another reason why we get the forms for our debt management clients free of any charge.
  • Our clients conduct the claim themselves and this way save any PPI claim fees.

When people switch debt management plans or move debt management company or service, they are often re-charged another set up fee or arrangement fee by the new debt management company that they have selected for the debt help.

This is not the case when switching debt management plan to Lewis Alexander Financial Management. We do not keep your first payment when you move debt company or services to one of our debt management plans; this is only if you have made a normal monthly payment to any other debt management company or service within the last 3 months of joining us.

This means your creditors will receive a distributed payment from the first payment onwards that you make to Lewis Alexander Financial Management.  Again, this is limited to clients who have made payments to other debt management services within the last 3 months.

If you would like help with debts or simply wish to move debt management company or services and see if there any benefits for you in doing so, then please call our debt management helpline today using;

  • 0800 018 6868
  • Lines are open 24 hours a day / 7 days a week
  • Calls are usually FREE from a UK land line
  • From mobiles it may be less expensive to call 0161 872 3383
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What are the Best Personal Debt Consolidation Solutions

On August 1, 2012, in News, by Lewis Alexander
  • free credit report UK from Experian

    What personal debt solutions are available to consolidate personal debts in the United Kingdom?

  • Which are the best personal debt consolidation solutions available?

If you are looking to consolidate personal debts and cannot find a personal debt consolidation solution that seems to suit you, it is worth taking further advice to see if you have been given all the information you need to enable you to make an informed decision.

There are long term financial implications to consider when choosing or selecting a personal debt solution and these should be considered before making a final decision.

You may have been advised to enter an IVA or even a Personal Debt Management Plan, whichever personal debt solution you have been advised to enter, you should always obtain a second opinion.

Personal debt consolidation services and debt solutions available will differ based upon those individuals personal circumstances who are applying. If you are working you may be eligible for a debt solution that someone who is not working cannot consider, this is usually due to the person being employed and having a regular income.

There are personal debt solutions available for people who are on long term or short term state benefits but again these debt solutions will be available to people subject to the level of personal debt they may have.

When considering or exploring which personal debt solution is the best for you to proceed with, it is worth thinking about the changes you may encounter whilst that personal debt solution is in place.

  • Are you due to retire in the next couple of years?
  • Will you have health issues that affect your income?
  • Do you receive state benefits that may stop or be reduced?

The above are just a few possible changes in circumstance that people go through whilst progressing with a personal debt solution, usually over a period of a couple of years.

If you do not consider possible future changes to your personal circumstances then you could actually fail to select the best debt solution that is right for you.

If you need help to clear or consolidate personal debts and are struggling to find the right personal debt solution, then please contact our debt helpline today in confidence.

  • Call FREE using – 0800 018 6868 today!
  • Lines are open 24 hours a day / 7 days a week
  • Your call is usually FREE from a UK land line but mobile call costs may vary.
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