Personal Debt Consolidation Services

On April 19, 2012, in News, by Lewis Alexander
  • free credit report UK from ExperianStruggling with paying off credit card debts?
  • Trying to find a fast way to pay off debt?
  • Need help to understand how quickly a debt consolidation service can get you out of debt?

Lewis Alexander is a personal debt consolidation service.

We help people to consolidate personal debts with or without loans and the individuals personal circumstance dictates which personal debt solution is best suited to that person.

With all the financial adverts telling us about personal debt and how to get out of it, a lot of people seem to be more confused than ever about what is available and which route is a sensible one to explore when trying to clear personal debts.

Contacting a debt consolidation service is one way of dealing with problem debts, this can help an individual when they are unsure about which way to turn when looking for ways to deal with the personal debt.

If you are struggling with different credit cards, personal loans and catalogues, you may not be even managing to meet the interest payments.  After taking assistance from a trained debt advisor at a reputable and established debt consolidation service you could change the way you live entirely.

Debt Help UK

Many people have consolidated unsecured personal debts into one manageable affordable monthly repayment through a debt consolidation service, which helps and assists them in managing the financial problems they originally faced.

  • Have you lost control of your personal finances?
  • Do you have to decide which bills to pay and which ones to leave each month?
  • Would you benefit from being able to reduce how much you have to pay to creditors each month?

If your financial situation means you can identify with the above statements then serious consideration should be given to how you can sort out your personal finances.

A debt consolidation loan is a very useful way of lumping together all your debts and making just one repayment each month.

Debt consolidation loans are subject to your personal status

When you have extensive personal debts such as store cards, credit cards, mortgage arrears and personal loans all making demands on your monthly income, it can become very difficult to make ends meet sometimes, especially if you suffer a further change in your personal circumstances.

Getting good financial debt advice before taking out a debt consolidation loan is very important and you should never be charged for that UK debt advice. If you are currently being charged for debt advice,  walk away!

  • With the help and assistance of a debt consolidation service you could be able to make just one affordable monthly repayment!

If you would like to talk to a trained personal debt consultant to see if a debt consolidation service could help you, please call Lewis Alexander today in confidence and one of our trained debt advisors will assist you.

A debt consolidation loan can form part of an overall personal debt management plan as well as remaining a stand alone solution in its own right.  Again this is subject to the person’s personal credit status.

Can a Personal Debt Consolidation Service really help me?  I think it may be too late!

Even if things have gone too far and a debt consolidation company or service is contacted too late, we will gladly assess your situation and make suggestions in an attempt to help you find a way out of the personal debt and financial troubles you may be facing.

  • Our financial helpline is free to call from a land line and our lines are open 24 hours a day, 7 days a week.
  • (Calls charges from mobiles may vary, please check with your service provider before calling)
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Credit Card Spending is not Real say our Children

On March 30, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianAs the UK struggles to move under thousands of pounds worth of personal debt for each household, it appears that we may have passed a culture of debt on to our children.

A recent report commissioned by Barclays Money Skills suggests that a third of British teenagers don’t consider monies spent on credit cards to be ‘real’ spending a worrying stat for a country trying to cut down on its levels of personal debt.

It is easy to understand how this attitude may have been transmitted as Brits in their millions racked up unsecured borrowing across credit cards, personal loans and store cards during the late 90’s and early naughties.  With our children watching our every step, it is hardly surprising that their view of credit cards is the same as ours was.  A kind of ‘tomorrow’ approach, where we think that everything will kind of sort itself out in the end and the debt will be magically repaid!

  • The report also stated that 34% regularly ran out of money!
  • 13% were constantly out of cash!
  • and perhaps surprisingly a third rely on their parents for regular handouts in order to survive!
  • Only one third?

With this being the case, it does seem to ring true that very few teenagers reach financial independence prior to potentially moving out of the family home.

  • Of further concern should be the fact that 90% suggested they solely relied on advice from their friends and family.
  • With only 3% commenting that their place of education had helped.

Perhaps it is no surprise that in listening to us parents that so many are struggling to attain a decent level of financial understanding.  What with us being such masters of the art of fiscal management!

Somewhat reassuring was the fact that ¾ of those surveyed had made some kind of savings during the past twelve months, albeit these funds were mostly used for gadgets and clothes.  But then again, some savings are better than no savings.  A fact that I keep telling myself as besides the princely sum of £1000 that I placed into an ISA recently, I currently have no other savings to speak of.

To help this shocking state of affairs and genuinely to their credit, Barclays have recently announced a trio of partnerships with youth charities designed to improve the fiscal skills of up to 1 million young people.  At a time when the banks are being given some considerable stick (not least from this blog) such a move is commendable.

Action for Children, the National Skills Academy for Financial Services and the National Youth Agency are the charities involved and the scheme is due to target youngsters who are out of work or in education / training, educating across a range of financial disciplines including budgeting, spending, saving and avoiding debt.

If however this financial training has come a little late for you and your own little personal debt mountain has already been created from the costs of being a teenager and in particular a student in the 21st century, then don’t worry, help is at hand.

  • Here at Lewis Alexander, we have debt management consultants to take your call.
  • Before you speak to us, it would help us if you can write down how much you owe, who you owe it to, details of any savings and details of your regular income.

By understanding your current position our financial consultants will be able to develop a plan of action that suits your current circumstance.  Rather than force certain debt solutions to fit your individual set of circumstances, we prefer to understand the issues that you are facing before recommending the best course of action.

So call today and see if we can help you to improve your financial health.

Call 0800 018 6868 in confidence, your call is FREE from a UK landline.

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Personal Debt, the Banks and UK House Prices

On July 1, 2010, in News, by Lewis Alexander
  • What have the above got in common?

Personal debt has been driven up by our previous government allowing banks to basically over lend, just like the previous government increased the countries own debt level.  It all has to be repaid at some point and now we find the banks are unable to lend against property unless people can provide a deposit, in some cases being up to 35% of the desired property value. Interbank lending reductions are also showing signs of returning.  This means money becomes even shorter in supply generally throughout the entire economy.

If we look at consumer personal debt levels, these have been created via irresponsible lending and irresponsible spending, but not in all cases.

Some people have also consolidated their personal unsecured debts such as credit cards and loans, store cards and catalogues into either a new secured loan against their home or into the existing mortgage by remortgaging the money from available equity in their home.

This is very risky when you think that in the very near future, interest rates will have to start going up again and that will mean that people again will feel the squeeze in their monthly budget as their mortgage or home repayment costs go up.  Some will be able to manage the increase and some will not, these are the people that really should be looking in their most trusted crystal ball at the moment.

When lending by banks against property reduces it can also mean that house prices in turn may fall, this is because people have to be more realistic about the value of their house for sale purposes if they really wish to move quickly, banks will only lend money against a property for what it is worth, not for what a vendor feels they have spent on it which actually becomes perceived added value.  The perception of increased value is not always there in the eyes of the banks at the point of lending!

International investment from outside the UK from people moving here or buying second homes here, coupled with the fact that demand in the UK for new affordable housing is outstripping supply and has done for the past couple of decades, means that this supply and demand issue for new affordable housing could be the only saving grace to our UK housing market, if the international money which usually goes directly into London stops due to global issues and the banks don’t inter lend, then the only people buying houses will be first time buyers with very large deposits, therefore a reduction in most house prices would follow.

If you have unsecured personal debts and a mortgage to pay each month you should make sure that the credit repayments are not eating up the majority of your income, if they are it is time to seek some personal debt advice.  If you think things could get out of control for you financially if you suffered a change in circumstance, then you should be planning ahead just in case.

When you repay credit cards and loans, sometimes you are servicing the debt by only paying interest that is accruing, this is as good as renting your debt off of your creditor, you must get into a debt reduction plan as soon as possible if this is the case.

  • Taking the first step to sorting a financial problem is usually the hardest, as with most unfamiliar things we do in life.

If you need professional advice regarding your outstanding personal finances then call our personal debt helpline today in confidence using 0800 018 6868, lines are open 24 hours and your call is free.

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UK PLC needs a Consumer Debt Management Plan

On June 24, 2010, in News, by Lewis Alexander
  • The UK has found itself in emergency need of a debt management plan!
  • Why?
  • Because the countries debt problems have been allowed to go to such a point that drastic measures need to be taken to control the income and expenditure of the country or UK PLC as it is also known financially.

The above is exactly the same as when an individual or consumer leaves a personal debt problem to grow out of control without taking action to balance the income and expenditure into the household.

The longer the debt problem is left un-managed, the greater the problem becomes to manage!

Debt Management plans have been around in the UK since the early nineties, they offer consumers in personal debt an informal opportunity to pay off debts without having to borrow any more money to do so.  Debt Management Plans came about due to people finding they could not obtain any further credit to consolidate, or put into one, all the other debts they had accumulated.

If you find you are in need of a debt management plan, the first thing you should do is contact a reputable debt management company.  This way you can obtain advice regarding your personal situation.  You should not be charged any fees up front when being advised and only if you decide to use that particular debt management service should you be asked to part with any money.

Debt Management in the UK is very common place in the personal finance industry and when a debt management plan is operated professionally by a reputable personal debt service, consumers can find that a debt management plan is a very useful solution to clear personal debt problems.

A debt management plan can help you to clear unsecured personal debts such as, credit cards and store cards, personal loans and overdrafts, catalogues, book clubs and even allow for you to repay car finance, mortgages and other commitments as part of the solution if your disposable expenditure allows for it. All secured debts such as car finance, mortgages and secured home loans have to be kept up and cannot be included within the debt management companies’ dealings with creditors, the debt management company must make an allowance within your expenditure for you to maintain these payments as they constitute your priority debts, this is how they form part of the overall debt solution that a personal debt management plan can offer.

Priority debts are debts that must be paid before others are taken into account, for example your mortgage payments must be taken more seriously than your credit card payments.  It sounds so simple but the pressure that credit card companies can put on people who owe them money is often enough to make them prioritise the credit card repayment over the mortgage repayment.

This is why the press report horror stories daily about people who have lost their home due to failing to keep up with mortgage or rental payments.

If you find yourself in need of help and advice regarding a debt management plan or other form ofpersonal debt solution, please contact our personal debt helpline 24 hours a day in the UK using 0800 018 6868, our lines are open and your call is free!

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Mistakes People Make when Trying to Reduce Debt Problems

On December 21, 2009, in News, by Lewis Alexander

Many people who are in debt will automatically try to use their existing credit cards to consolidate their personal debts.

  • This is a mistake that can cost you dearly.

In the long term it can cause a greater indebtedness.  Usually, credit card companies will charge considerably more for the combined credit, applying interest rates that will be far greater than the current average of all your interest being applied to all your individual accounts. The last thing you would want is a higher interest rate leading yourself deeper into the cycle of debt.

The problem of getting into debt may have been primarily caused by the credit cards in the first place. It is already a well known fact that many debtors wanting to consolidate their loans are doing so because of unmanageable credit cards and therefore it makes little sense to use credit cards to consolidate personal debt!

  • The whole point of trying to reduce debt is that you should be working to decrease your bills and outgoings.
  • The common mistake people make is to take the easiest way out to pay off their debt with credit cards as they still have a line of credit available.
  • This can cause a problem in the not too distant future if the individual suffers a further change in personal circumstances.

It is so easy to use more credit to pay for existing bills by paying one bill off and adding a new balance to a new or exisiting credit card or loan that will need to be paid off in the future.

The way to reduce your debt would be to get cheaper or less expensive rates of credit and pay off the more expensive credit first, which is usually credit cards.

You will find that credit and loan companies have large resources at their disposal in terms of the best lenders rates available and will have a better negotiating stance than you for the best debt consolidation loan rates. That action would achieve the desired results by reducing the debt in the long and the short term.

  • Your only problem could be the fact that your personal credit rating does not allow for your lenders acceptance for providing this new loan.

Let us imagine for a moment that you owe money on your mortgage, car payments, insurance and some household bills such as electricity and gas.

Your first stop should always be to approach your mortgage company to let them know of your situation, they are a priority creditor.

  • Burying your head in the sand will not make your debt go away!

It is quite amazing that people would take the easy way out and pay their mortgage using their credit cards instead of approaching the mortgage company and informing them of the personal debt problems. You will find that mortgage lenders are usually understanding of your problem if approached early on.

If the hardship is caused by a temporary situation from being out of work for a short while then this contact between you and your creditors can become a financial lifesaver.

You will still need a professional debt advisor if your situation persists and it is important that you find a way to reduce your outgoings in the long run to ensure you do not get deeper into debt.

There are a number of ways that an amount of personal debt outstanding can be consolidated and rolled into one new monthly repayment. Some of the most chosen options follow;

Each case is different and that is where a debt management company usually excels itself in providing the best advice for your own individual needs.

Lewis Alexander Financial Management offers a first class personal Debt Management Service, nationwide throughout the UK. We are based in Manchester, England and we have helped thousands of consumers suffering with personal debt problems in our history.

We have in house specialists who concentrate on debt management plans and personal debt consolidation and we have been looking after a great number of our clients for many years now.

Call Lewis Alexander on their personal debt helpline using 0800 018 6868, our lines are open 24 hours a day, 7 days a week and your call is FREE.

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How does Debt Consolidation work?

On November 27, 2009, in News, by Lewis Alexander
  • How does Debt Consolidation work?
  • What is the best way to get Debt Help?

In our business of managing hundreds of clients finances and helping them with their debt consolidation, we have found that the biggest cause of stress in families is always regarding their personal debt and how best to manage the debt problem that can spiral out of control very easily.

We find that many people are not aware of the debt help that is available for people who genuinely want to reduce their debt and be able to cope with managing their income and expenditure.

There are many financial companies who have an excellent track record in helping people in this situation and these companies are able to ease their clients’ worries very quickly.

Debt consolidation is one method that can be used very effectively to reduce your outgoings and balance it with your in comings, especially with expert help.

  • Many people need educating in what one needs to do in this situation!

Contacting a debt consolidation company will help and educate them as to what decisions need to be made to effectively manage the current situation in the best possible way.  This in itself is a way that a client can receive immediate relief from the worries of not being able to cope financially and the ability to sit down or talk to a consultant over the phone will have long term benefits for the individuals financial future.

Over the many years of managing and clearing clients debts, our experience tells us that once a client contacts a debt management or debt consolidation company, they are put at ease, knowing that that they will not have to deal with a bailiff or collection agent knocking on their door demanding monies that they cannot afford.  The fact that the debt agency is there to help in this situation makes a huge difference.

  • What Is Debt Consolidation?

In the simplest terms, debt consolidation means that you take all of your individual unsecured or secured repayments such as credit cards, overdrafts, loans and catalogues etc and put them all together as one full amount owed. This full amount is the amount that is then arranged into one consolidated loan, offering the benefit of making one lower, affordable and reduced monthly repayment over a longer period initially, if necessary with the effect of reducing ones monthly outgoings.

  • The main purpose of this is to;

1)  Reduce the total amount of debt – this can be achieved effectively when you work closely with one lender who will pay off all your outstanding debt and consolidate it into one monthly repayment.

2)  Create one new payment to a new lender that is far smaller than all the individual payments to various lenders. Debt consolidation companies have much more experience dealing with lenders in this scenario and can also negotiate a much better rate of interest, effectively reducing your overall personal debt.

3)  Allowing you in time to reduce your overall debt if you can make slightly larger payments in due course will have the net effect that you would pay much less in interest over the whole period.

  • One of the benefits that occurs as a result of the above is that you end up with a much better organized financial statement regarding your income and expenditure.

We all find that many bills to pay means you have to be so much better organised and able to meet all the various payments at the due dates or end up paying penalties for late payments, causing you to pay much more in the long run and also affecting your credit rating along the way.

One outgoing for a loan is much easier managed than 10 different payments to various lenders!

  • What are my options when Consolidating my Debt?

1)  If you own your own home and have a reasonable amount of equity in your home you may consider the route of refinancing your existing mortgage to pay off other debts which will reduce your overall interest paid.

2)  If you have a fairly good credit rating you may be able to obtain a personal loan and many people would favor this as the equity in their homes has been drastically reduced in the last few years. You can find out more information about these specialist loans from good debt consolidation companies or debt counselors.

3)  If you have credit cards with large balances then you may opt to transfer all your other debts onto one single card, but you will end up paying higher interest or charges with this method.

4)  Many times you may be able to get help or assistance from family and friends, however, when one wants to keep a certain amount of privacy with financial affairs, most people are swayed against this course of action unless they have very good and open relations with family.  You are also likely to create tensions in family when the last thing you need is further tension, lack of privacy and stress.

5)  Seeking out a professional debt consolidation company – For many people this would be the best option, working closely with a time served and reputable company who have specialists in debt consolidation, debt management and debt reduction will really help you. The advantage is in the fact that they have an in depth knowledge of the areas concerned and also have very good working relationships with banks, credit card companies and general debt collectors and lenders. It is possible in many cases that they are able to negotiate better rates of interest and settlements.

It is important to note here that lately, there has been a surge in new companies operating in this debt arena, many of whom have very little track record and your interests are, shall we say, not their first priority!  It is very important that you do your homework and work with only the best companies that are prepared to look after your interests first, not their own.

Lewis Alexander Financial Management offer a first class personal Debt Management Service, nationwide throughout the UK. We are based in Manchester and we have helped thousands of client’s in our history.  We have in house specialists who concentrate on debt management and loan consolidation and we have been looking after a great number of our clients for many years now.

Call Lewis Alexander on their personal debt helpline using 0800 018 6868, our lines are open 24 hours a day, 7 days a week and your call is free.

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IVA or Debt Management Plan?

On November 7, 2009, in News, by Lewis Alexander
IVA or Debt Management
IVA or Debt Management

The most difficult decision when trying to clear personal debts can be which debt solution to choose after doing all your homework on the options available.

  • Debt Management Plans or
  • IVAIndividual Voluntary Arrangements
  • are usually the two solutions that people have to decide between. When faced with the two options, there are many factors that influence the choice of informal debt management over an IVA and likewise, an IVA over a debt management plan.

It is very important that you understand the differences between these debt solutions, as if you do not, you could easily have the wool pulled over your eyes by a clever and unscrupulous debt advisor that wants to earn extra commission for placing you onto an IVA as opposed to an informal Debt Management Plan.

A professional debt management company such as Lewis Alexander will offer you advice tailored to your personal situation and if you are better suited to a debt management plan rather than personal Insolvency or an IVA, we will tell you, however, you make the final decision based on the debt advice given to you.

It is your choice no one Else’s!

When you are in debt it can feel like everyone else does not understand your particular situation and that you feel that your debt problems are some how different to all others.  This is not true, it is actually a mental stigma associated with being in personal debt, you are not alone and your financial problem is usually pretty much the same as others around you, it is your personal change in circumstance that will differ to other peoples, this is what creates the problem of being in debt in the first place.

Some people split from partners or others suffer a death in the family, others may have hours at work reduce resulting in less income, the list is endless but what is the same is the debt problem that people find themselves with due to being set back financially by the change in circumstance they may have suffered.

The main difference between an IVA and Debt Management Plan (DMP) is that

  • An IVA is a legally binding agreement
  • A debt management plan is not.

With a debt management plan you can expect to repay much of what you owe.  With an IVA, the debt that is not repaid within a 60 month period is then written off by your creditors, this is agreed at a creditors meeting prior to the IVA commencing.

The IVA will guarantee to freeze any interest or charges being applied to your accounts, a debt management plan will not and it is down to the hard work and efforts put in by your chosen debt management company as to how quickly your debt is reduced, make your selection regarding your chosen debt company or debt service carefully!

  • The cost of choosing or selecting the wrong debt company or agency to solve your debt problems can be as high as the interest being applied by your creditors to your accounts.
  • The wrong debt company will have no concern on actually getting the job done, they are more concerned with extracting funds from you and fobbing you off with none truths.

For honest, genuine, debt advice and help in the UK, call our free from a landline personal debt helpline today using 0800 018 6868, your personal details are dealt with in absolute confidence and your call is free!

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Help to Clear Debt

On October 31, 2009, in News, by Lewis Alexander
  • Do you need help to clear debts in the UK?
  • Are you struggling with your monthly repayments?
  • Refused loans to consolidate personal debt?

At Lewis Alexander we understand how personal debt problems can impact on your daily life and we offer help and assistance to clear your debts without another loan.  You do NOT need to take on further credit or loans to clear credit card debts or other unsecured credit agreements.

You can start by exploring proven debt solutions such as a Debt Management Plan or IVA (Individual Voluntary Arrangement).

Debt solutions such as bankruptcy are usually the last to be considered and also the most severe! Please remember that you should not pay debt companies for advice about how to clear personal debts.

There are many different ways of finding free help to clear debts, many sites online will offer information that when put together, gives you a broad but at times detailed explanation of solutions available to clear personal debt.

  • Should you really trust the companies you owe money to when looking for help to clear debts?

Help to clear debts in the UK is usually chargeable when you use the services of a debt management company or Insolvency Practitioner that you would be expected to make repayments via a third party, other than when starting one of those two options, no individual should be asking you to part with any money unless you owe it directly to them.

  • It is very important that people consider all options available when obtaining help to clear debts!

Apart from the main 4 solutions (debt management plans, bankruptcy, Consolidation loans and Insolvency)  there are no magic ways of wiping out debt, unenforceable credit agreements do exist but not in the numbers that some companies are advertising!

  • Debt management should only be entered into with the right company, do your homework!
  • An IVA should only be entered into with a licensed insolvency practitioner
  • A loan to clear debt should only be taken from a licensed credit broker
  • Bankruptcy is entered into through your local county court

Be careful of being charged upfront fees for help to clear debt and services that may not even exist, some companies are charging people for loan applications to clear debts and these people are finding that loans are still not available to them, even though a  fee has been paid!

Should you wish to discuss you personal financial issues with a trained personal debt advisor and simply need help to clear debt, please call our free from a landline personal debt helpline using 0800 018 6868, our staff are UK based, lines are open 24 hours /7 days a week and your call is FREE.  All calls are dealt with in confidence.

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