free credit report UK from ExperianThe moment you realised that your personal debt repayments totalled almost as much as you earned each month you decided enough was enough.

With Christmas having been and gone it’s time to get your life in order!

So you sat down, worked out exactly what you owed to each credit card, store card and personal loan and set about with a new found determination that every new year brings to sort out your finances once and for all.

  • Step 1 – Review current financial situation

Not being an expert in negotiating with large multi-national corporations you decided that it would be a good idea to get in touch with some experts, so armed with your financial review you sensibly booked in with the Citizen’s Advice Bureau to ask their opinion on your next steps.

The advisor at Citizen’s Advice was helpful and you got some reassurance that your initial steps were on the right lines.  You had worked out what you owed to each creditor and the advisor helped you work out the priority for repaying each debt.  You also got some tips and were pointed to their website on some tips to deal with creditors.

Armed with your new found knowledge you set to writing letters to your creditors outlining your difficulties, stating what you could pay and asking for some consideration in agreeing to this new revised schedule.  To your dismay all that came back was a stream of standard letters (created by a non-human) and a request for you to either fill in a form or phone them up to discuss your situation further – hadn’t they actually read your letter and considered what you were asking?!

Not wanting to be defeated and armed with a list of telephone numbers and letters received from your creditors, you continued with your quest.  Three calls in and it was proving to be slightly more difficult than you thought.  The ‘nice and friendly’ customer services agents that you normally were connected to had been replaced with a sterner, forceful and more abrupt advisor who seemed intent on getting you to agree to repaying more than you could afford and taking instant payments over the phone.

  • Step 3 – Gain agreement to changes to your debt repayments?

The first thing to say is that all is not lost!

By completing steps 1 and 2 you are already in a much better position than many other people in the same personal debt situation as you.  By understanding what you owe, who you owe it to and the priority of your debt repayments it makes it much easier to seek help.

At Lewis Alexander our dedicated debt management specialists are uniquely placed to provide professional advice, guidance and ultimately provide solutions to your personal debt problems.  All it takes is one free call to 0800 018 6868, our lines are open   24 hours a day.

We can talk through your situation, listen to the concerns you have and start working on a solution with your creditors that takes the stress and pressure away from you.  The majority of our clients have fallen into difficult circumstances through no fault of their own and as long as you have a regular source of income and a genuine determination to keep to a revised debt repayment plan then we can help.

Call Lewis Alexander today on 0800 018 6868 and start to clear your personal debts whilst also stop fearing every telephone call or knock at the door.  We have helped many people in debt who want to change their lives and we strive to provide a great service to our existing clients.  You can read what our clients think of us at our client testimonial page.

  • Call us now using free phone 0800 018 6868 and make 2011 the year you got your finances back on track!
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IVA or Individual Voluntary Arrangement

On September 7, 2010, in News, by Lewis Alexander

With unemployment currently rising from 2.46 million in the UK, people are increasingly finding that the fact that they found another job shortly after losing the first is not always the end solution. The problem is that when they were going through the period of unemployment, they were set back financially to a point that they cannot recover.

The credit agreements they have fall into arrears and there is little or no chance of earning enough money to catch up, savings have also usually been diminished and this is when the individual starts to seek a personal debt solution such as an IVA or Individual Voluntary Arrangement.

Hard times are ahead for the UK consumer and people need a solution to clear personal debts that they can trust. The IVA or Individual Voluntary Arrangement is a UK government approved scheme that is legally binding between the individual who has the debts and the creditors who have leant the money.

  • The IVA usually runs for 5 years (60 months) and has an exact end date.
  • Creditors will be expected to stop further interest and charges being applied to the credit accounts whilst the IVA is in place.
  • Any money left to pay the creditors at the end of the IVA process will be written off.
  • In certain circumstances where the individual is a home owner with equity in their home, they will be expected to release some of this equity in years 3-5 of the IVA agreement. This increases the overall contribution back to the respective creditor.

With the rising cost of living on the horizon, household expenditure in the UK is going to be stretched and only those who plan correctly and take advice when required will survive financial turmoil.

If unemployed, one needs to cut costs and be pro active in finding work, downgrade personal expectations in the current economic climate and accept an income that will provide a living.

People in the UK should now start to gear their lives to living without credit, we have been conditioned as a society to use credit and live by using it. The only people who will succeed in the future financially are those who will reduce their need for credit to a basic level.

If you have been considering a debt solution such as an IVA or Individual Voluntary Arrangement, you will be familiar with an alternative personal debt solution called a debt management plan. It is important to be aware that a debt management plan is NOT legally binding and does NOT have an exact end date.

Some companies will claim they can write off all your debts, you should be very careful of these claims, only certain amounts of debt can be written off under an IVA agreement and a voluntary petition or creditors’ petition for bankruptcy is the only process that would usually write off 100% of any persons’ unsecured debt.

When you enter into an IVA or Individual Voluntary Arrangement, your IVA is managed by an Insolvency Practitioner and this person is legally responsible for proposing the case to your creditors and administering the IVA process on your behalf. An IVA or Individual Voluntary Arrangement should not be entered into without much consideration.

You are at risk of being petitioned for bankruptcy by your creditors should your IVA fail. An IVA can fail for many different reasons and the main one usually is due to the client no longer being able to afford the agreed monthly repayment. In this situation, the Insolvency Practitioner will re assess your income and expenditure and offer advice accordingly of what the best route forward for you would be.

  • A great number of people do successfully complete IVAs’ and are then confident that they chose the best solution to clear their debts.
  • To qualify for an IVA an individual would have approximately £25000 of unsecured debts and be able to contribute a disposable income repayment of around £250 per calendar month.

Not all situations require an IVA and you should not enter into an IVA or Individual Voluntary Arrangement without much prior consideration. For further advice regarding personal debt issues please call our free from a landline personal debt helpline using 0800 018 6868, lines are open 24 hours a day and your call is free.

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A Debt Management Plan that Works

On December 5, 2009, in News, by Lewis Alexander
  • “A Debt Management Plan that actually worked, thank you so much”
  • “You did what you said you would, I am now debt free”
  • “It was a struggle but you gave me the support I needed”

The above are comments from within client testimonial letters, received by Lewis Alexander Financial Management.

We have been reading through some of the many letters and emails we receive from clients that have been using the services of a Lewis Alexander debt management plan.  The identity of the person has been changed to maintain their privacy of course and permission has been received from them to list the letter on our blog.

“I just wanted to write and let you know that since contacting your company I have been making progress with my life and my personal debt.  Before I contacted your team, I was going through a very difficult time, since I had never before been in any kind of financial arrears or personal debt but I found myself exasperated at circumstances with my work and the debt that I had built up due to compounding problems in my personal life.  I had done my research on quite a few companies and your company came up in my online searches, so I took the plunge and gave you a call on your free from a landline debt helpline.  That was a very difficult decision to make but I had realised that once I accepted my situation and that I had to accept my own part in the process, I had to take action and do something about it.  I wanted to let you know that it was probably the best decision I made.  You personally answered my call and put me at ease straight away and were very sympathetic to my predicament.  The mere fact that you listened to my debt problems and came up with solutions with regard to the debt management plan and the various paths that I could go down lifted a huge burden that I had been carrying around with me.  I know that it was affecting me and everyone around me.  Once you outlined what I needed to do and the details I needed to send to you so that you could work out what I could reasonably afford to pay and manage my debt, I felt like I could go out and get on with my life again.  The fact that you were also able to negotiate with my creditors with the repayment plan we came up with was a leap in helping me along and coping with the mountain of worry I had built up.  I had worries of the bailiffs and debt collectors turning up from the credit companies who I had not been able to pay and realised that had I not buried my head in the sand so to speak earlier, I would have been in a much better situation.  Once the debt management plan was in place, I was almost a different person. Knowing that I would be sending all the nasty letters received from my creditors directly to you to deal with every week and not worrying about it made a huge difference to my daily life.  May I thank you for at first helping me come to terms with my mounting personal debt problem, helping me to deal with the situation by talking to me when I needed someone to talk to about my concerns and finally, negotiating with my creditors for a reduction of interest and charges being applied to my accounts.  I would not have been able to do that on my own, regardless of my past business successes and knowledge!”

Allan – (Real Identity hidden due to data protection)

That was an extract of part of a letter we received after we accepted Allan as a client and we were able to help him deal with his debt worries and work out a solution for an affordable debt management plan.

Please be aware that we try to help people in these situations and no two people will have the same circumstances, we will advise the best way forward depending on the individuals current circumstance.

A debt management plan may be one of the options that we suggest for you. You must make the first move and contact our team, so that we can discuss your personal financial problems.

Lewis Alexander offer a first class national debt management service throughout the UK.  We are based in Manchester and have helped thousands of people in our history.  We have in house specialists who concentrate on debt management plans and personal loan consolidation and we have been looking after a great number of our clients for many years now.

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

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