Whilst many debt consolidation services or debt management companies may struggle with the new debt management protocol, Lewis Alexander Financial Management openly embraces this new and long overdue initiative.
The recently released Government protocol relating to personal debt management plans in the UK is not only designed to ensure that debt consolidation companies involved in the industry are compliant with OFT (Office of fair Trading) debt management guidance but most importantly to ensure that the vulnerable UK consumer receives the best possible advice and service at the most competitive cost or price.
The new debt management protocol asks that clients initial payments for a debt management plan are not retained by the debt consolidation service or debt management company they have selected but are in fact dispersed to creditors immediately, it is also expected that any initial set up fee charged would be taken out of no less than the first 6 monthly contributions from the client. This is meant to reduce the clients debts more rapidly but is based equally upon the clients respective creditors also adhering to the protocol with regard to interest and charges currently being applied to the consumers accounts, if any. The practice of retaining initial payments has usually been used by the debt consolidation industry to cover the internal administrative costs involved in setting up a consumer debt management plan.
Lewis Alexander Financial Management is currently developing a “turn key” personal debt consolidation platform which will be available online for UK consumers. This pioneering, Internet based, consumer self managed, debt solution environment will offer a highly efficient and cost effective option which will dramatically reduce if not eliminate the initial administrative set up costs that apply to current fee charged debt management plans in the UK.
It is envisaged that usage of the personal debt consolidation and management software will be charged at approximately one third of the current monthly fees on offer, this is when compared to the average fee charged debt management plan currently available when using conventional debt consolidation services or debt management companies.
The Lewis Alexander Internet based, self managed debt solution is being designed to be as user friendly as possible.
The online resource will provide compliant best advice for the consumer relating to the different debt management and debt consolidation solutions available.
When a user registers, they will be asked to complete a simple questionnaire outlining their personal and financial circumstances. This information will be dynamically translated by the system in order to identify the debt management or debt consolidation routes available to that specific user.
- Faced with potentially more than one debt consolidation solution to choose from, the user will be able to gain online financial debt advice via the systems knowledge base.
- However, personal and conclusive advice will be available if required via email and telephone to assist a prospective client to make their final decision.
Having chosen the desired debt management or debt consolidation solution, the user will be able to set up their own online file which will already contain their financial statement and particulars based on the information they have provided in the initial questionnaire.
- Their file will also contain all the relevant creditor correspondence and templates thus enabling them to activate their own debt management or debt consolidation solution.
Based upon bespoke, tried and tested internal debt management software developed by Lewis Alexander, it is envisaged that the online system will provide all of the facilities to the user that is currently available to an internally based adviser at Lewis Alexander Financial Management.
Should you be struggling with personal financial problems and require the help and advice of a trained personal debt consultant, then please call our personal debt helpline in absolute confidence using;
- 0800 018 6868
- calls are usually FREE from a UK land line.
- From mobile it may be less expensive to call 0161 872 3383
Struggling 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.
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.
- One way to do this is through a reputable and established personal debt consolidation service.
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.
- Read more about how professional debt management services can help you.
- Find out what can be done if you have already been refused a loan to consolidate debts.
- Want to know more about personal loan services?
- Trying to find out if an IVA or Individual Voluntary Arrangement suit you?
- In Scotland you would need a Protected Trust Deed, not an IVA!
- Have you been threatened or thought of going bankrupt and do you wish to know if there is anything you can do to stop the legal proceedings?
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)
