Advice on personal debt in the UK

On May 4, 2011, in News, by Lewis Alexander

Help and advice on how to find advice on personal debt in the UK including England, Scotland, Wales and Northern Ireland.

  • Do you have debt collectors chasing you for money?
  • Is NOW the time to sort out any personal debt problems you may have?

Personal Debt Help

There are several routes to explore when dealing with personal debt problems. Every situation requires a tailored solution.  The following information could be a good starting point for helping people clear personal debt.

This blofree credit report UK from Experiang post about advice on debt in the UK is aimed to help the general public find online information about all different types of personal debt solutions.

This can often be a very 1st starting point online to an individuals quest to clear the debt problems they may have.  We simply explain to you the different options and solutions available to your particular circumstances.  Most people have genuinely suffered a change in circumstances when they approach our debt helpline, such as reduced hours at work, loss of job and income, split from partner, death in the family etc…

You have to be committed to clearing your debts if you want  to get out of the situation.  It will take effort on your part regardless of who you decide to get help from, if anyone.  You will have to make sure that if you set a budget to live on you stick to it and no variations to what you set should take place apart from the unexpected ones which you may set aside for as you go!

Our advisors are well trained and qualified through many years of experience.  They advise many people every day and they could possibly help you!  Your call is dealt with in the strictest of confidence.

Once an individual has made contact with a personal debt advisor they tend to feel much better as it is like having the lights turned on when you are stood in the dark, everything becomes clear again.  The credit industry a complicated one and we are not taught about credit cards and loans and personal finance in school.  Maybe if we were, we would not be in so much personal trouble regarding finances as a nation.

If you are searching the web for debt advice and came across this Advice On Debt UK blog post then call Lewis Alexander on 0800 018 6868.  Our website is very informative and subsequently offers advice on all options available to clear debts. Some people decide to do a debt management plan instead of an IVA because of its informal structure, even though both options can be available.

If you need debt help or friendly advice regarding personal debt please call FREE in the UK from a landline using 0800 018 6868, our lines are open 24 hours a day, 7 days a week.

Find us on Google+

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.

Tagged with:  
Find us on Google+

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!

Find us on Google+

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.

Find us on Google+

Clear debts without loans

On November 4, 2009, in News, by Lewis Alexander

If you are trying to clear personal debts in the UK and have found that when applying for loans or credit you have been refused, there are options available to you that enable you to clear debts without another loan. The 3 best known debt solutions are listed below,

Clear debt without a loan

Clear debt without a loan

  • Debt Management Plan
  • IVA or Trust Deed in Scotland
  • Bankruptcy

Lewis Alexander is a specialist debt management company, we help people clear debts without loans, we also offer a free from a landline debt helpline to UK residents struggling with personal financial problems.  The advice we give is based on individual personal circumstances and is often not what the person (possibly you) wants to hear.

This is where debt counselling comes in, we have a proven method of helping those that wish to be helped.  Often in life, the truth is the hardest to accept, usually with any personal financial problem, there is an element of truth that needs accepting before the individual can move ahead.  That is the hard part to get over and after what we call the acceptance period, the individual feels so much relief from the stress of the debt problem that they really can continue with a normal daily life just like they experienced before being in debt.

If you are suffering with financial problems such as mortgage arrears, missed or late payments on credit agreements etc, you must deal with the situation as soon as possible, in the time it has taken to read this article so far, you could have dialed our free from a landline debt helpline using 0800 018 6868.

Our advisors will help you to make a fresh start financially and offer you tested and proven methods that you can employ to combat the pressure from debt collection agents or lenders that may be chasing you.  Letters and phone calls are the most worrying to people along with the threats of court action.  There are laws that appertain directly to debt collectors and the procedures of collection that they undertake, more importantly, the Office of Fair Trading sets out debt collection guidance that the collection industry is expected to adhere to, just the same as the debt management guidance set out for debt agencies and not for profit debt charities.

For further advice and help on how to clear debts without loans, contact our personal debt helpline today, lines are open 24 hours a day/ 7 days a week and your call is usually FREE from a landline.

Tagged with:  
Find us on Google+

Debt Helpline UK – Enquiries Doubled!

On October 29, 2009, in News, by Lewis Alexander

Lewis Alexander, the personal debt consolidation service based in Manchester England, reports that calls to the debt helpline they offer have doubled for the months of September / October 2009 when compared to previous years.

The “credit crunch” has obviously been the contributing factor of changes in circumstance for most people within the UK over the last 18 months.  Many people will just carry on and find new or alternative employment where for others, it is much harder to do so.

This can be down to several factors such as age, ability, health, stress, depression, location etc.

Most calls received by Lewis Alexander on their personal debt helpline are from people who have recently suffered a change in circumstance and need initial advice on how to deal with personal debt based on the change they personally have suffered.

  • The main advice to take on board is that all priority debts such as Rent, Mortgages (including secured home loans), Council Tax, Electricity, Gas and Water are paid, or at least the companies are contacted by the individual to make new and possibly reduced payment arrangements for the short term future!
  • Many credit companies and lenders will not offer this advice freely to the debtor and they put extra pressure on the situation that legally need not be there. Due to the way priority debts are structured under the consumer credit act, consumers must honour these first!

For more detailed advice regarding a change in personal circumstance, please conatact one of our trained debt advisors today in total confidence.  Our lines are open and your call is FREE from a landline, call 0800 018 6868

Tagged with:  
Find us on Google+
Find us on Google+