Client Debt Levels for Existing Debt Management Plans

On June 22, 2012, in News, by Lewis Alexander

The amount of debt currently being managed under the wings of Lewis Alexander Financial Management escalates into many millions of UK GBP.

The average client being managed by Lewis Alexander Financial Management owes approximately £21000, whilst the amount of disposable income averages approximately £221 per client, this disposable income is offered as repayment to unsecured creditors after deducting normal and expected monthly household and living expenditure.

The repayment plans for many would identify that an IVA would be the best advice for the client but due to property ownership and other financial investments, most clients choose to stay on an informal debt management plan whilst leaving the option of the IVA (individual voluntary arrangement) open for a later date, there is nothing wrong with the client making this decision as long as the correct advice has been offered to allow them to make an informed decision.

This could be changed in the future which in some cases could be beneficial as we don’t always want to do what is best for us in life even though we have the correct advice or information to hand.

If you are struggling with personal debt issues and would benefit from the advice or help available from a debt consolidation service then please call our debt helpline which is available by dialing;

  • 0800 018 6868
  • Calls are usually free from a land line but mobile call costs may vary.
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  • The last 2 weeks have been most ironic for news regarding PPI Claims in the UK.

First off, the BBC called upon a fee charging debt management and insolvency company director to offer advice on the breakfast show about how to claim back your PPI (Payment Protection Insurance) for free.

The personal debt management and insolvency company director was not heard rushing to recommend the free to client debt charities that can help with self debt management plans such as the CCCS (Consumer Credit Counselling Service) or the National Debtline etc.

The BBC are regularly reporting on the problems within the personal debt management sector.

The fee charging side of the debt management industry who mostly are and do remain compliant get a tough ride from the news and it is rare to see an independent compliant industry member given the opportunity to publicly share views regarding compliant fee charging operations.

Why did the BBC simply not decide to have an IFA (Independent Financial Advisor) who has no commercial fee charging connection or gain from the personal debt / insolvency industry offer advice on how to claim back PPI for free?

What the BBC seem to have done is recruit a number of local professionals “up north” who make guest bookings easy for the news channel and gives them industry content for the business news, better research would ensure the correct message reached the correct people with what we believe should be a balanced message.

A comparable analogy for what the BBC did with the PPI industry last week as referred to above could be viewed as asking an active Political Dictator to advise another currently democratic electorate on policies that should be undertaken and implemented for the benefit of that currently democratic state.

The BBC did not come over as balanced in reporting about the good PPI companies if mentioned at all, no defamation is meant as this is written by a fully paid BBC TV License (2012) holder!

Martin Lewis from Money Saving Expert has teamed up with the consumer action / review group Which to offer free advice on how to claim back PPI for free, or doing it yourself.

We have been led to believe without confirmation that money saving expert run by Martin Lewis operates by receiving a commission for a link or click through for savings and offers as referral payments for sales generated by the money saving expert site.

  • Does the link up with Which not get Martin Lewis extra revenue at the end of each day?
  • Is this now a bandwagon that all are jumping on for whatever gain is possible?
  • Who can be trusted as 100% transparent?
  • Why is he not mentioning this on Watchdog when commenting on other financial organisations?
  • It would be leading by example if Martin put his “how the site is funded” info at the top of his site with transparency and equality regarding prominent compliance.

As with anything in life, you can either pay for a service or decide to do it yourself.

Let’s consider some choices in daily life that we face on the above decision making basis;

  • Car Servicing – Do it yourself or get it done by a mechanic?
  • Breakdown Cover – Use the RAC / AA or call a mate to collect you?
  • Health Care – BUPA v National Health Service (NHS)
  • Dentist – Dental insurance plan, visit a dentist or pull your own teeth out?
  • Washing – Do it yourself or visit a Cleaner or Dry Cleaner Service?
  • Job recruitment – Find a job yourself or use a recruitment agency?

We can go on listing many silly and relevant arguments for the above question of doing something yourself or paying for a service.

Usually when you employ the services or enlist a professional to undertake work for you, it is with peace of mind that the service will be a bona fide one.

Affordability, time and personal choice along with ability are the four main factors that dictate the mental decision process of enlisting paid for help or going along the DIY route in life!

When consumer groups talk about people not being aware about PPI companies charging fees we can quite understand this, however, there are bona fide PPi companies out there. Also out there are the bad ones that are exploiting the industry.

  • As with anything, the consumer must beware.

Then we have to consider the vulnerable consumer, who unfortunately due to a number of reasons actually can make what we call a “rod for their own back”

Most vulnerable consumers will wish to hear that what they actually want or think is right for them, is actually available to them!

  • This is where the problem starts.
  • A compliant and bona fide company will try to explain with conviction that the service or product (when considering the financial services industry) the vulnerable consumer is applying for is not actually the best solution for them.
  • A non-compliant company would try and sell the consumer something as close as possible to what they enquired for originally whilst still matching the vulnerable consumer to a service or product they purport to be able to deliver or supply.

The news reported that banks may win some consumer bonus points as they are writing directly to the consumer to offer PPI claim repayments where they internally evidence the client may be due a refund.

Why then, did the banks previously spend millions of £’s legally trying to win a Judicial Review to stop the requirement for Payment Protection Insurance refunds where applicable?

We appreciate the commerciality of the decision made by Banks but when taking into account the recent and current global economic problems, will it ever become policy or law for big business to incorporate a moral obligation into their business models?

Introducer and offer / savings styled websites such as Money Saving Expert, tell you to go direct to the people that miss-sold the PPI to you originally then legally tried to avoid having to repay it to you and are now offering you to deal directly to claim it back!

Are the bona fide PPI companies and debt management providers merely being reduced to the “Meat in the Sandwich” of the authoritative and media driven “big feast”?

Let’s accept the truth, if the banks did not make the error of miss-selling PPI originally and the credit companies did not overload people with unaffordable loans and credit facilities, the debt management companies and PPI companies would have nothing to do!

  • Chicken or egg scenario?

If you are suffering from any personal debt problems and feel that you would benefit from the assistance of a fee charging professional bona fide and time served established debt consolidation company then contact our;

Lewis Alexander debt helpline today in absolute confidence using 0800 018 6868.

  • Lines are open 24 hours a day / 7 days a week.
  • Your call is usually free from a UK land line.
  • Mobile call costs to our debt helpline may vary.
  • Please check before calling with your service provider.
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Personal Debt Management Help and Advice

On February 8, 2012, in News, by Lewis Alexander
  • Do you need help with personal debt?
  • Obtain onfidential help with your personal debt problems from UK debt consultants in Manchester, England.
  • free credit report UK from ExperianIf you are being controlled by your personal debt problems and feel your life is ‘on hold’ until your debts are sorted, then perhaps it’s time to get professional debt help and advice.
  • Debt that is not correctly managed often just gets steadily worse and very little of what you pay towards those debts actually goes towards reducing those debts.

At Lewis Alexander, we are a team of professional debt advisors whose aim is to help get as many people as possible out of debt. We have a team of dedicated individuals who are specialist debt management and IVA consultants.

We are dedicated to providing confidential, personal debt counselling to financially struggling families and individuals through personal debt management help and advice.

 

Because there are so many different ways of tackling personal debt we like to talk to the people we are trying to help as soon as possible. Every day lost is more interest and charges needlessly being paid to creditors. Don’t wait a day longer.

Call us right now using 0800 018 6868 and let one of our trained advisors start you on the road to being clear of debt today. It doesn’t cost a penny for the call from a UK land line. It could mean the beginning of the end for your debts though, at “Lewis Alexander” this is what we want for every single one of our clients.

Debt Help UK

  • Are the debt repayments you make each month eating up nearly all of your income?
  • Are the letters and phone calls from creditors getting you down?
  • Have you had a debt consolidation loan refused?

At Lewis Alexander, when we speak to people who come to us with debt problems they always say how much better they feel even though they have only had the initial talk with a debt management advisor. Once we have discussed their situation and come up with an effective debt management plan for their future, the debt management help and advice makes a great difference to peoples lives.

Use the following links for further debt management help information!

The debt advice and help is on offer, all you have to do is call 0800 018 6868 today. Talk to our trained debt management advisors and they will give you confidential debt management help and advice to clear your debt.

  • Call today in confidence! – 0800 018 6868 – lines open 24hrs / 7 days
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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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