Advice on Debt

On April 20, 2011, in News, by Lewis Alexander

Sleep better with advice on debt, knowing your debts are managed!

Personal debt advice in the UK has become an enormous issue for all kinds of reasons. Unfortunately it has had a stigma attached to it in the past which may stop some people dealing with their debt problems. This has the effect of actually making the situation worse when it would be relatively simple to get under control with the right advice on debt.

Advice on Debt

There are several signs that your personal debts have gotten out of control.

  • Are your monthly outgoings starting to outweigh your monthly income?

  • Are you scared to answer the phone and open your mail?

  • Do you have debt collectors chasing you for money?

There are many possible routes to take when dealing with advice on debt. Every situation is different and a tailored solution needs to be discussed. Any one of the following could be the solution for you to find help with personal debts.

  • IVA (or TRUST DEED in SCOTLAND)
  • DEBT MANAGEMENT PLAN
  • BANKRUPTCY
  • DEBT CONSOLIDATION LOAN

If you are a bit wary of committing to a fixed term financial solution like an IVA or Individual Voluntary Arrangement, then debt management online can help you restructure debts in the short term. A debt management plan constitutes an informal agreement between you and your creditors.

Loans to consolidate your debts– taking out a debt consolidation loan to pay off all your current agreements (loans,credit cards etc) is often the simplest option as it can reduce your monthly repayments.

  • REMEMBER ADVICE on DEBT SHOULD ALWAYS BE FREE
  • Do NOT Pay for advice calling HIGH rate phone lines.

Individual Voluntary Arrangements

With an IVA, all interest and penalty charges are STOPPED! You will be given one affordable monthly repayment to make and this should stop all the creditor phone calls and letters you may currently be receiving.

An IVA will prevent court proceedings and even stop bankruptcy and after what is normally 60 months (5 years). Read about a Trust Deed in Scotland as laws differ there for financial help and assistance.

Bankruptcy is the end of the road as far as debt management or debt help. Once you reach bankruptcy, your finances will be sorted out by the courts. In a nutshell, if you reach the stage where you need to become bankrupt, it will mean that you will get a fresh start and normally your debts will be written off, conditions and restrictions do apply though.

Let one of our trained professional advisors call you today to help give advice on debt and find a solution to your debt problems. Peoples debt problems are rarely unique and we may be able to help you clear debt.

  • Call 0800 018 6868 free from landlines, call charges from mobile phones may vary.
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Can I pay off my debts or clear personal debt quickly?

On February 28, 2011, in News, by Lewis Alexander

Can you settle my debts immediately… please?

free credit report UK from ExperianWith increasing numbers of Brits turning to debt management companies for help, the question we encounter most is ‘Please, please, please can you wipe out my debts as soon as possible?’

99% of the time the answer is “No” and at Lewis Alexander we believe that our responsibility is to set our customers on the journey to a stable long-term financial existence.  Therefore, rather than starting with a solution we like to start by understanding the personal circumstances of each of our clients.

By completing a thorough financial healthcheck with any prospective new debt management client, we are then in a much better position to offer debt advice and debt solutions to best help our clients.  Typically, we find that the most common solutions are:

(1) Entering into a long-term or short term debt management plan

  • Where we negotiate with your creditors on your behalf
  • Potentially stop interest accruing on your debt – this is not guaranteed!
  • Agree reduced debt management repayment plans over an agreed period of time

(2) Re-structuring debt payments for our clients

  • Where we discuss with your creditors the current debt repayment amounts, term of loan/debt & the interest rate
  • Agree new terms that are more preferable to you if possible
  • Potentially change the debt solution that you are using

(3) Arranging partial settlements for outstanding debts

  • Where we negotiate with your creditors to encourage them to accept a reduced repayment, by way of one lump sum usually known as a short settlement or settlement in full and final.
  • Ensure that any agreement is acceptable to all parties

 

(4) Entering into an IVA

  • Whilst some of our competitors consider this to be the ‘first debt solution’ we prefer to use this as a debt solution of last resort.
  • An IVA is a formal agreement where you come to an arrangement with creditors you owe money to, to make reduced repayments towards the total amount of your debt in order to pay off a percentage of what you owe over a set period of time, usually 60 months.

The choice of debt solution depends solely on the individual circumstances of our clients, but each of these options take time to negotiate, agree and formalise. The only true option that leads to immediately sorting out debt as soon as possible, is the 100% (or very near) repayment of all of your debt. Which, if we are being honest may have made you less likely to have called Lewis Alexander to access our expertise in helping ordinary people, like you, who are in debt!

The one thing that we can promise to do instantly, in all cases, is to identify a solution that best suits you.  Should our service not be what you need we will try and refer you to a company or organisation that is better placed to help you.  For many people who are in debt they would ideally like everything sorted using the wave of a magic wand, however, this does not happen but the feeling that their situation is being managed professionally is enough to take away a large percentage of the pressure of being in debt.

We believe that by providing easy access to our advice means that we are better equipped to start working on your personal solution as soon as possible should you qualify for any debt solutions that we can offer.

So, if you find yourself in personal debt and need some help to turn your personal finances around then call us on 0800 018 6868 now.  Whilst we can’t promise instant debt clearance solutions, we do promise to work hard for clients and to look after your best interests.

  • Call us today and see if we can help you to start to relieve some of the stress of being in debt.
  • Our number again is 0800 018 6868.
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Unhappy with your Debt Management Company?

On February 18, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianIn today’s ‘instant world’ plagued by financial difficulty, many of us are seeking instant miracles to reduce our personal debt following spending years of living in excess.
  • Thus Brits in their thousands are turning to debt management companies to help them reduce their debt commitments and regain control of the family finances.

Those in the upper middle classes (and certainly those with a combination of wealth, financial acumen and discipline) are increasingly scoffing at such behaviour – indeed part blaming it for compounding the economic difficulties of the past 3 or 4 years.

  • But whose fault is it really?
  • The banks for making such poor lending decisions in the first place?
  • Or us, the general public, for accepting offers of such easy money?

Having developed a mini debt mountain of your very own, once it becomes unserviceable (and certainly once you are unable to perform balance transfer magic or rob Peter to pay Paul) then the next stop can be quite drastic.  Alternatives include going cap in hand to a family member, taking an equity loan on your house – should you be lucky enough to have any equity – or entering into a debt management plan or IVA.

When debt management companies first sprang up in the UK way back in the early nineties, there were a number of small to medium sized companies offering a debt management service to their clients.  During recent years, these have been narrowed down to a few and now this market exists as an oligopoly with a few large players claiming the majority of the marketplace and its clients.

Where this happens, the inevitable consequences are poor customer service, service failures and a lack of personalisation. Look at any market run by a few small players and you will see the same. You can move or leave debt management companies!

  • Energy companies are blighted by their inability to get household bills correct.
  • Banks think it ok to outsource customer services to non-English speaking countries.

Should you have taken out a debt management plan with one of the large companies, it’s understandable that you may not feel personally served. Hidden fees in your terms and conditions, charges for break clauses, or simply the inability to talk to anyone who actually manages your case on a day to day basis is frustrating, infuriating and very much the opposite to the glossy brochure you were sent originally!

Here at Lewis Alexander we take a different view. As an established name in debt management, we ensure all our clients are afforded a personal, professional service that cannot be matched by our competitors. One dedicated point of contact throughout your dealings.

  • Once we have taken your case, we appoint a senior case manager who will be your contact throughout the period of time you use our service.
  • Whilst we can’t promise they are available 24/7 (we do encourage our advisors to get a good night’s sleep!) we do promise that if your case manager is not available to take your call, then we will  take your details and get your case manager to call you back when they become available.
  • Our call centre is also based in the UK, so you will not need to learn another language just to speak to us! Lines are open 24 hours a day 7 days a week.

By retaining this personal touch we believe that fewer mistakes are made when evaluating your financial situation during our initial financial healthcheck.  We don’t simply set up arrangements for clients unless we truly believe there is a benefit to you. This time investment at the start of the process means that more of our clients are happy with what we do for them.   As we strongly believe that recommendation is our strongest avenue of new client attainment, this means that we generate most of our new clients via existing client referrals.

Finally, we are completely open with our charges and encourage our customers to review our terms & conditions and our competitor’s offerings to ensure that any solution we offer is competitive. We also display our debt management plan charges clearly and concisely up front. We know that being in debt is extremely stressful and so we don’t want our clients to be worrying about ‘the small print’ in our terms of business!

  • So call a personal finance advisor today! Our trained consultants are available by calling our freephone number – 0800 018 6868.

We look forward to speaking with you soon and working together to get you out of the personal debt problems you may face.

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Lost my job, have no savings and urgent bills to pay!

On January 5, 2011, in News, by Lewis Alexander

free credit report UK from ExperianHaving carefully saved during your working life you had enough put by to bail you out of the first redundancy in late 2008.  Nine months without work was difficult and it meant quite a few cutbacks in the household budget, but with some careful management and the help of the credit card in the final few months, you just about got through it before starting the new job.

18 months later and that horrible brown envelope hit your desk again, not only is the timing terrible – having really gone to town for Christmas 2010 – but this time round you’ve not got that financial cushion of rainy day savings.

The start of 2011 is going to be important for many job seekers and if the offers don’t start raining in quick, it won’t take long for those credit card and store card bills to mount up.

  • So what can you do to stop you getting further into a mountain of debt?

A full and frank family discussion might be a good starting point to understand where your money is currently being spent.  By creating a list of all of the household outgoings you can then start to identify what costs take priority (for example rent/mortgage, gas, water and electricity), those which are preferable (the internet for job searches) and those that are sadly luxuries (such as the all-singing all-dancing satellite TV package, subscriptions to 5 different magazines and an unhealthy habit of purchasing over-priced American coffee)

Once those initial cuts have been made, it is worth going through your bank accounts, credit cards and any small savings you do have to work out a clear picture of your overall financial situation.  Having done this you are now in a position to explain your income and expenditure position to your creditors whilst also knowing how much you owe in total.

During what can be a difficult time, it is also worth taking a good look around the house to see if there are any unwanted or unused items that could be put to good use to bring in some household income.  In the days of eBay, and other online sales tools, this can be a real money spinner.

Finally, look at what part time work you might be able to take on whilst you are looking for full time employment.  With the best will in the world, it is hard to ‘work’ for 45 hours per week to find a job, so there are likely to be spare hours in the day to stuff envelopes, deliver local parcels or help out a local school or sports club.  Any income that you can establish will help your situation and increase your options for repaying debts.

After completing your own financial review and having sold all the items you can bear to part with, you find that you still aren’t able to repay your creditors, then don’t worry, help is at hand!  One free call to Lewis Alexander on 0800 018 6868 could be the start of financial recovery.  One of our personal debt consultants will assess your individual circumstances before advising the best debt solution for you.

Rather than try and sell a particular debt product, our specialists will take time to consider the most appropriate solution for your circumstance, whether it be a secured loan, an IVA or entering into a debt management plan where Lewis Alexander will enter into negotiations with creditors on your behalf to try and reach a solution that is affordable for you.  Many of our debt management clients find that they benefit from affordable monthly repayments.

  • Remember, a personal debt consultants is only one free call away!

Contact Lewis Alexander on 0800 018 6868 to start your plan of action today! Our lines are open 24 hours a day and we will treat your call in the strictest of confidence.

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My benefits are reducing and I am getting into debt!

On December 10, 2010, in News, by Lewis Alexander

From January 2011, the changes announced by the coalition government to the welfare state will start to take effect in phases.  In what has been described as the biggest reduction in welfare provision in peace-time, some of the wide range of benefits offered by the state are being held at current levels, whilst others are cut, or for some of the more complex benefits, the earnings limits to qualify are being stretched in order to include fewer UK households, individuals and families.

This has led to claims from those in this situation and action groups who represent those on benefits that this policy means ‘My benefits are reducing and I am getting into debt!’  Amongst the groups most worried are the working families, on low incomes, who rely on benefits to supplement their incomes from their hard-working jobs.

  • So is this necessarily true? And what can be done to prepare for this drop in benefits income?

The first step when there is any change in your financial circumstances is to understand exactly what these changes are.  The range of announcements made as part of the widely reported Government Spending Review are available in a variety of locations.

If you are not clear on how these changes may impact you, a telephone call to your benefits agency should help to put you in the picture or alternatively you could contact your local citizen’s advice bureau.

It may be that the changes announced wont impact you for a number of months, meaning you have more time to secure that extra overtime shift at work, have time to look for a new and improved job or simply have time to cut out some of those ‘nice to have’ items that have crept into your life (Is that gym membership really providing value for money?!)

Once you understand the new budgetary constraints that you will be working under, it is possible to sit down and assess how you can amend your personal spending habits in order to avoid slipping further into debt.   If having looked at all the new facts and figures you still believe that you there is no waste to cut, then don’t panic, the first stage in any financial change is identifying that there is a problem and starting to engage with your creditors to explain the changes to your personal and financial situation.

Whether it is a personal loan, car finance, or a straight-forward credit card bill, financial services companies will be getting used to the idea that many of their customers are about to experience a change in circumstances, or at least they will be if they have been watching any of the recent news articles on the subject!

Options available to clear debts include increasing the term of your credit agreements to reduce your monthly commitments, using up payment holidays where these are available under terms and conditions and sometimes pure and simple hard negotiation on the rate you are being charged can all make a difference to the amounts you need to repay each month.

  • If you are still uncertain on what to do, or would like to benefit from a financial health check, then call Lewis Alexander on 0800 018 6868.

Our team of professional and dedicated debt management advisors will offer advice based on your personal situation and capture some important details and will then be able to work with you and your creditors to develop a debt repayment plan that you are happy with.   This can help to provide peace of mind that your creditors are being managed confidently and carefully by our team of debt consultants.

At Lewis Alexander we understand the pressures that hardworking families are under in the current economic climate and how the recession is changing our villages, towns and cities.

As long as you have a regular source of income, together with a will and determination to improve your personal circumstances then we can help!

Our professional debt management consultants are ready to take your call now, so contact Lewis Alexander FREE on 0800 018 6868 and allow us to help you to change your financial life for the better!

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Struggling with Redundancy?

On November 16, 2010, in News, by Lewis Alexander

You set off with considerable enthusiasm for a new start, a reasonable lump sum, a chat with your partner promising that it will ‘all be ok’ and within weeks you are starting to wish that the redundancy letter you thought would bring a new direction to your life had actually landed on someone else’s desk. 

  • You are not alone!

This is a surprisingly common scenario facing thousands of working and middle class families across the country who found that they were subject to downsizing by their employer to cope with the global downturn in economic fortune.

This of course has meant a significant reduction in household income for these families.  Whilst this reduction in income is survivable for most families for one or two months, the moment that it pushes five and six months it really starts to pose a problem.

For months three and four, the life savings start to disappear, before the kid’s university funds and finally the Christmas budget goes and before you know it, you are starting to miss payments on the credit card bills and the car finance etc.

With the job market the way it is, it can be hard to get any job at the moment, let alone a job that pays the same as the one you used to hold.  So, as the month’s creep past and the savings have been eroded, it is understandable that keeping up with the rent or the mortgage becomes more important than keeping up with the Jones’.

  • There are options open to people in this position and quite often things are considerably more flexible than you might think.

First up should always come a full frank review of your household budget.  Detailing the complete list of current incomings and outgoings can often be a combination of emotions.  For many it reveals that the monthly list of regular payments far exceeds the expected amount.  For others it shows that the scale of the ‘nice to have’ expenses – those that really aren’t essential to everyday living.  It may also be a cause for upset as you realise the scale of the problem that you are faced with.

However, once you have completed step one, you are ready to move forward and look to the future for you and your family.  Having understood the scale of the problem, it is much easier to then look for appropriate solutions to combat these issues.

Prior to looking at a debt plan or any sort of further loan, it is sensible to discuss your newly found knowledge with existing lenders.  Having discovered the extent of your financial situation, it may be that existing lenders can restructure your payments.  Extending the term to repay the funds, reducing the monthly payments temporarily, or converting the loan to ‘interest only’ are all options that could be explored.

  • If you have already missed some key points in time, then this may not be possible and one free call to Lewis Alexander on 0800 018 6868 will help you to understand the best options for you.
  • We start by conducting a free financial health check, which ensures that we understand your financial situation, so that we can offer the solution that suits you best.

As industry experts in debt management solutions and services, we are ideally placed to understand your unique situation and then rather than sell you a plan that may not be suitable, we work to deliver a plan that best helps you move forward in your work and personal life.

We find that our clients respect us more for being honest with them and genuinely helping them with their individual circumstances, rather than pressure selling a specific solution.

We don’t charge any up-front fees for our financial health check (our continued services are chargeable should you proceed) and make sure that you understand all the implications of the debt plan you may approve following the completion of your financial healthcheck.

  • If you want to talk to one of our advisors in absolute confidence, call us FREE on 0800 018 6868.

For those who have used our services, Lewis Alexander is a name that people have learnt to trust to help them start to, or clear, personal debt problems.

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If you have heard adverts on the radio and TV for debt management comparison sites or debt companies asking you if you are confused by debt, the way to actually clarify your questions or confusion is to speak to each company you have selected directly.

Prepare a list of questions that will help you identify if they are trust worthy and reputable, how can you be sure you can trust the actual comparison web site itself.

  • Who is doing the homework on the debt management companies being compared and how often is the information updated?

Lewis Alexander was approached by a service claiming to be a debt management company comparison website for people confused by debt, they offered us the opportunity to pay them to be listed on their site, we asked them why we should pay to be compared for the consumers best deal, they could not answer our question so we did not advertise with them.

The lesson we can learn from the likes of Direct Line Insurance is that they cannot be found on comparison websites. This is a very large company owned by The Royal Bank of Scotland Group, why would they not be on comparison websites if they were so beneficial to them or their customers?

The only way we could see a debt management comparison website working was if it listed every debt management plan available in the country to a consumer at the time of the consumer search, without a total comparison of all debt plans available, how would the consumer know which company offered the best deal?

  • They would only be aware of the best deal amongst the companies advertising on the debt comparison site. This is NOT a total comparison!

You should be very careful when taking information and advice on something as important as your personal finances.  A company that specialises in comparing companies is doing just that, you should take financial advice off of a company who specialises in giving financial advice and clearing consumer debt, not just one that tries to compare companies that actually do just that.

If you are confused by debt problems and solutions available to clear debts, you can call our free from a landline debt helpline 24 hours a day in absolute confidence using 0800  018 6868.

  • Our trained advisors are waiting for your call!
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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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If you find yourself with a financial problem and have bad credit or are unable to cope with mounting debt problems, then you may want to search the marketplace for information that can help you discover the best solution for reducing or eliminating personal debt.

There are a number of very authoritative internet debt consultants and resources online that offer information for getting out of debt and they could help you with your personal situation.

Be very careful that you do not jump in with the first company that comes along without doing some research about the company, how long has the debt company been in business? Make sure you ring them to see how professional their approach is. After all you want your affairs to be handled on an individual basis and your interests should be of the utmost importance.

Finding the best and highest quality of companies within the Debt Consolidation field will help and ensure your overall plan to reduce your indebtedness over the longterm is fruitful.

Unfortunately, there are a number of debt consolidation agencies, debt negotiators, and debt settlement consultants who will take you for a ride. If you find they are advertising their services saying that they can get your debts eliminated in 10 minutes or less, they are the kind of companies that you want avoid at all costs.

These claims are not justifiable and simply not possible. You need to work with a debt consolidation company that offers you viable and workable individual solutions to eliminate your debt in the medium to long term.

You must realise the real facts that no one can eliminate your debts without a personal Bankruptcy petition. Most debt management resources reduce debts through renegotiations with your creditors.

You will find that some personal debt consultants even claim to be able to “eliminate your interest rates” completely, this is not entirely truthful.

When a debt management company consolidates all of your unsecured debts, they will gather all of your unsecured debt repayments and roll them into one new single repayment, which then reduces your monthly outgoings.

If you aren’t dealing with an honest debt consolidation company or one that has a high reputation in the industry who can negotiate the best solution, there’s a very good possibility that they will also roll those high interest rates into your total debt, which may still reduce your monthly outgoing but unbeknown to you, will cause you to have a larger overall debt level.  Be very careful with this type of tactic.

Therefore, it is important that you ask the company or debt consultant about what it is they can do for you, after you have provided them with sufficient information for them to work out an overall plan.

Educate yourself a little with regard to what interest rates you have been paying on your current debts, so that you are empowered to have the knowledge to make an informed decision.

Above all, be prepared to pay a reasonable fee for the services of a reputable company. There is no such thing as a “free lunch”.  Someone has to pay the people who organise and negotiate on your behalf. Companies that claim that you don’t need to pay them anything are in fact being paid by the creditors and getting fees somewhere in the process. We find that many people would rather agree to pay a set fee and get on with the task of getting back on the right path.

You are advised to have all the proper paperwork regarding your debts organised and if possible obtain a copy of your credit report.

If you are in doubt, do some research of your own, telephone the companies that you have listed and contact them by phone.

Lewis Alexander Financial Management offer a first class personal Debt Management Service, nationwide throughout the UK. 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 the Lewis Alexander 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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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 can a Debt Management Plan help me?

On December 16, 2009, in News, by Lewis Alexander

How can a Debt Management Plan help me?

  • Need Debt Management Help?
  • Find Debt Management Questions and Answers!

During the course of our business day, we receive a lot of questions from prospective clients about debt management, how we can help them, how much it costs and the best debt soltuin for them to follow.

As you can imagine, all situations are slightly different and we specialise in helping people from all walks of life, you could be a single parent with a low paying job or even a footballer.  Yes, even they get into these kinds of financial situations and need help with their debt problems. They are fully aware of the quality help a debt management plan can give them should it be needed.

  • We have listed a few of the questions below,

One of those often asked questions is – How can a Debt Management Plan help me?

Debt Management Plans can help you if you are struggling and unable to repay consumer debts such as personal loans, credit cards, store cards, bank overdrafts and catalogues etc.  If your income is lower than your outgoings, this will cause you to get further into debt each month.

A Debt Management Company will gather all the information from you regarding all your unsecured debts, your income from wages and any other means including state benefits and then decide with you, how much you are able to repay as one monthly sum to start the pathway to reducing the total indebtedness over time.  One, new and affordable simple monthly payment is arrived at with the client to ensure they are comfortable with meeting that payment.

  • The Debt Management Company will then negotiate with the various creditors as to the amount they will each receive monthly.

As you can imagine this involves a fair amount of work and negotiation with the various creditors.

One of the most common types of feedback we receive is that clients are so thankful that we make this process as pain free as possible and we manage to arrange a new debt repayment plan without the clients having to even write one letter.

It is possible to arrange all this yourself, but imagine just for a moment how much time energy and cost would be involved in the process if you were trying to deal directly with your creditors.

  • A client who is already in financial trouble is less likely to be able to cope with such situations as well as trying to negotiate the best terms possible.

Yes, it’s true that a debt management plan will cost you a small amount each month, payable as part of the payment plan and usually included within your monthly payment but the cost is negligible when you consider the many aspects involved in arranging a structured repayment plan yourself.

  • One needs to peek into the management side of a plan to see what is involved and appreciate the complex negotiations a reputable debt management company undertakes on behalf of a client.

Once a sensible monthly payment is agreed, the debt help provider will normally distribute your payments monthly on your behalf to your creditors on a pro-rata basis, minus the costs of the plan.

  • A second question we receive is;

Do I need to pay any legal fees and Do I need to put my property up as security?

The answer to that question is NO in both cases!

A Debt Management Plan is not a legally binding agreement and therefore no legal fees are involved.  If you have a property, this will not be needed for security when entering into an informal debt management plan.

What you will also find is that once a fair payment plan is arrived at, most creditors are very flexible in their attitude towards a debtor.  This is very probably due to the fact that many lenders or loan companies look at it with the attitude that the person involved has taken the positive steps to approach a Debt Management Company and made efforts to re negotiate their debts.

  • This is a very positive move!

They can also be very flexible depending on your track record of repayments.

You must bear in mind that under normal circumstances, debt management plans usually do not deal with but do take into account any secured loans such as mortgages or court fines and any tax arrears. These debts are normally budgeted for within your expenditure part of debt management plans financial statement.

For impartial advice on how a Debt Management Plan can help you right now, contact Lewis Alexander and ask to speak to a personal debt counsellor for free advice.

Professional debt companies like Lewis Alexander understand what people are going through and are willing to offer assistance that allows you to cope in these difficult circumstances.  We will help you review all your finances in private and make a suggestion for a positive solution.

Lewis Alexander Financial Management, offer a first class personal Debt Management Servicenationwide throughout the UK. We are based in Trafford Park, Manchester and we have helped thousands of people in our history.

We have in house specialists who concentrate on debt management and personal debt 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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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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Struggling with debt?

On November 25, 2009, in News, by Lewis Alexander

If you are struggling with debt in the UK, you must obtain personal debt advice as soon as possible.

  • Unable to manage monthly repayments?
  • Are you receiving letters and calls from credit card and loan companies?
  • Have you missed payments on any of your credit agreements?

If you answered YES to any of the above, you need personal debt information that will assist you in clearing debts without further loans.  Struggling with debt in the long term is not the way forward and the sooner you find away to end your debt, the better!

There are many different debt solutions which you can explore to find the one that suits you best, what you do need is the correct advice and this is not always available.  The reason for this is due to most debt companies wanting to take you down the route that is most profitable to them, not YOU!

The most usual ways to clear your debt without another loan are listed below;

Debt Management

IVA in England or Trust Deed in Scotland

Going Bankrupt

You may have already considered some of the above if you are struggling with debts and may not have received the correct advice based on your current situation.

At Lewis Alexander, we specialise in helping people every day who are struggling to clear their personal debts, we do this without the individual having to take on further credit or loan agreements.

We will be able to help you! All you need to do is call our personal debt helpline in confidence and have a brief confidential chat with one of our experts.  This way you are not paying for the advice and you can compare our debt help to other companies you my have spoken with, or are about to speak with.

  • Call free today, what have got to lose apart from ten minutes of your time?
  • You may even find that after our brief chat, your problem is not as bad as you originally thought, which in itself is a massive relief to most people.
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Information about Free Charity Debt Management Services!

On November 13, 2009, in News, by Lewis Alexander
  • Free debt management services and information about who really funds these free debt companies or debt charities in the UK.

  • Financial charities that offer a free debt management plan can certainly not be expecting all their staff to work for free! So who is funding these free debt services or so called charities.

Your creditors are possibly on the large list of banks and credit companies that contribute funds to free debt management charities, these funds are paid to the charities from the banks and credit companies for the work undertaken on clients files.

We are proud at Lewis Alexander that we do charge the client directly and transparently for our debt management service, these charges are all agreed upon with you first and you are not tied into any formal agreement of any type whilst utilising our informal debt service.

  • You are free to leave at any time!
  • We only ask for your personal commitment to our plan for your financial recovery.

Not all debt charities are the same, some are totally free debt services such as the governments CAB or Citizens Advice Bureau.

If you wish to discuss how Lewis Alexander could help you better understand personal debt management, please contact our personal debt helpline today using 0800 018 6868 our lines are open 24 hours a day / 7 days a week!  Your call is free from a landline.

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