credit report UK from ExperianHere at Lewis Alexander Financial Management we speak to many people daily about their personal debt problems, it never ceases to amaze our compliance department the amount of bad financial advice that vulnerable consumers are receiving regarding the clearing of personal debt and the associated problems they may have.

Lewis Alexander can reveal that one of the large debt charities is in fact offering debt management plans as a more viable solution to vulnerable consumers than a Debt Relief Order to clear their debts, this is for those that qualify for both.

For a simple and short explanation, if a person owes under £15k to unsecured creditors and can afford no more than £50 per month as a total contribution, then this person, subject to having no assets totalling a worth greater than £300, can apply for a Debt Relief Order.  DRO’s or Debt Relief Orders clear debts within 12 months and any remaining debt is usually written off by the respective creditors after the 12 monthly payments have been made.  These Debt Relief Orders or DRO’s do not suit everyone but most clients will qualify for a number of solutions when an income and expenditure statement is taken, at which point the debt advisor should offer the best advice based on the consumers current and predicted future personal circumstances.

The Debt Relief Order is just like a mini IVA or Individual Voluntary Arrangement but has timescale and debt value differences. It allows people with less debt to clear the total they owe sooner than a personal debt management plan normally would allow.

As stated above, DRO’s do not suit everyone as they are a form of insolvency. However, why is such a prominent debt charity not offering people who qualify for both a Debt Management Plan and a Debt Relief Order the option? Is it because they get more fees if the client pays back via a debt management plan or arrangement?

  • Why has the “free to client” sector got the government to impose restrictions on the fee charging sector (who in the main are mostly compliant) when they cannot follow simple guidance and employ compliance themselves?

We choose the words “bent” & “crooked” carefully and hope that those that speak to a so called free debt charity also take a wider view on advice available and seek it.

  • The saying “Cheap is dear” springs to mind!
  • More DMP (Debt Management Plan) clients for a debt charity means more fees, when will the press understand this?
  • Everyone is happy to refer people to the debt charities but who is policing these charities? Anyone?

So, here is a final solution for the FCA to consider;

  • Should a personal debt be to an accountant what a legal claim is to a solicitor?

Should we make sure that any debt advice is only given out by a Chartered Accountant? Forget just a Mortgage Advisor as we have seen the damage that can be done in the past but a Chartered Accountant tends to be a different type of individual, usually more focused and committed to the detail. Yes, of course you will find “bent” & “crooked” accountants but not as often as you will find “bent” & “crooked” laymen! A solicitor still needs to underwrite a legal claim in some way regardless of who has introduced the case or work.

Could this act as “food for thought” for the FCA and OFT whilst they are conducting a handover and the industry remains plagued by non conformity!

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  • Finally, why should you be visited in your home by debt advisors?

Do they need to measure you or your carpets? Do they need to know what you look like? Identity checks can be done without face to face meetings and for the last 10 years, the only client that any member of Lewis Alexander staff has ever met is the client that stars on our national TV advert. Do not succumb to high pressure sales tactics in your home with regards to your financial situation as it is harder to say no face to face than it is to someone selling to you over a telephone!

Lewis Alexander is considering a ceremonial public burning and hand back of our Consumer Credit License as we do not see it is worth the paper it is printed on with no industry policing in place!  All press will obviously be informed and invited should we make such a final decision :)

The middle years of Queen Victoria’s reign abolished debtors prisons and now it seems to be the bad debt advisors that have re opened them in the UK. By offering bad debt advice, the vulnerable consumer seems imprisoned by a life that may be incorrectly forced upon them and this can be for a great length of time for some involved!

  • Have the OFT “washed their hands” of all “Debt Management Company” compliance monitoring and enforcement whilst waiting to fold their operation once the FCA takes over in April 2014?
  • Will it be a situation of “no case to answer Your Honour” after the OFT ceases to exist and the incorrect restrictions placed on small entities are left to go uncorrected?
  • Is this another good reason to start a small UK business that involves licensable activities? Shame on the authorities or is it a conspiracy?

The calls we enjoy the most are the calls from existing clients that have cleared their debts through Lewis Alexander and are thanking us for the help and support we have offered them!

If you are struggling with personal debt problems and require sound advice and help from a trusted debt consolidation company with over 10 years successful experience of helping others, then call our personal debt helpline today in absolute confidence.

  • Our lines are open 24 hours / 7 days – Call 0800 018 6868.
  • Your call is usually free from a UK landline but mobile call costs may vary.
  • From mobiles you can call 0161 872 3383.

May we take this opportunity to wish all our clients, twitter followers and friends, a very happy, healthy and wealthy 2014!

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  • free credit report UK from ExperianAre you trying to escape the stress and worry of personal debt problems?
  • There has never been so many ways to get hold of financial information online about all sorts of things.  Advice is not a problem to get hold of, getting hold of reliable information can be though.
  • At Lewis Alexander Financial Management we have the kind of financial help and advice you want …reliable and accurate!

Most people struggling with personal debt problems say that the financial problems they have start to control their lives and in turn can keep them awake at night worrying about future financial security.

If you live in England, N Ireland, Scotland or Wales (UK) and are finding it difficult to successfully clear your debts, then take five minutes to read this blog post and then we hope you will be in a better position to make informed choices about your financial future.

We are focused on helping UK residents solve debt problems by ensuring we employ the best practices available to form a reliable debt reduction solution that works for our clients.

Debt Management Online

A debt management plan may take many equally effective forms and are built and designed on an individual basis for each and every one of our clients taking their own set of circumstances into account. They are informal and are not legally binding.

Debt Consolidation Loans

Taking all your debts and putting them together and making one, monthly repayment can be an effective way in it’s own right of clearing problem debts for many people. Many people in the UK have used this method of debt consolidation help and it works well for most of them. It is not always the best answer for everyone however. Let a debt advisor at Lewis Alexander help you decide what is the best debt help solution or service for you.

If you’ve been refused a loan, there can be alternative solutions!

There are multitude of possible reasons why you may have been turned down for a loan in the past. We can help you find out what those reasons are and then help you understand if you could actually get or qualify for a personal loan.

Individual Voluntary Arrangements

Individual Voluntary Arrangements are formal agreements that structure a repayment program over a fixed term with the end result of your final unpaid debts being written off by your creditors. Because of it’s formal nature however, an IVA will be recorded on your credit history file. All interest and charges are frozen and all correspondence from creditors is stopped.

Get more advice about other debt related issues and be armed with everything you need to get out of and clear debt. There are solutions available for anyone in debt, whether they have small, short term debts or large, long term debts which have far reaching implications for them, their family and friends.

If you feel that any or all of the above questions apply to you then we can help you without a doubt. You will not be judged and you will not have to worry about your friends or family finding out.

We operate a confidential service so you can be confident of absolute discretion throughout all our dealings.

  • call 0800 018 6868 today,
  • Calls are usually free from a UK land line, mobile call costs may vary.
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Over 1500 people being made redundant every day

On March 29, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianThis isn’t exactly the headline that David Cameron wants to see during these tough economic times, especially after his assertion that the private sector would and indeed could create vacancies to make up for local and central government cutbacks.

But at a time when Britons owe £1.4trillion (that’s more noughts than we can even think to draw out in a blog!) and bankruptcies are being declared at a rate of 337 per day, the stats are beginning to look more than a little bit grim.

So without wishing to compound the agony unduly, figures such as the average UK household owing £57,635 and approximately 1,000 Britons turning to various organisations to help them manage their debts are hardly going to help build popularity.

It is likely that the Cameron, Clegg, Osborne axis are sure to blame the previous government, but with the public having short memories, the continual panning of the previous regime has only been tolerated for so long.  As we approach 12 months into this term of government, this ‘honeymoon period’ is coming to an end!

1589 redundancies may not sound like a great number when there are 60 million or so people living in the UK, but when you think this is around 11,000 per week or over ½ a million in 2011, then the numbers really start to hit home.  When these figures are added to the 833,000 Britons who have been unemployed for 12 months or more we really start to see a picture of a country in trouble.

  • So what difference is a neutral budget going to make during such difficult times?

The short answer is that the budget pleased very few.  Hard line capitalists would have wanted to see additional tax breaks for small and medium sized businesses, whilst 99.9% of those who marched on the recent TUC rally would call for more government cash to help create jobs for cash-strapped Britons.

Sitting on the fence is not a common pastime for this blog writer, but with food price inflation standing at 6%, energy prices rising at a higher rate and the cost of a barrel of oil remaining impossibly high, it is hard not to have sympathy for fellow Britons who are watching their quality of life slip back by a year almost every month.

But what does being made redundant and experiencing higher petrol, gas, electricity and food prices actually mean for the man in the street?

  • Well, first up, stating the obvious, if you don’t have any income, paying the bills does become somewhat tough.
  • So that’s where the state come in to help, right?
  • Wrong!
  • State help only really kicks in once you have burned your life savings and are down to the poverty line.
  • Life in the UK is going to get very interesting, that’s for sure!

If you are currently finding yourself worse off with each passing month and in a situation where your household debts are spiralling past the average £57k detailed above then it may be time to join the 1000 people who every day are seeking help with their debts.

One free call to Lewis Alexander on 0800 018 6868 could be the start of better things for you and your family in 2011.  Our debt management specialists are well versed at working with families and hard working Britons who are in debt.  We approach the situation from a new perspective… yours!

Rather than try and sell you a solution we identify your current situation, understand what you are looking to do, before advising on a solution that meets your needs.

If you need help with debt then why not give us a call and see if we can make a difference to the debt situation for your household.  If you are driven to make a difference to your life and have a regular income, then we can help you!

  • Call 0800 018 6868 in confidence today.
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Japan Tsunami Disaster Impact on UK Personal Debt Problems

On March 22, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianRecent events in Japan have shocked the world, as one of the most powerful earthquakes ever to strike planet earth sent a tsunami wave to decimate Northern Japan and put a screeching halt to the world’s third largest economy.
  • Since the quake has struck, thousands have been confirmed dead, thousands more are missing, the country’s infrastructure has been devastated and almost 20% has been wiped from the stocks listed on the Nikkei.

In the UK, our favourite topic of conversation is the weather.  However, we are sat in temperate climbs, with only very minor seasonal changes (in comparison to others) and very little in the way of seismic activity.

Perhaps it’s about time we considered ourselves a little more than fortunate!

To watch the devastating pictures of the world’s third largest economic power brought to its knees, certainly for this blog writer, brought home how critical the economic restructuring of the economy in the UK really is.

As the coalition government attempts this restructure, it occurs to me that should such an event have occurred in the North or Atlantic seas then the UK would be condemned to generations of recession, stagflation and a possible return to the Victorian era quality of life.

Over the other side of the world, as billions and billions of Japanese Yen are poured in aid to support the stricken country, these funds are going to need to be matched with determination, engineering expertise, time and patience to spark a recovery. Possibly over the next five years or more.

Sickeningly ironic, is the fact that the economic impacts of the tsunami continue to ripple around the world.  Whilst it does seem somewhat inappropriate to think of oneself during such terrible times, it is perhaps the pressure on oil prices that should be of most concern to the world economy.  With Japan’s status as one of the world’s largest energy importers, this need is only likely to rise in the aftermath of the ongoing nuclear disaster and subsequent reviews.

Almost 30% of Japan’s energy is currently derived from the nuclear industry and with nuclear energy production under question, together with the need for increased energy to support regeneration, this is only going to have one effect on oil prices and thus the upward pressure on UK inflationary figures will place UK households already struggling to make ends meet in even harder financial hardship.

  • In the UK we are also likely to see rising prices of insurance products, increased pressure on pension funds (through the lost value of International and specifically Pacific Rim stocks), and further increased pressure on home energy prices and prices at the pump.
  • This may all leave you remarkably short and starting to struggle with your everyday finances.  If this sounds like you, then it is perhaps time to get in touch with a debt management company to help you review your financial situation.

Here at Lewis Alexander we have debt management specialists available.

By calling 0800 018 6868 you can speak to our experts and start to restructure your own personal finances in what is an increasingly challenging world.

We start by understanding the full details of the commitments you already have and then work with you to understand what you can afford to pay each month.  Once our experts have a view of your complete financial picture we can then look at ways to improve your financial situation and put you in a better position.

The current world economic and geological climate is as challenging as we have ever known it, but by getting organised and being disciplined, Lewis Alexander will try and help you manage any personal debt problem you may have.

  • Call us FREE from a land line today on 0800 018 6868 now.
  • We are waiting for your call!
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Reduction in Debt Advisors at Citizens Advice Bureau

On February 7, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianThe government announced last week that the Financial Inclusion Fund will not have its £25million a year subsidy extended beyond March.
  • This could result in many debt advisors at Citizens Advice Bureaus across the country being issued with redundancy notices as local councils seek to reduce costs.

To avoid a bottleneck of debt cases building up, CAB has also responded by starting to turn away certain new debt cases, just as economic commentators forecast that consumers with debt problems would start to rise in the UK during 2011.

  • So what does this actually mean for the ordinary man or woman in Britain?
  • Well, not a lot if your finances are in order and you are good with google, so one could avoid needing the CABs advice on money matters.

If however your financial situation leaves little to be desired and the recent hike in food costs, fuel, VAT and general every day expenses are pushing you ever closer to financial Armageddon, then it may be you who is most affected by the closure of the Financial Inclusion Fund.

A BBC report last week quoted that 200,000 extra requests for free debt advice were expected in 2011, so with these additional cases and fewer debt advisors to go round, it may be significantly harder for people to get in touch with someone at a CAB office to help you with your debt problems.

Whilst Citizens Advice offer a free service, with the sheer volume of cases that their advisors attend to, it was already hard to provide a speedy resolution to those with the most acute debt problems.  Whilst the government may replace the Financial Inclusion Fund with a new web and telephone based service, there is no substitute for having a professional case manager to speak to regarding your personal circumstances.

  • At Lewis Alexander, we offer a free from a landline personal debt helpline, where you can speak to one of our trained debt advisors.

Our number is 0800 018 6868 and we are always happy to speak to new potential clients to see if we are able to help them with their financial difficulties.

Once we have taken your case we will appoint a case manager who will be your personal point of contact.  Your case manager will look after your debt portfolio and will work with your creditors to progress you towards a better managed financial existence.

As a long established debt management company we take pride in ensuring our staff offer a level of client service that is second to none.  We are also very proud of the results we obtain when negotiating with creditors on our existing clients behalf.

Being in debt can add to what is already a stressful modern lifestyle and is something that with a little bit of help and some good old-fashioned discipline can be managed, to lead you into a managed future.

At Lewis Alexander, we are able to help a wide variety of clients out of their debt problems as long as they have a regular income and a determination to meet a regular monthly or weekly payment.

So if you are struggling to contact your local Citizens Advice Bureau regarding UK debt advice or would like to hear the debt solutions that Lewis Alexander could offer you based on your current circumstances then give us a call on 0800 018 6868.

  • Our lines are open 24 hours a day, 7 days a week!
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Moving Abroad to Escape Debt Problems

On December 20, 2010, in News, by Lewis Alexander
  • The credit cards have stopped working, your overdraft is maxed out, applications for extended credit lines stopped being successful months ago and now even the utility bills are falling behind.
  • Sound familiar? Well increasing numbers of Brits are now looking to turn their back on debts in the UK in favour of moving abroad and starting a new life.

free credit report UK from ExperianParticularly prominent amongst divorcees, with the collapse of a marriage, it can seem like the fastest, cleanest and cheapest way out of the hole.  But longer term is it really the best option?

Sure, the thought of escaping the incessant telephone calls, letters and emails from credit card companies can seem like a good idea at first.  And certainly avoiding paying interest on mounting debts can seem like a preferable solution, but what are the implications of ‘jumping ship’ and moving abroad in this situation?

Firstly, there is the fact that your creditors back in the UK are not going to suddenly forget that you exist.  Financial services companies in the UK have invested great sums in recent years to improve their collections and recoveries strategy and an instant write-off for your debt is unlikely.  Much more probable, is they will look to trace you to hold you to the debt, will employ collections agencies and may even seek legal intervention for any assets that you do leave in the UK.

To those in the deepest debt holes, you may say ‘so what? I don’t have anything to lose!’ but it is not just what you own now that may be at stake.  Some financial service companies keep on file their list of bad debtors, even though these debts have been written off in their company accounts.  Proceedings are then put in place to reclaim funds should any given person re-enter the country.

Monitoring of the electoral role, future credit or bank account applications (and even social networking sites) are all conducted on a periodic basis.

Whilst you may have every intention of leaving the UK for good, it is worth noting that in 2008, the Institute for Public Policy Research reported that 85,000 British Citizens returned to the UK from living abroad, and with only 172,000 leaving the UK in that year, this represents a net return of almost 50% for that calendar year.  Which if you happen to be in this 50% that do return, there may be some nasty surprises that await you on your return!

  • So, what other options might you have to escape the mountain of debt?

A good place to start is sitting down to calculate exactly what debts you do have, who you owe money to and the rate of interest that you are currently paying.

Then, one call to a debt management specialists at Lewis Alexander can make a huge difference.  Our lines are open 24 hours a day on 0800 018 6868.

At Lewis Alexander we make it our priority to help you through what can be a very stressful time.  No-one intends to get into huge amounts of debt and all we ask is that you have a regular source of income and a genuine intention to improve your personal situation.

We start by understanding all of your current outstanding debt commitments and can work with your creditors to reduce your monthly repayments and can sometimes reduce the overall amount of interest repaid.  We also work with you to find the debt solution that is most appropriate to your personal circumstance.

Some of our clients have equity available to release from their home that can be used to settle debts.  Others might find that entering into an IVA is best for their situation and many of our clients find that simply using our debt management service helps them get control of their finances again.

  • Whatever the best financial debt solution is, we will work with you to find your best personal debt plan.

Call Lewis Alexander today, free and in confidence on 0800 018 6868.  We are waiting for your call and our debt management specialists are ready to help you try and start to change your financial life for the better!

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Transferred my credit card balances, I still can’t pay them off!

On December 17, 2010, in News, by Lewis Alexander
  • free credit report UK from ExperianSound familiar?
  • Are you working a form of financial wizardry on a monthly basis, but making no headway in paying off credit card debt and personal loans?
  • It’s a more common scenario than you may think!

During the late nineties and the early naughties, credit card companies were only too keen for us to have ever larger credit limits, more accounts and more authorised users.

This, coupled with the introduction of balance transfers to the UK meant that consumers had increasing opportunities to borrow more and increased scope to move these borrowed funds around the various UK credit card providers.

  • This practice was given the somewhat seedy title of being a ‘rate tart’, but has become increasingly harder in recent years owing to a number of factors.

Firstly is the recent tightening of credit risk policies that has followed the credit crunch.  This has meant that constantly rising credit limits has halted and in some cases account limits have been reduced.  There has also been a reluctance on behalf of the credit card companies to open accounts to customers who already hold several credit facilities with other credit providers.

Indeed a report published by PaymentsCM in 2007 suggests that the volume of accounts, cards issued and active accounts was on the decline towards the end of the naughties, a trend that a report by Datamonitor supports which highlighted a drop in value of £10.9 billion in the UK credit card market in 2009 and 2010.

In recent years it has also become harder to benefit from low-interest or interest-free balance transfers as increasing numbers of credit providers apply a percentage charge to balance transfers, meaning that whilst you avoid interest, you can typically pay between £100 and £200 to transfer a balance of £5,000.

Whilst the interest rates are still low or zero, these charges do make the overall cost of credit more expensive.  There are also increasing terms and conditions that accompany such deals, meaning that if you miss your monthly repayment or are the mere matter of a day late in making a payment, then the promotional interest rate is revoked in favour of the standard rate of interest.

  • So what should you do if you are caught in the trap of stable or increasing credit card balances?

First and most importantly you should seek to understand all of your credit commitments across credit cards, personal loans and overdrafts.  Once you have a clear picture of these and the amounts that you are paying or transferring each month, you can start to review your approach to repaying credit card debts and improving your financial health.

  • One call to our financial management consultants at Lewis Alexander can also help.

Lines are open 24 hours a day and you can call free using 0800 018 6868, our debt consultants can help you start to make progress towards reducing a debt problem.  By completing a financial healthcheck, we can assess your financial situation and provide recommendations for intelligent monetary management.

It may be more beneficial for you to prioritise your repayments and repay certain creditors first.  It may also be possible to consolidate some of your borrowings into one loan, or even renegotiate the credit terms that you are currently committed to.

  • The above options could help you to repay your debts more speedily and may also reduce the credit balances that you owe.
  • Remember, through our debt management online advisors, help with debt is one free phone call away on 0800 018 6868.

Call Lewis Alexander now to start making improvements to the way that you manage your financial health!  Our specialists are waiting for your call, so contact our personal debt helpline using 0800 018 6868 today!

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Leaving University and Clearing My Debts

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

free credit report UK from ExperianSo that’s it.  University finished, no more exams, some magical memories, but what are you now going to do with that degree in Ancient Greek History?  The first thing on most recent graduate’s minds is finding a job and quick.  Being poor and scrimping by in the ‘value’ section of Tesco only has its appeal for a few years.  Once graduated, the vast majority are keen to find gainful employment and start to think about clearing  the mountain of debt that fees, accommodation, food (and let’s not forget the drinking) have created over the past 3-4 years.

The big question is ‘how do I start to repay the debts that have stacked up?’  With a little bit of planning and a lot of self-discipline, this process can be a lot easier than some may make out.  Start by making a list of all of your outstanding debts.  The typical student will have at least one interest-free overdraft facility, a student-loan and maybe loans from family and the odd credit card thrown in for good measure. 

Once you have a complete list of your creditors and the amounts owed to each body, you need to identify the interest rates that you are paying on these debts and the speed with which the creditors will want to be repaid.  Believe it or not, but the Bank of Mum and Dad is actually a very reasonable credit facility.  Interest rates tend to be nominal and flexible payment arrangements are common!

Repaying debts should therefore start by paying those that charge the highest rate of interest.  Typically, this will be a credit card or store card who typically charge between 10% and 40% APR

With the recent furore over government policy for student debts, it is easy to think that as soon as you have finished University that a Student Loan becomes immediately repayable.  This is not the case and any recent graduate should get in touch with their Student Loan provider to discuss their plans, earnings and intention for repaying these loans.  Remember that these loans are only repayable when you reach a certain earnings threshold and often attract a more generous rate of interest in comparison to overdrafts, credit cards and store cards.

In some cases, students do get into difficulties early on in their graduate life with the high street bank that had previously been keen to increase their overdraft limit, but now appear to want it all back.  It is important to let all of your creditors know what your plans are for post-university life, as many financial organisations (particularly in the current economic climate) are keen to retrieve their funds, and don’t like long periods going by without hearing from their debtors.

Indeed the author of this blog post had a rather nasty experience with a well-known bank as he did not inform them that he had returned to live with his parents following finishing university.  This resulted in the bank cancelling his overdraft facility within 2 months of his leaving date and when finally some monies were paid into the account, yours truly was whisked into the Manager’s office with great haste and the entire £1,500 overdraft was called in with immediate effect!

Cases like this are more widespread than you think, and can be easily avoided.  A written letter to the bank informing them of your plans can stop this type of practice and it is also likely to lead to more options for graduate banking being offered.

When that first pay check does come in, do spend it wisely!  As you will have a picture of your overall finances and details of the rate of interest you are paying you can compare the advantages of speeding up your debt repayments versus a spending-spree on gadgets, designer clothing and the nicer things in life.  In some cases it will be more advantageous to repay your debts more quickly rather than entering into savings plans and you should seek financial planning guidance if you have more than £100 per month available at the end of each month.

Leaving the student world and entering the world of work can be a daunting experience, but getting into the habit of good financial planning at the start, can help you to avoid difficulties later on life.  Three simple rules should help guide this planning and you can’t go far wrong!

  1. Always understand who you owe money to and the total you owe to each.
  2. Have a clear plan for the repayment schedule (i.e. how long you intend to borrow for and the amount that you need to regularly repay).
  3. Try to re-structure your repayments so that you pay the creditors with the highest rates of interest first.

If you do get into further financial difficulties and find your debt is compunding, you can contact Lewis Alexander on 0800 018 6868.  We are debt management company with a proven track record and can offer advice, support and guidance in managing creditors and reducing personal debt.  We start by understanding the overall picture of your financial circumstances and then work with you to find a plan that suits you individually and then are able to agree this with your creditors.

As you are at the start of your working life when leaving University, applying the principles of this article will help the vast majority of graduates, but if you are still struggling with your personal finances and as long as you have a regular source of income, together with a will and determination to improve your personal debt circumstances then we can help! 

Our professional debt management advisors are ready to take your call, so contact Lewis Alexander on 0800 018 6868, your call is free!

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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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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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Worried about Debt this Christmas

On December 5, 2009, in News, by Lewis Alexander
  • Personal debt causes a lot of pain due to worrying.
  • It’s a major cause of tremendous family quarrels and arguments.
  • It can cause huge upheavals in family and friendships as well as your place of work.

If you are worried about debt problems it can start to escalate very quickly and it almost feels as if it is out of control before it actually is.  The stress of debt can be very upsetting to anyone that is going through times of financial crisis or hardship.

This is not something that is a problem for only adults but it also affects the younger generations.  As times have become harder, many people have dipped into past savings to cope with the harsher economic climate and unemployment.  Increasing outgoings and money for basics such as rent, rates and heating are becoming hard to meet and find.

  • You may already be in a situation that seems to be getting out of control and you think that there is not much you can do to get yourself out of this debt trap.
  • You may be already feeling depressed and unable to sleep.

Let me tell you that even if you are in any of the situations above and as Christmas, the festive season is around the corner, you have many solutions that will make a real difference to the way you feel about yourself and your financial situation.

  • You can make one simple phone call to a professional who knows how to deal with your situation!
  • You may be going through phases of guilt and shame because of your financial status?
  • Professional counsellors have been dealing with these kinds of situations for a long time!

Worrying about your debt can take over your whole life and start you on a path of creating negative views and differing judgment on everything around.

  • All of a sudden the situation seems bleak, but there is help available!

Approach a reputable debt management company and you will be put at ease immediately.  The most difficult situation is to come to terms with the debt itself, ask for help, seek professional advice from people who have your interests at the heart of what they do, talk to them, and discuss your situation today in confidence.

Once you have made that initial contact you will find that things are not too bad.  You will certainly feel that you have the courage to deal with the problems and suddenly you can see a glimmer of light at the end of what seemed to be a long bleak tunnel.

  • Are you lying awake at night worrying about debt problems with Christmas just around the corner?
  • Have you been wondering how you will cope with trying to keep the children happy over the Christmas period?
  • Find yourself getting angry with you and the people around you?
  • Are you feeling depressed and feeling that you are all alone in debt?
  • Stop… Make one free call now!

Take a look around a few of the best debt management companies, spend a few minutes and check out their credentials.  Make a simple phone call and the hardest part is finally over. Your advisor will have a confidential chat with you to see where they can help and with what solutions.  Always remember that you need to take action to help yourself make the decisions that may seem difficult initially and start making adjustments to your own lifestyle and expenses.

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 employ 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.

Contact Lewis Alexander online or call them using UK personal debt helpline 0800 018 6868, lines are open 24 hours a day, 7 days a week and your call is free.

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A Debt Management Plan that Works

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

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

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

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

Allan – (Real Identity hidden due to data protection)

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

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

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

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

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

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Debt Help and Advice in Scotland

On November 27, 2009, in News, by Lewis Alexander
  • Do you live in Scotland?
  • Are you in need of Personal Debt Help and Advice?
  • Is the difference bewteen debt assistance in Scotland and England confusing you?

For most people that live in Scotland, the differences between debt solutions that are available in England compared to those in Scotland can be some what confusing to say the least.  If you have previously taken advice from debt agencies and are still struggling to understand the various options available to clear your debts as a Scottish resident, please read this blog post further as we believe this will help you.

  • Trust Deed

Most people are now familiar with the term IVA (Individual Voluntary Arrangement), for those that are not, it is a legal agreement between you and your creditors in England ONLY, and is a form of Insolvency that allows you to pay back an amount of the money you owe within a set or fixed period of time, usually 60 months or 5 years.  The remainder of what you owe that has not been repaid is then written off by your creditors leaving you debt free.

  • The Trust Deed, is very simply the Scottish alternative to the IVA in England.  The difference is that in Scotland, the Trust Deed lasts for 36 months, not 60 months like an IVA in England.

Creditors are not duty bound to agree to Trust Deeds as they do need to make sure that they are obtaining a satisfactory percentage of the total debt to be repaid.  This is not always possible when the clients circumstances are investigated as the client sometimes does not have enough disposable income (the money left over after essential bills and living costs) each month to meet the financial repayments, in this case the client can then consider a debt management plan or Bankruptcy.

  • YOU SHOULD NOT APPLY FOR ANY FURTHER CREDIT ONCE ACCEPTED ONTO A TRUST DEED!

A Trustee will manage your Protected Trust Deed for you and Trust Deeds can only become protected if certain requirements are met by the individual, if the Trust Deed becomes protected, your creditors cannot take legal action against you and the interest or charges on your personal debt will become frozen.

You will NOT be charged to enter a Trust Deed arrangement, your creditors are responsible for paying your Trustee out of the contributions you make whilst the agreement is in place.

  • Bankruptcy in Scotland is sometimes referred to by some as Sequestration

Sequestration involves removing or seizing a persons belongings or assets, to a value of the debt owed with a view to being of financial benefit to the creditor owed the money or in some cases this can be for monies owed to the Scottish state.

Laws in Scotland that appertain to personal debt and finance agreements can vary based on what type of agreement you have signed and with which company or lender.  For an exact definition of different legal agreements, you should without question consider speaking with a Scottish Insolvency Practitioner or solicitor.

The above is a very basic explanation designed to give you a brief outline of the differences between, debt help in Scotland and that to the rest of the UK.  For a more detailed explanation you can contact our personal debt helpline which is open 24 hours a day.

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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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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.

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