Learn how to better manage your debts with advice and help
Personal debt can have a habit of seeming a lot worse than it actually is when you are the one in debt.
- Learn how to manage debt properly and take control of the problem once and for all!
Need help to manage and control personal debts?
Every day in the UK, more people seek personal debt help due to finding themselves struggling to manage debt for one reason or another. There are many reasons why people get stuck in the debt trap, not all of which are the individuals fault.
- Does it feel like you are working for nothing?
- Do your monthly debt payments or outgoings add up to more than your income each month?
- Does it feel as though you are short of money as soon as you have been paid?
Debts can seem to be out of control but often they are not as out of control as people may think. Often people just need proper management and debt help after careful analysis and discussion. Frequently it can be one debt that is causing all of the problems and this can then impact your ability to repay your other personal unsecured or secured debts.
What happens with Debt Management?
At Lewis Alexander, professional debt management doesn’t just mean managing your debts, we believe it should also mean reducing your debts at the same time.
We will endeavour to freeze any future interest and charges (there are no guarantees that this can be done) whilst working with your creditors to ensure the debts are paid back more efficiently.
Beware of some of the debt services available as it is a fact that some of the debt services are not operating above board. This means that the debt management company could be working in their own interests and not yours to clear your debt.
What if my debts are more serious?
There are more ways than one to deal with debt and the more serious the problem, the more formal the solution. In Scotland there is the trust deed which is effectively the IVA or individual voluntary arrangement as used in the rest of the UK.
It is a formal agreement between you and your creditors, which once agreed, is legally binding for all parties. Agreed payments are then made towards paying off your debts over a specific term (usually 60 months except in Scotland which is usually 36 months), after which you are officially clear of debt. Restrictions do apply.
The benefits of this solution is that all direct contact between you and your creditors ceases! No more letters or phone calls demanding payments from your creditors and all further interest and charges are stopped.
It can also prevent bankruptcy or other court proceedings from happening.
NOTE: Whilst an IVA is in place, you cannot take on any further debt and you may find that you have difficulty getting credit until your credit rating has chance to start to repair once the IVA is over. An IVA is recorded on your personal credit file.
If you feel that any of our debt management solutions could be what you need to manage your debt problems, then call us free today from a land line using 0800 018 6868 and let a Lewis Alexander advisor help you start to get out of debt.
- Our lines are open 24hrs a day 7 days a week, call today using 0800 018 6868
