Need debt Help

On April 26, 2011, in News, by Lewis Alexander

Need to get help with your personal debts?

free credit report UK from ExperianWith the right financial guidance and debt help you can free up more of your available money to work harder for you.

Are you constantly having to count up what you’ve spent and working out what you can afford to spend because you are not left with much money after all your bills are paid each month?

We offer debt advice to people in this position as well as those who are already struggling with overwhelming debts. We are determined to help as many people out of debt as we possibly can using our years of experience and our skills as debt management consultants.

  • Do you lie in bed at night worrying about your bills?
  • Do you constantly have to work out what you can afford?
  • Are you only managing to pay the minimum payments on credit cards?

These are very common aspects of being in debt.  The first thing to remember is not to panic!

  • Why don’t you charge for your personal debt helpline?

We do not charge for our personal debt helpline or the advice available on it because we believe that advice about debt should be honest and readily available without charge. People need someone to discuss the ways out of debt with then before obtaining the help to achieve that goal.

Find out more about how we operate as debt consultants.

  • What options would I have to help me clear my debts?

We specialise in helping people get out of debt. We do not use quick fixes! We analyse your personal situation and then make recommendations based on our discussions. These recommendations are designed to help you get out of debt!

  • We can build a personal debt management plan for you which will reorganise your finances.
  • We could arrange for a debt consolidation loan to save you interest and charges. (subject to status)
  • We can advise about or help you set up an IVA if you need something more formal to help clear your debts

Are there any groups of people that you cannot help?

We do not generalise when it comes to helping people with debt. We have helped all kinds of people from all walks of life, from single parents to people in the armed forces and even helped people refused loans to clear debts.

Call free from a landline today using 0800 018 6868

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Credit Card Spending is not Real say our Children

On March 30, 2011, in News, by Lewis Alexander
  • free credit report UK from ExperianAs the UK struggles to move under thousands of pounds worth of personal debt for each household, it appears that we may have passed a culture of debt on to our children.

A recent report commissioned by Barclays Money Skills suggests that a third of British teenagers don’t consider monies spent on credit cards to be ‘real’ spending a worrying stat for a country trying to cut down on its levels of personal debt.

It is easy to understand how this attitude may have been transmitted as Brits in their millions racked up unsecured borrowing across credit cards, personal loans and store cards during the late 90’s and early naughties.  With our children watching our every step, it is hardly surprising that their view of credit cards is the same as ours was.  A kind of ‘tomorrow’ approach, where we think that everything will kind of sort itself out in the end and the debt will be magically repaid!

  • The report also stated that 34% regularly ran out of money!
  • 13% were constantly out of cash!
  • and perhaps surprisingly a third rely on their parents for regular handouts in order to survive!
  • Only one third?

With this being the case, it does seem to ring true that very few teenagers reach financial independence prior to potentially moving out of the family home.

  • Of further concern should be the fact that 90% suggested they solely relied on advice from their friends and family.
  • With only 3% commenting that their place of education had helped.

Perhaps it is no surprise that in listening to us parents that so many are struggling to attain a decent level of financial understanding.  What with us being such masters of the art of fiscal management!

Somewhat reassuring was the fact that ¾ of those surveyed had made some kind of savings during the past twelve months, albeit these funds were mostly used for gadgets and clothes.  But then again, some savings are better than no savings.  A fact that I keep telling myself as besides the princely sum of £1000 that I placed into an ISA recently, I currently have no other savings to speak of.

To help this shocking state of affairs and genuinely to their credit, Barclays have recently announced a trio of partnerships with youth charities designed to improve the fiscal skills of up to 1 million young people.  At a time when the banks are being given some considerable stick (not least from this blog) such a move is commendable.

Action for Children, the National Skills Academy for Financial Services and the National Youth Agency are the charities involved and the scheme is due to target youngsters who are out of work or in education / training, educating across a range of financial disciplines including budgeting, spending, saving and avoiding debt.

If however this financial training has come a little late for you and your own little personal debt mountain has already been created from the costs of being a teenager and in particular a student in the 21st century, then don’t worry, help is at hand.

  • Here at Lewis Alexander, we have debt management consultants to take your call.
  • Before you speak to us, it would help us if you can write down how much you owe, who you owe it to, details of any savings and details of your regular income.

By understanding your current position our financial consultants will be able to develop a plan of action that suits your current circumstance.  Rather than force certain debt solutions to fit your individual set of circumstances, we prefer to understand the issues that you are facing before recommending the best course of action.

So call today and see if we can help you to improve your financial health.

Call 0800 018 6868 in confidence, your call is FREE from a UK landline.

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All my income goes on repaying debts each month!

On January 26, 2011, in News, by Lewis Alexander

free credit report UK from ExperianOne of the most depressing aspects of being in a considerable amount of personal debt is the percentage of your monthly income that is spent attempting to service all of these debts.

During the early part of the ‘naughties’ credit was widely available and priced considerably less than in the early 1990’s (and indeed today!) which resulted in many of us taking out more than we could reasonably afford.

What started out as repaying a couple of hundred pounds on an interest-free credit card taken out a couple of years ago, can quite easily extend to a hire-purchase repayment for the car, a bank loan for the new conservatory, the sofa and kitchen on interest-free credit plus an additional credit card that you took out for that holiday!

Before you know it the small debt portfolio or molehill that you thought you had accumulated looks more and more like a debt mountain with each passing day!

Monthly finances start to become quite tight and you find that the majority of your income is spent repaying debts and paying the mortgage or rent.  This is without an unforeseen change in circumstances such as loss of job or illness etc.

So, as it’s a new year, you did the sensible thing and sat down with a pen and piece of paper to work out exactly what you owed and whom you owed it to.  The shopping list of debt looked something like this:

  • Hire purchase for the Ford Mondeo – £12k over 5 years
  • Bank loan for conservatory – £10k over 7 years
  • Interest-free Sofa – £1500 over 3 years
  • Interest-free kitchen – £6k over 4 years
  • 2 x credit cards – Balance £9k

Then comes the maths… so, twelve plus ten add the six, oh and the nine and the little bit for the sofa and oh my goodness I owe almost forty thousand!!  No wonder I feel like the majority of my monthly income is being spent on repaying debt! It really can be that easy.  Next you sat down and worked out how much you were repaying each month:

  • Car payment – £245
  • Bank Loan – £150
  • Sofa – £42
  • Kitchen – £125
  • Credit card minimum payments – £265

which totals a whopping £827 per month!  By the time you’ve added a mortgage payment of £800 and the monthly utility bills of £400 and you have spent almost all of your household’s total income of £2,200 – a not untypical figure for Britain in 2011.

With food, petrol, insurance, clothes and household essentials still to be paid out of the £200 remaining, it doesn’t take a genius to work out that things are going to be tight and that’s well before the luxuries of Sky TV and a summer holiday are thrown into the mix.

If all this is starting to get you down then don’t worry.  One free call to Lewis Alexander on 0800 018 6868 could be the start of your road to financial recovery.  Through our trained debt management online specialists, your enquiry and call is treated in the strictest of confidence and they will listen to your personal circumstances before starting to work on debt management solutions to help you.

Unlike other debt specialists we won’t look to force you down a certain route, but will instead explain the options that are available to your personal circumstance – allowing you to choose the debt solution that suits you best.

We are specialists in working with creditors to find debt solutions for our clients and will work hard to ensure that you are treated fairly.  All we ask in return is that you do have a regular monthly income coupled with some will power to stick to an arrangement.

Our free phone number from a land line is 0800 018 6868 and our trained advisors are used to speaking to clients who are experiencing personal debt problems who need debt advice UK.  We know that this can be a stressful time, particularly if large percentages of your income are being used to repay debts.

At Lewis Alexander we are committed to finding the best debt solution for you, so give us a call today using free phone 0800 018 6868

  • Your financial past does not have to be your financial future!
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free credit report UK from ExperianThe moment you realised that your personal debt repayments totalled almost as much as you earned each month you decided enough was enough.

With Christmas having been and gone it’s time to get your life in order!

So you sat down, worked out exactly what you owed to each credit card, store card and personal loan and set about with a new found determination that every new year brings to sort out your finances once and for all.

  • Step 1 – Review current financial situation

Not being an expert in negotiating with large multi-national corporations you decided that it would be a good idea to get in touch with some experts, so armed with your financial review you sensibly booked in with the Citizen’s Advice Bureau to ask their opinion on your next steps.

The advisor at Citizen’s Advice was helpful and you got some reassurance that your initial steps were on the right lines.  You had worked out what you owed to each creditor and the advisor helped you work out the priority for repaying each debt.  You also got some tips and were pointed to their website on some tips to deal with creditors.

Armed with your new found knowledge you set to writing letters to your creditors outlining your difficulties, stating what you could pay and asking for some consideration in agreeing to this new revised schedule.  To your dismay all that came back was a stream of standard letters (created by a non-human) and a request for you to either fill in a form or phone them up to discuss your situation further – hadn’t they actually read your letter and considered what you were asking?!

Not wanting to be defeated and armed with a list of telephone numbers and letters received from your creditors, you continued with your quest.  Three calls in and it was proving to be slightly more difficult than you thought.  The ‘nice and friendly’ customer services agents that you normally were connected to had been replaced with a sterner, forceful and more abrupt advisor who seemed intent on getting you to agree to repaying more than you could afford and taking instant payments over the phone.

  • Step 3 – Gain agreement to changes to your debt repayments?

The first thing to say is that all is not lost!

By completing steps 1 and 2 you are already in a much better position than many other people in the same personal debt situation as you.  By understanding what you owe, who you owe it to and the priority of your debt repayments it makes it much easier to seek help.

At Lewis Alexander our dedicated debt management specialists are uniquely placed to provide professional advice, guidance and ultimately provide solutions to your personal debt problems.  All it takes is one free call to 0800 018 6868, our lines are open   24 hours a day.

We can talk through your situation, listen to the concerns you have and start working on a solution with your creditors that takes the stress and pressure away from you.  The majority of our clients have fallen into difficult circumstances through no fault of their own and as long as you have a regular source of income and a genuine determination to keep to a revised debt repayment plan then we can help.

Call Lewis Alexander today on 0800 018 6868 and start to clear your personal debts whilst also stop fearing every telephone call or knock at the door.  We have helped many people in debt who want to change their lives and we strive to provide a great service to our existing clients.  You can read what our clients think of us at our client testimonial page.

  • Call us now using free phone 0800 018 6868 and make 2011 the year you got your finances back on track!
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IVA or Individual Voluntary Arrangement

On September 7, 2010, in News, by Lewis Alexander

With unemployment currently rising from 2.46 million in the UK, people are increasingly finding that the fact that they found another job shortly after losing the first is not always the end solution. The problem is that when they were going through the period of unemployment, they were set back financially to a point that they cannot recover.

The credit agreements they have fall into arrears and there is little or no chance of earning enough money to catch up, savings have also usually been diminished and this is when the individual starts to seek a personal debt solution such as an IVA or Individual Voluntary Arrangement.

Hard times are ahead for the UK consumer and people need a solution to clear personal debts that they can trust. The IVA or Individual Voluntary Arrangement is a UK government approved scheme that is legally binding between the individual who has the debts and the creditors who have leant the money.

  • The IVA usually runs for 5 years (60 months) and has an exact end date.
  • Creditors will be expected to stop further interest and charges being applied to the credit accounts whilst the IVA is in place.
  • Any money left to pay the creditors at the end of the IVA process will be written off.
  • In certain circumstances where the individual is a home owner with equity in their home, they will be expected to release some of this equity in years 3-5 of the IVA agreement. This increases the overall contribution back to the respective creditor.

With the rising cost of living on the horizon, household expenditure in the UK is going to be stretched and only those who plan correctly and take advice when required will survive financial turmoil.

If unemployed, one needs to cut costs and be pro active in finding work, downgrade personal expectations in the current economic climate and accept an income that will provide a living.

People in the UK should now start to gear their lives to living without credit, we have been conditioned as a society to use credit and live by using it. The only people who will succeed in the future financially are those who will reduce their need for credit to a basic level.

If you have been considering a debt solution such as an IVA or Individual Voluntary Arrangement, you will be familiar with an alternative personal debt solution called a debt management plan. It is important to be aware that a debt management plan is NOT legally binding and does NOT have an exact end date.

Some companies will claim they can write off all your debts, you should be very careful of these claims, only certain amounts of debt can be written off under an IVA agreement and a voluntary petition or creditors’ petition for bankruptcy is the only process that would usually write off 100% of any persons’ unsecured debt.

When you enter into an IVA or Individual Voluntary Arrangement, your IVA is managed by an Insolvency Practitioner and this person is legally responsible for proposing the case to your creditors and administering the IVA process on your behalf. An IVA or Individual Voluntary Arrangement should not be entered into without much consideration.

You are at risk of being petitioned for bankruptcy by your creditors should your IVA fail. An IVA can fail for many different reasons and the main one usually is due to the client no longer being able to afford the agreed monthly repayment. In this situation, the Insolvency Practitioner will re assess your income and expenditure and offer advice accordingly of what the best route forward for you would be.

  • A great number of people do successfully complete IVAs’ and are then confident that they chose the best solution to clear their debts.
  • To qualify for an IVA an individual would have approximately £25000 of unsecured debts and be able to contribute a disposable income repayment of around £250 per calendar month.

Not all situations require an IVA and you should not enter into an IVA or Individual Voluntary Arrangement without much prior consideration. For further advice regarding personal debt issues please call our free from a landline personal debt helpline using 0800 018 6868, lines are open 24 hours a day and your call is free.

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