Our Gold, Silver and Bronze Service plans allow landlords to choose which level of support and legal protection they feel is most relevant to their individual needs. Click below to learn more about our service plans:

Bronze Service - Click Here
Silver Service    - Click Here
Gold Service      - Click Here

A major benefit of the Rent Management Service is that it allows our landlord clients to gain greater control over their property investments without paying expensive letting agents fees for services that often do not include proper landlord protection from problem tenants.

The impact of the global credit crunch is making many switched on private landlords and business minded letting agents look at ways to reduce operating costs and our low cost rent collection and legal support service helps landlords and letting agents in their efforts to save money, maximise profits and legally protect themselves when dealing with tenancy issues.

Visit our Frequently Asked Questions Section - Click Here

Private Landlords Cut Costs And Save Money

Managing properties with private tenants can often be a time consuming and complicated task that needs ongoing management within a constantly changing environment. Between working hard to ensure that properties are let and dealing with tenant demands, rent arrears problems and housing legislation requirements, it can be too easy to lose focus on the fundamental importance of having an efficient rent collection system to ensure that rent income flows inward.

From £15 Per Tenancy Contract Per Month

This is where we come in. By outsourcing the entire rent collection, payment reporting, credit checking and problem tenant management process to our dedicated team you will be able to manage your time and energy more efficiently and focus on business and letting issues with greater clarity. We can even deal with time consuming utility supply issues that arise when tenancy contracts change.

Our low cost rent collection and management service can also include the undertaking of tenant credit checks and helping tenants deal with debt problems and rent arrears situations ethically to ensure that rent obligations are maintained whilst also offering tenants an ethical and sympathetic approach to managing genuine instances of financial difficulties as a responsible and modern private landlord.

Your dedicated personal account manager will liaise with you and your tenants, set up and manage the entire rent collection process centrally and help you to deal with problem tenants efficiently and professionally to ensure that rental incomes are maximised.

As we are a very experienced firm of legal litigators tenants respect our position as rent managers and problems are typically resolved very swiftly. Learn more about our low fee structure - Click Here

Why Put Up With High Letting Agent Fees?

The Rent Management Service is a dynamic and cost effective landlord and tenant support system that combines efficient rent collection and management reporting with direct access to landlord legal protection services to deal with any problem tenant issues, Section 8 and Section 21 Notifications and other formal proceedings as required.

The Rent Management and Collection Service from Hutcheon Solicitors will enable you to plan your property income better and grow your business with an increased profit focus knowing that we are collecting and managing your rental incomes whilst ‘watching out for you’ at all times.

We hold no bones about our views that letting agents and property managers have, in many cases, been overcharging private landlords for what constitutes a basic rent collection service for many years. Private landlords are now realising that letting agents monthly fees can be completely removed or dramatically reduced by handing over their rent collection requirements to the Rent Management Service.

Why dwindle your money away in expensive letting agency fees any longer? Contact our team today and we will start to increase your investment yields rapidly and without complication and demonstrate the real value for money that you deserve.

Rent Collection And Housing Benefit Changes

From April 7th, 2008 the current status quo regarding Housing Benefit claims from tenants will change substantially. Rent collection management for private landlords will undoubtedly become more difficult for those landlords that have tenants in receipt of Housing Benefit currently paid directly to landlords by local authorities.

Rent collection services will quickly become a better commercial proposition for private landlords in the face of increased rent collection problems brought about by the change in Housing Benefit Allowance and the need for landlords to have a tighter grip over the weekly rent collection challenges that the change in Housing Benefit legislation will bring about.

The Rent Collection and Management Service can help private landlords overcome rent collection challenges and retain a profitable and ethical approach to tenant management regarding individuals on low incomes.

About R. James Hutcheon Solicitors

Since its foundation R. James Hutcheon Solicitors has diversified from core litigation and personal injury client representation to developing new legal support services to consumer and corporate clients. Combining volume litigation experience spanning 20 years the practice has forged key partnerships with market leading consumer service providers to deliver cost efficient bulk payment processing services with legal protection support for our clients.

Outsourcing Rent Collection

With the challenges of ever changing market dynamics, the property letting environment has become more complex to service profitably. Therefore it is now more than ever critical to be commercially astute when seeking solutions to everyday core operational requirements such as rent collection and tenant management processing.

Because of our unique insight and experience of volume legal service markets and client money handling, R. James Hutcheon Solicitors is ahead of the curve in spearheading added value payment transaction processing and added value legal support services to traditional  markets such as residential property management.

R. James Hutcheon Solicitors serves clients on a national basis via its offices in Liverpool in the North West of England. Significant investments in information technology have increased the accessibility of the firm to new and existing clients via the internet and other new media environments.

To learn more about the Rent Management Service click here or feel free to chat with an advisor either online via our Live Help button or call the Rent Management Service directly on 0800 083 0626.

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Corporate Appointee’s need to be approved by the Department Of Work And Pensions in the UK as the appointee is responsible for receiving the benefit entitlement payments on behalf of the individual they are representing. In the UK Corporate Appointee services have been extended by the Money Carer service that has served to highlight the lack of financial protection that often leads to the financial abuse of vulnerable individuals unable to manage their finances in the UK.

External links

• Money Carer Appointeeship Service
• DWP Appointeeship Information

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Corporate Appointee’s need to be approved by the Department Of Work And Pensions in the UK as the appointee is responsible for receiving the benefit entitlement payments on behalf of the individual they are representing. In the UK Corporate Appointee services have been extended by the Money Carer service that has served to highlight the lack of financial protection that often leads to the financial abuse of vulnerable individuals unable to manage their finances in the UK.

External links

• Money Carer Appointeeship Service
• DWP Appointeeship Information

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The American Association of Daily Money Managers (AADMM) is an organisation that has been started to self regulate daily money managers and to provide best practice guidelines also. In the United Kingdom, daily money management services have recently been spearheaded by the law firm Hutcheon Solicitors ( Money Carer.) In the UK research commissioned by the Actuary Profession has highlighted that need for better provision of asset and money management services given the fragmented manner in which daily money management services are provided informally via carers and family members of vulnerable adults. Formal money management provision includes corporate appointeeship and deputy services via local authorities and other organisations when a vulnerable adult has no suitable relatives or friends that can undertake daily money management tasks.

It is widely acknowledged that the current processes that represent the vast majority of daily money management arrangements for vulnerable adults are often less than secure and exposed to incidences of financial abuse. Indeed recent research commissioned by the charity Action On Elder Abuse highlights the extent of the problem in the UK

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Stakeholder Pensions

A Stakeholder Pension is a personal pension.

On 6th April 2001, the Government introduced stakeholder pensions to provide a low cost pension, designed to encourage more people to invest for their retirement.

With the real value of the State pension decreasing each year, when measured against the average rise in earnings, it’s unlikely that the State pension will provide you with enough income to enjoy the lifestyle you want in your retirement. The Government recognizes there is a problem and this is why the Stakeholder Pension has been introduced.

ISAs

ISA stands for Individual Savings Account. These were launched in April 1999 by the Government to encourage investment. The aim is to help the value of your money to grow over time and/or provide an income.

Different types of ISA

There are two types of ISA. You can have one maxi ISA or up to two mini ISAs of different components each tax year. A tax year runs from 6th April one year to 5th April the following year.

The table below sets out the maximum current amounts (until April 2008) you can pay into ISAs each tax year.

Note: You can only invest a maximum of £7,000 in ISAs each tax year.

You can’t take out a mini ISA and a maxi ISA in the same tax year. If you do this, you will only get the tax advantages on the first ISA you take out in that tax year and the second will have to be closed.

Difference between investing and saving

While both investing and saving aim to improve your financial well being, investing is more about aiming to accumulate money over the long term, to provide you with some future financial security. Saving, on the other hand, generally means putting money aside for the shorter term, which could be to help pay for a holiday, a special occasion, a child’s education and so on.

In a savings account your money is secure, generally accessible and gives greater certainty about growth. But in exchange for this security, you will normally only receive a modest return which reflects the current rates of interest available which may seem quite low.

Investing, on the other hand, has the potential to bring bigger rewards over the longer term as many investments are linked to the movement of the stock market, which can provide a much greater return than you could expect from a bank or building society savings account. However, because the value of stocks and shares will go down as well as up, it also carries a greater risk and you may not get the returns you expect. Unlike a bank or building society savings account your capital is not secure and you may get back less money than you originally invested. (See Risks of investing below).

Different ways to invest

You can either invest as an individual, buying shares, bonds and property or you can invest in a pooled investment, which is the easiest option for most people. A pooled investment is where your money is pooled with that of other investors in order to buy a large portfolio of assets, which is then professionally managed, an example of which is a stocks and shares ISA. Pooled investments have the advantage of enabling you to spread risk, although the value of investments can go down as well as up and you may get back less than you invested.
Investing for income and investing for growth

Some people, for example those who are thinking of retirement or who are no longer earning a regular salary, choose to invest their capital to get a regular income. Others invest in order to accumulate a lump sum that they can then use to cover major expenditure in the future, such as their children’s education, family weddings or a holiday home to escape to.

Shares and bonds

When you buy shares on a stock market, also known as equities, you are buying a stake in a publicly listed company. When a company offers its shares for sale to the public they effectively ‘float’ on the stock market. Generally, when the value of a company rises, your shares in the company are worth more and if it falls so does the price of your shares. Past performance is not a guide to future performance.

Governments or companies issue bonds in order to raise money. When you buy them you get a guaranteed rate of interest over a fixed period, plus the price per bond, which is agreed at outset, at the end of the term. While they are generally regarded as lower risk investments than equities, the level of risk obviously depends on the market conditions and the stability and economic performance of the bond issuer. Bonds are often traded on the market, as investors look for the best available rates of interest for their money. The downside is that you may get back less than you invested.

The stock market and the FTSE 100 Index

The term ’stock market’ refers to the marketplace where investments generally are bought and sold. An index is a smaller selection of companies that you can look at to get an idea about the market’s movements. The best known of these in the UK, the FTSE 100 Index, is made up of the 100 largest companies on the London Stock Exchange.

Investing a lump sum or regular payments

It depends what you are able or prefer to do. If you invest a lump sum, you get immediate benefit from the large amount if the market rises - and immediate losses if it falls.

A regular payment plan, on the other hand, enables you to build up your investment portfolio gradually, while keeping your payments at a level you are happy with. It also has the effect of helping to even out the daily ups and downs of the value of your investment.

Benefits of investing

If you can afford to put your money aside for longer periods, say five years or more, investing offers greater potential for your money to grow. Most investments are stock market based and over the long term have the potential to earn more than a bank or building society savings account. Savings accounts offer security of capital, are generally more accessible and give greater certainty of growth. But historically, they have not achieved the same level of growth as investing in the stock market, although past performance is not a guide to future performance.

Length of Investment

Of course you can invest your money for as long as you want, but there are a few points you need to bear in mind. Short-term investment in the hope of making big gains quickly is risky. You should be thinking in terms of an investment period of at least five years. And the longer you leave your investment, the more likely you are to see a return, but the downside is that you may get back less than you invested.

Risks of Investing

When you invest in shares, you accept a risk to your capital in exchange for potentially higher returns - and what is acceptable to one person may be sheer recklessness to another. But if you prefer not to take risks with your hard-earned savings, there are a number of ways you can reduce that risk.

For example, the more companies you invest in, the more you spread the risk. If you were to invest equally in shares in four companies and one of them did particularly badly, that would adversely affect 25% of your money. If, on the other hand, you had invested in a fund that covered 100 companies equally, the poor performer would only affect 1% of your investment. Conversely, investing in a smaller number of companies means you benefit more when they do well and if you invest in a large number of companies you don’t benefit as much.

Likewise, by limiting your investment to a single industry sector, say telecommunications, or geographical region, say the Far East, your returns will grow quickly when those areas are booming, but will also feel the negative effects of any economic downturn more quickly. Variations in exchange rates will also have an impact on the returns on your investment.

You can also place some of your money in funds that invest in cash, corporate bonds and property to add balance to your portfolio.

Sensible investing is all about setting the amount of risk you are prepared to accept.

Choosing the right investment for you

This depends on a number of factors, including your attitude to risk, how much access to your money you want to have, the length of time you want to invest over and so on.

Deciding which products are right for you

Your choice depends on what you want to achieve. For example, if you’re aiming for your money to grow over time, you might choose to invest in a UK FTSE 100 Index Tracking Fund, which aims to match the performance of the FTSE 100 Index as closely as it can, subject to changes. But of course the value of this type of investment can, like the FTSE 100 Index, go down as well as up and you may get back less than you invested.

If you are looking for retirement income, you could opt for a Stakeholder Pension and build up a portfolio by selecting funds that cover companies in different countries and industry sectors; or by balancing different types of investment such as shares, gilts and fixed interest.

Please note: If you would like advice you should see an independent financial adviser, who may charge for any advice.

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Budgeting

Find out how a personal budget will help you make the most of your money and avoid over-commitment. It will also help you plan for the future and negotiate with any people you owe money to.

Why budget?

With an accurate budget, you’ll be able to cut out unnecessary expenses and save money, or stop running up big debts. If you already have debt problems, a budget will show you how much spare cash you have. This will help when you talk to your creditors (those you owe money to), because you’ll be able to make realistic offers to pay them back over a period of time.

• Dealing with debt problems

Calculating your personal budget

A budget planner has headings for different kinds of income and spending, against which you can put your own figures. You’ll find several calculators on the internet; choose the one that suits you best.

• Use the Financial Services Authority’s budget calculator online (opens new window) (opens new window)
• Download a budget planner from the British Bankers Association website (PDF, 70K) (opens new window)
• Help with PDF files

Outgoings

Start by working out what you spend: check recent bank statements, and bills for gas, electricity, telephone, Council Tax, water rates, insurance and similar expenses. Don’t forget to include anything you pay by standing order (for example, mortgage or rent payments, loan/hire purchase repayments, or child maintenance).

The next step is to estimate what you spend on everyday items (for example, food, clothes, petrol, pet food and newspapers).

Finally, include estimated amounts for unexpected and occasional costs (for example, Christmas and birthday presents, car and household repairs, dentist and optician bills, holidays and outings).

Work out the total outgoings for a full year and divide by 52 or 12 to get a figure for each week or month.

Income

Next list all of your income:

• check your payslips to get an accurate figure for wages
• look at statements for benefits, Child Tax Credit and similar income
• include rent from lodgers or contributions from adult children

You should average out any irregular income and ignore one-off or uncertain amounts.

Work out your total income for a week or a month, then take away the expenditure to work out whether you have any spare money, or whether you’re over-committed.

• How to find information on income and expenditure (opens new window)
• More about money management on the Myvesta UK website (opens new window)

If you have a shortfall

If your income falls short of your expenditure, you will have to prioritise your spending and cut back on commitments you can’t afford. Think about:

• shopping around (especially for ongoing commitments such as gas, electric and telephone costs)
• in the short-term, cutting everything down to the bare essentials
• if you have debts, deal with them immediately

• Plan your way out of debt

At the same time, it’s important to make sure you’re getting as much income as possible:

• find out if you can get additional benefits or tax credits
• make sure that everyone who lives with you and earns money is paying their share

When you start to have money to spare

Budgeting is all about making sure that you have money left over after paying all your bills. You may want to think about putting spare money into a savings account to pay for unexpected expenses, or towards a major expense (for example, a holiday or the deposit on a new car). If it’s a reasonably large amount, it’s a good idea to invest it so the money grows.

Shop around before choosing a savings or investment product to make sure you’re getting the best deal. You may also want to take professional advice before you make a decision.

Keeping track of your budget

A budget is only an estimate of what your income might be, and what you’re likely to spend. It’s important to keep track of your actual income and expenses to make sure your budget is accurate.

It’s a good idea to keep a notebook with you and, for the first couple of months, note everything you spend. You’ll be able to change your budget to make it more accurate, and you may get some ideas of where to save money. It’s also a good idea to review your budget on a regular basis, to take into account big changes in your circumstances (for example, a new job).

Where to get help and advice

Many organisations offer free help and advice on budgeting. It is important to ensure that any money management or debt help organisation is independent and is not funded by credit card companies or banks directly due to the conflict of interest that this brings about.

Myvesta UK

Organisations such as Myvesta UK and the governement FSA are a good starting point for personal financial advice.

• Chat Live with a Myvesta UK advisor Here
• How to contact the FSA (opens new window)
• Get to grips with your finances using tools from the FSA (opens new window)

More useful links

• Managing money
• Use the Financial Services Authority (FSA) health-check service (opens new window)
• Information and advice about dealing with debt from National Debtline (opens new window)
• Advice about money from the Citizens Advice Bureau (opens new window)
• Free tax advice if you can’t afford a professional adviser (opens new window)

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• Plan your menu a week ahead and buy foods accordingly.
• Always shop with a list so that you are not tempted to buy unnecessary items.
• Visit supermarkets at the end of the day, when fresh food is often marked down in price.
• Look for “own brand” items at supermarkets. They are usually cheaper.
• When you get to the supermarket, immediately check out the ‘reduced item’ shelves (usually at the end of an aisle) to see if there is anything you could use.
• Buying fresh vegetables from the local market or greengrocer usually works out cheaper than buying them from the supermarket.
• Buy fruit and vegetables that are in season or even grow your own.
• Fresh fruit and vegetables that need washing and cutting are much cheaper than prepared or frozen items.
• If possible avoid prepared meals or other convenience foods as you are paying for someone else to prepare them.
• Remember packed lunches work out much cheaper than buying sandwiches or eating out.
• Watch the ‘sell by’ dates as you shop. You do not want to throw away food which you bought cheaply but cannot use in time.
• Keep a running total as you shop and check against the till receipt – mistakes do occur.
• Take advantage of all the money-off coupons you can.

Other Shopping

• When buying larger items, don’t be afraid to ask for a discount.
• Don’t be afraid to haggle (try to get a price reduced) – especially if you are paying cash.
• Look for sales — they can be at any time of year (and are sometimes continuous). Christmas cards are very cheap in January!
• Buying second-hand can be good value — but be sure things are in good working order, and won’t fall apart.
• Buying cars two years old and keeping them for three years is the most economical way to own a car — but make sure you get the car thoroughly checked over before you buy.
• Take advantage of discounts for buying in bulk – but only when you are sure you will be able to use the items. There is no point buying ‘3 for the price of 2’ if the product will be out of date before you can use it. Tinned goods and toiletries are ideal things to buy in bulk.
• When you are thinking about buying something, don’t be afraid to walk out of the shop if you are not happy about the product, the shop or anything else.
• Buy the items that do the job best: don’t pay just for the ‘right’ label.
• Shop around for the best price. If you are thinking of using credit, remember to compare the APR as well as the prices.

Services

• Get a written quote when having work done to your home or car.
• Try DIY if you can (but don’t take unnecessary risks).
• Don’t waste money on electricity and heating. Turn switches off when you’re not using lights and appliances.

Special Occasions

• Many people don’t plan spending for things like Christmas and end up struggling. Putting aside an amount each month could help.
• Can you make your own Christmas or birthday presents? This may sound a very old-fashioned idea but some of your older relatives might still like a gift you have made more than one you have bought.

Other Ideas

Below are just a few more ideas that can help your money go further.

• Only pay with cash. This is easier said than done, but if you can’t afford something, save for it.
• Walk or cycle to work whenever possible. This saves money, keeps you fitter and is better for the environment!
• Remember that restaurants and fast-food places charge a high price for what you get.
• Keep your budget up to date.
• Keep looking for ways of making the most of your income and cutting down on your spending.
• Keep a record of what you spend and check this against your bank statement.
• Keep receipts and guarantees in case things go wrong.
• Energizing

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Managing your finances is rocket science!
The financial world that we live in is now very different to that of our parents and grand-parents. We have much less time in which to focus on the important task of daily money management and the number of financial and credit products that we have in our lives has more than trebled over the last 30 - 40 years. So, even though most people understand that they should pay more attention to their financial concerns the prospect of allocating the time needed to deal with credit cards, mortgages, mobile phones, insurance premiums and car payments etc can be an intimidating task.

Hence, for many people, after fighting the traffic to and from work, working hard all day, sometimes bringing work home too and juggling our career aspirations alongside our family and relationship commitments, there are not always enough hours in the day. Not surprisingly, a common casualty of our busy lifestyles is efficient money management.

Helping People Breathe More Easily
Helping busy people with everyday money management is why this website has been developed. As a free money management information centre, www.moneymanagement.org.uk helps people to get more out of life by translating the whole money management world and its terminology.

The range of money management products, services and information available via this website enable people to manage their financial lives by combining traditional ‘hands on’ money management help with more complicated money investment and management techniques.

Saving You Money
Efficient money management is more than simply paying your bills on time. That is why a key aspect successful money management plans is to regularly review and implement ways in which you can get better deals from providers and suppliers of household services. Here, you can examine the various money saving experts and service providers to ensure that you are getting the most suitable mortgage products, utility bills, credit cards, personal loans and other financial products that form part of a successful money management plan.

We hope that this free service is helpful to you and that you save money and create more personal wealth for yourself and your family in the future.

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