Debt and financial wellbeing
Fri 01 Sep 2017
Lots of us owe money on more than one credit card or have several different credit agreements or loans in place. It can be tricky keeping track of them all, especially if you’re making repayments on different days during the month and being charged different interest rates.
This is where a debt consolidation loan can come in handy, combining your debt into one monthly repayment could help you take control of your finances.
The first step to financial wellbeing is to take control of your monthly budget, so check out our online budget calculator which can help you gain a clearer picture of your incomings and outgoings.
Most of us know how much our mortgage or rent costs each month, and we probably all have a good idea of how much we pay for car finance, loan instalments and utility bills. But some expenses can slip under the radar, like the cost of annual car servicing and MOT.
Our budget calculator lets you break down household expenses into greater detail, to reveal a clearer financial picture - which can help you identify potential savings and bring balance to your monthly budget.
Of the sample surveyed in Neyber’s financial wellbeing survey, 51%* of Fire, Police & Rescue Services (FPRS) employees had been affected by money worries in the past year, while 10% said they have reached the point where they feel their money management is out of control. But whatever your financial position, there are always positive steps that can be taken to get things back on track.
If things feel out of control for you, Police Mutual has teamed up with PayPlan - an independent, FREE debt management company. So if you feel you could benefit from professional debt advice, the team at PayPlan will take the time to understand your position and offer advice on your best course of action. Click here for more information debt advice service here.
Debt Consolidation loans
If you have outstanding borrowing on credit cards and loans, it may be possible to reduce your monthly repayments by pooling your debt into a single consolidation loan. This won't reduce the total amount you owe, but it may make the debt more manageable.
And if you have outstanding debt on expensive credit cards, it's likely that you'll be able to save money by taking advantage of a lower interest rate.
Consolidating debts could involve payment of a higher rate of interest and/or charges. Consolidating debts might also increase the overall period required for repayment.
Police Mutual are working together with Neyber, our trusted partner, to offer personal loans that may be able to help you consolidate debt. You can borrow between £2,000 - £25,000 over 1-5 years, 4.9% APR representative. You can find out more here.
IMPORTANT THINGS YOU NEED TO KNOW PMGI, trading as Police Mutual, is acting as credit broker. Neyber Limited is acting as lender for the purposes of entering into a consumer credit agreement.**
Please note, all loans are subject to status and acceptance by Neyber. Rates depend on the loan amount, term and your individual circumstances and may differ from the Representative APR.
Loans are not currently available for PSNI members and their families.
*DNA of Financial Wellbeing May 2017
**PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office Alexandra House, Queen Street, Lichfield, Staffordshire. WS13 6QS
Neyber Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 718709. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London, EC2A 4DD.
Company registered number: 08806631. Data protection registration number: ZA039009
Type of article: Articles
Return to News and Blog