This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Below is our quick guide to help you understand what’s involved, including tips on how you could stop your debts from getting out of hand.

What is debt consolidation?

A debt consolidation loan involves taking out a single loan that rolls your existing debts into one monthly repayment, which may help you reduce your monthly outgoings. If you have more than one credit card, or several different credit agreements or loans in place, you may want to consider debt consolidation loans because…

1) The same interest rate applies to just one debt amount. If you’re not in a 0% offer period, credit and store cards can have higher interest rates than loans, so a debt consolidation loan rate could be much lower

2) You can choose how long to repay the loan over, to find a monthly payment that’s affordable for you. But it’s worth noting that by increasing the term you may pay more interest overall

A debt consolidation loan – the ‘4 Cs’ to remember:

Check your finances – list your debts. Include all your outstanding balances with the interest rates you’re currently paying, any early repayment penalties (if applicable), your monthly repayment, and the remaining term. This will help you prioritise the debts that you should be consolidating first.

Create a budget – list your current income and all outgoings, which will allow you to get a more detailed view of your finances and to work out how much you can realistically afford to pay each month by consolidating your existing debts.

Can you use savings? – if you have savings that could be used to reduce your debt it could be a cheaper option than taking out a loan. Check the interest rates on your savings to see if they are lower than the interest on your debts, but it’s always best to keep some savings in reserve for emergencies.

Consider the rate – when looking for a loan to consolidate your debts with, look for a fixed rather than a variable rate, as your payments will not change throughout the term of the loan. Make sure you read the loan agreement carefully and have considered any charges that may apply if you decide to repay the loan early or arrangement fees to set the loan up.

Remember, if you take out a personal loan, don’t borrow more than what you need, as adding more to your debt means it will take longer to pay it off and could be more expensive. Make sure to pay off your debts as soon as you’re able to.

Police Mutual offers a personal loan calculator to help you decide if a personal loan is right for you. Just click here for more information.

Need more help?

Everyone’s circumstances are different. If you’re struggling with debt or worried that you may be getting into financial difficulties, you should seek confidential debt advice from one of the free services available in the market such as:

PayPlan
National Debt Line
StepChange Debt Charity

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, United Kingdom, Company registered number: 08806631 Data Protection Registration Number: ZA039009.

This article was published on Wed 01 Nov 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

As a financial services provider we know that financial security is central to a person’s overall wellbeing, and that positive contributing factors include building up and making savings, and avoiding and managing debt. We also know that being out of your depth in any area of your life can have a serious knock-on effect on how you feel, and that it is knowledge, understanding and experience that give us a sense of control and comfort. These in turn support positive wellbeing.

One of the outcomes is Police Mutual’s delivery of free financial education courses. Last year we helped around 20,000 members of the Police family with their finances, and 92% of course attendees said they felt better equipped to make financial decisions for their future. Building up and making savings, and avoiding and managing debt are central to our financial education courses.

Building up and making savings

Since Police Mutual was established in 1866 to help and support Police Officers and their families in times of hardship a lot has changed, but one thing has remained the same: encouraging and enabling members to save regularly. In 2016, more than 3,800 new Police Mutual members started the savings habit, and in total we paid out £63.7m on maturing plans.

“I find myself thinking ‘how have I saved that much?”While these statistics are impressive in their own right, it is the personal stories of what using our Regular Savings Plan (RSP) has enabled the member to do that really bring the statistics to life:

Jason Leng is a serving officer with Northumbria Police and has been with the force for almost 25 years. Shortly after starting as a new recruit, he took out a RSP to make sure some money was put aside for the future and the possibility of a family. Since then, he and his wife, also a police officer, have used RSPs to save for their family holidays.

Jason says: “Over the years, the pay-outs have been fantastic and because it’s all taken by salary sacrifice, from my payslip, I don’t even notice that the money has gone. My next pay-out will be around £6,500. I can’t believe it. I find myself thinking ‘how have I saved that much?’. The money will pay for next year’s family summer holiday with my wife and our children, and we can’t wait.”

Avoiding and managing debt

We know that many members of the Police Family owe money on more than one credit card or have several different credit agreements or loans in place. We appreciate that it can be tricky and stressful to keep track of them all, especially if you are making repayments on different days during the month and being charged different interest rates. This is why, together with our trusted loans partner, Neyber, we offer debt consolidation loans that
could combine your debt into one monthly repayment that can help you take control of your finances.

Again, it is the individual stories that really bring to life the impact that a debt consolidation loan can make.

Pepe is a 43 year old officer originally from Italy, now living in Epsom. He says, “I had two credit cards and a small personal loan that I was paying off. Before I took the loan out, the interest that I was paying on the credit cards in particular was so high I just had the feeling that I was never going to clear it. I thought it was just going to go on and on and on… The application (for the loan I took out with Neyber through Police Mutual) was really easy… It’s a weight off my shoulders; I can see light at the end of the tunnel.”

Find out more about a Regular Savings Plan here.

This article was published on Wed 01 Nov 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

“After feeling ‘not quite right’ I went through six months of tests with the NHS while they tried to find out the cause of the problem, but there was no degree of urgency. Appointments were rescheduled and I was booked in with one consultant, then another. Eventually, I saw a consultant who said it was an abnormality with my pancreas.”

With a friend undergoing treatment for pancreatic cancer at the same time, Will already had Dr Mirza in mind. After getting approval from the Police Mutual Healthcare Scheme team, he was able to see his consultant of choice at The Priory in Edgbaston, one of the many hospitals in our network.

He continues: “Pancreatic and brain cancers have some of the lowest survival rates, so I decided to go ahead with the procedure to remove the three cysts they found during a diagnostic procedure, before they had a chance to become cancerous.” He had a scan in March 2017 to ensure his recovery was going according to plan. Another scan is booked in for October this year, with a final check-up expected to take place in October 2018.

Will says: “If I hadn’t had the operation as soon as I did, there would have been an extremely high chance that I’d have been on digestive supplements and a restricted diet for the rest of my life. The NHS does the best it can with a huge strain on staff, but I was seen quickly thanks to the Police Mutual Healthcare Scheme.

“The NHS does the best it can, but I was seen quickly thanks to the Police Mutual Healthcare Scheme.”“It gives peace of mind against something you wish isn’t going to happen. It can seem quite a lot to pay for, when retired, but well worth it. One of my friends had a knee operation under the Police Mutual scheme while he was working then dropped out of it after he retired.

“Shortly after, he needed his other knee replacing, and he had to wait for nine months with the NHS. At our age and stage of life, you don’t want to lose any of the quality time you have.”

Asked what he would say to others considering joining the Police Mutual Healthcare Scheme, Will comments: “I’d recommend the scheme to anyone, especially with the NHS being so stretched. The team has been really supportive. My wife is also a member thanks to my Police Mutual scheme and she has needed it for steroid injections, following a knee replacement she had in the past.

“The healthcare scheme, together with an excellent surgeon, unquestionably prolonged if not actually saved my life. I will not hesitate to continue paying my monthly subscription in the hope that I will not have to call on the service again.”

You can find out more information about Police Mutual’s Healthcare Scheme here.

Police Mutual Assurance Society Limited (PMAS) is an incorporated friendly society. PMHC Limited (PMHC), trading as Police Mutual, is registered in England and Wales No.03018474. The registered office for PMAS and PMHC is Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

This article was published on Tue 31 Oct 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Now is the time to give your finances a makeover to ensure that you are in good shape by the festive season. Here we offer our five tips for organising your credit and spending this autumn.

1. Demystify your credit score

When you apply to borrow money for a mortgage, credit card, loan, car or sofa, your credit score will be checked. Everyone should check their own credit score, your ‘financial MOT’, annually. Do so easily with Callcredit, ClearScore or Experian.
By shopping around you may be able to get this for free. Check that all your details, such as your address, are correct. If not, you will need to provide evidence of the correct details for a correction to be made. A few easy ways to avoid a poor credit score are ensuring that you are on the electoral roll, closing unused bank accounts and credit cards and avoiding making multiple credit applications or using pay day lenders.

2. Lock in a low mortgage rate

“Your mortgage is likely to be the biggest single monthly commitment you will take on in your lifetime, so it makes sense to review it regularly. With interest rates at a historic low and lenders offering a wide range of deals, now is a great time to consider a remortgage,” says Paul Witcomb, Police Mutual’s Head of Mortgages. He continues: “shop around: don’t feel you have to stay with your current lender. It’s worth contacting them in the first instance to see if they can offer you a better deal but remember other lenders could have something even better. A remortgage can incur various costs, including exit fees from your current lender, legal (conveyancing fees), arrangement and valuation fees for the new mortgage, so remember to check this out before committing to the deal.”

3. Switch current accounts

Still using the same account you opened as a child or student? You could be missing out on some attractive extras that suit your current needs far better, such as an approved overdraft and access to decent interest rates. Some pay cashback when you switch so shop around.

4. Set a budget

The first step to organising your finances is creating a budget. With a little bit of effort you can work out exactly how much your outgoings are and what you have left to spend each month:

• Keep a spending diary – try to keep track of exactly what and where you are spending for one month – you will be amazed where your money goes and where you can make savings
• Start small – even little savings can make a real difference over the year, cutting out non-essential spending such as your daily stop at the coffee shop or bringing your own lunch into work all adds up
• Save a little each month – if you have any spare money at the end of the month get into the habit of putting it into a savings account. You never know when that unexpected bill will crop up, so having a little bit saved could help you cope
• Be realistic – budgeting is all about smart planning rather than cutting your expenses to an unsustainable level. Remember your budget needs to be realistic and flexible or you won’t be able to stick to it

5. Manage your credit

While you should make at least the minimum repayment each month on credit cards, paying off the full amount after a splurge like a holiday is even better to avoid high interest. Consider a balance transfer to move the money you owe to a 0 per cent credit card.

We know that money worries can take their toll. By giving you the tools to better manage your money, we hope that we can help take the stress out of your money management, giving you more time and energy to do more of what you love. See the Police Mutual Financial Wellbeing hub for more useful guidance: policemutual.co.uk/wellbeing/financial-wellbeing

Police Mutual Assurance Society Limited is an incorporated friendly society. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Finding the time to make a Will can protect your family’s future, and provide you with real peace of mind.

Police Mutual don’t offer a Will-writing service, but we want you to know about a unique service provided by Will Aid.

What is Will Aid?

Will Aid is a special partnership between nine UK charities and a network of legal professionals in England, Northern Ireland and Wales.

Every November, participating solicitors agree to waive their fees for writing a basic Will. Instead, they invite their clients to make a donation to Will Aid (although there is absolutely no obligation to do so), with funds collected being used to support nine Will Aid charities, including Age UK, British Red Cross, NSPCC and Save the Children.

What happens if you don’t write a Will?

If you die without leaving a Will, your estate will be distributed according to the laws of intestacy, which means your wealth may not benefit the people you had intended.

So writing a lawful and binding Will is the only way to make sure that your wishes regarding your estate are carried out after you’re gone – which for most people, means ensuring their family is financially secure.

How to get a free Will

There are only a limited number of appointments available, and these will be offered on a first come first served basis. So if you’d like to take advantage of Free Wills month, you’ll need to visit willaid.org.uk. Once you have successfully registered, you will be able to select a participating solicitor in your region, and contact them directly to make an appointment. Your solicitor will provide professional advice on what items you need to take into consideration, and once they have all relevant information, they will draft your Will.

Police Mutual do not provide a will writing service.

This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

If it’s been a while, then it might be time to take a fresh look – because maintaining a healthy credit score is an important part of managing your personal finances.

Reviewing your credit report regularly can help keep it in good shape, ready for the next time you apply for credit, plus it can provide an early warning if you’ve been targeted by fraudsters.

Credit scoring – what is it?

Whenever you apply for credit, the lender has to decide whether or not to offer you the money. Their decision is based on how likely they think it is that you will repay the debt – so it’s only natural for them to want to learn a little more about your finances. And they’ll find the information they need at the UK’s three leading credit reference agencies – Equifax, Experian and Callcredit.

These companies manage the credit files of just about every adult in the UK, collating detailed information about each individual’s current account, mortgage, loans, credit cards, car finance, repayment history, and any history of missed repayments.

All this data is fed into a complex algorithm that generates a credit rating or credit score – which acts as your financial passport to the world of credit.

How it’s used

Every time you apply for credit, the lender will analyse your credit report to determine whether or not your application should be approved.

But your credit score can also influence the interest rate you’re charged – because many lenders reserve their best deals for those customers with the best credit profile. So maintaining a healthy credit score can save you money.

How to make your credit score work for you

1. Check your credit files regularly to ensure all information is accurate and up to date. And look out for names or accounts you don’t recognise – which could indicate you’re the victim of identity theft. You can request a copy of your credit report by contacting Experian, Equifax or Callcredit.

2. If you split up with a partner with whom you’ve been financially linked, write to the credit reference agencies to request a notice of disassociation (or complete the request online). Otherwise, your ex-partner’s financial behaviour will continue to feed into your credit rating.

3. Each credit application leaves a footprint on your file, and too many in a short space of time can make it appear that you’re struggling financially – which will increase the probability of a rejection. So try to space out applications, and don’t apply for credit if you don’t need it.

4. Rebuilding a credit score – If you’ve missed any repayments in the past 12 months, this will be reflected on your rating, and you may find it difficult to obtain credit in the short term. You could use a “credit builder” credit card. These charge high rates of interest, but if you use the card frequently and repay in full each month, you won’t be stung by higher charges, and the regular repayments will boost your credit rating.

This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

Consolidation Loans

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.

Budget planner

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.

Debt Advice

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.

Neyber

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

Personal Loans
**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

This article was published on Fri 01 Sep 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

And with the 18-week treatment target de-prioritised by the NHS, it doesn’t look like things will improve any time soon – which means we may all have to wait longer for access to care.

Poor healthcare provision adding to psychological stress

This is a concern for many people, not just Police Officers and Staff, but Officers can feel particularly exposed by a lack of access to adequate healthcare, and this can result in more stress, discomfort and anxiety.

Research by The Police Federation of England and Wales has shown that 20% of Officers have suffered one or more injuries requiring medical attention as a consequence of work-related violence, with 59% of Officers using annual leave or rest days to take time off due to the state of their physical health. Yet this covers only part of the story.

Worries about lack of healthcare provision only add to the stress of the job, and heighten existing pressures.

The Police Mutual ‘discretionary’ Healthcare Scheme

Police Mutual’s Healthcare Scheme can help relieve these worries by providing timely care and support should you need prompt medical attention.

Benefits of the scheme include:

1. No waiting – Speak to an adviser to arrange treatment straight away
2. Extensive treatment – Up to £30,000 in-patient treatment per year
3. Choice – Receive treatment at a choice of leading hospitals across the UK
4. Family care – Includes treatment for children under 18

Peace of mind for you and your family

The Police Mutual Healthcare Scheme includes consultations up to the value of £600 a year, plus £1,000 diagnostic tests benefit for diagnostic procedures like X-rays and ECGs.

The Scheme is open to all Police Officers, PCSOs, Special Constables, Police Staff and their immediate families. And 15,000 members of the Police family already enjoy the peace of mind that comes from knowing they have access to the best possible care.

To find out more about Police Mutual Healthcare click here.

This article was published on Thu 01 Jun 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

For many people, the most important aspect of retirement is the opportunity to spend more time with their family.

Of course, it’s also a chance to broaden your horizons, either by travelling or exploring new interests. So to make sure you’re well prepared, it’s important to consider the physical, financial and emotional changes it will bring. By managing change in a positive way, you can help you and your family get the most out of your retirement.

Physical

Whether you’ve spent a large part of your career out in the community or behind a desk, the change in routine that retirement brings can have a profound impact on your physical wellbeing.

Health specialists recommend we do at least 30 minutes of moderate exercise each day, yet that doesn’t mean you have to join a gym or go jogging – your daily exercise regime can include anything from housework to gardening.

The health benefits of staying active are enormous – it can boost your energy levels, improve your sleep patterns, increase mobility, help you maintain a healthy weight, and even delay the ageing process.

For more guidance, check out the Health and Wellbeing section on our website.

Financial

Retirement is likely to bring a change to the level of disposable income you have, so it’s important to understand what your financial situation will look like after you finish work. Our Retirement Centre offers guidance on budgeting for your future and can help you calculate your potential retirement income.

If your retirement is still a long way off, our Investments and Budgeting section could help you make sound decisions that affect your long-term financial wellbeing. Or to learn about Police Mutual’s independent and impartial financial advice, click here.

Many officers retire young enough to pursue a new post-police career, and a part-time role can provide a welcome boost to your income. In fact, Government research has shown that nearly two-thirds of over-50’s don’t believe that suddenly switching from full-time work to stopping work altogether is the best way to retire.

Emotional

Retirement brings the freedom to spend your day just as you wish. Yet without the day-to-day support of former colleagues, some new retirees can end up feeling bored or unfulfilled. So taking steps to fill your day can help maintain a healthy emotional state.

It’s important stay socially active once you’re retired, so if you’ve never had time for a serious hobby, now could be the perfect time to find one. Or if you’re keen to continue playing a more productive role in society, why not consider volunteering or mentoring?

Retiring Police Officers have an enormous amount of experience, so they’re valued as volunteers or mentors by a wide range of organisations. Act as mentor with The Prince’s Trust, and you could provide one-to-one support for young people seeking to move towards employment, education or training. The Prince’s Trust mentors are expected to commit to around 4 – 6 hours per month for a minimum of one year, and it’s an opportunity to make a real difference to the lives of young people.

Barnardo’s is another UK-wide organisation that’s always on the lookout for volunteers to provide support to vulnerable children and young people. Plus there are a huge number of local groups right across the UK who would love to add a retiring Police Officer to their volunteer staff.

So whether you’re planning your retirement or have already retired, visit our online Retirement Centre – it’s packed with practical tips on everything from pensions to post-retirement courses. And to help you make sound financial decisions now, our police pension calculator can help you estimate your future income when you retire.

Note: The pension and commutation calculator is intended for illustrative purposes only.