This article was published on Tue 10 Sep 2019. 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

People spend on average 2 hours per day on social media*. You could use this time during September to take control of your finances

• Use our budget calculator here to help you manage your money. Set yourself a daily spend limit based on how much disposable cash you have each month
• Set up a separate bill account and transfer an amount each month to cover the cost of all your household bills
• Check your bank balance each week so there are no nasty surprises. Consider using an app so you can see all your accounts in one place
• Switch your current account – banks will often pay you to switch accounts use the link here for more information
• Look at your general insurance, using the link here for Police Mutual car insurance and here for Police Mutual home insurance
• Check your utility bills, for more information use the link here
• Review your mortgage – for more information on the Police Mutual mortgage advice service click here

Check your credit score using one of the various companies available online including, Experian, Equifax

Why go #ScrollFree this September

Social media is great at connecting people from all walks of life, but have you ever thought about how it may be having a negative impact on your life?  By going scroll free for a month, you’ll have a chance to reflect on your social media use, what you missed, what you didn’t and what you got to do and enjoy instead.

3/4 of those who went scroll free in 2018 said it improved their mental health according to the Royal Society for Public Health

Scroll Free September offers a unique opportunity to take a break from all personal social accounts for 30 days during September

#ScrollFree

Police Mutual offer a range of wellbeing support services, for more details check out the For You pages on our website www.policemutual.co.uk

*according to a report carried out by globalwebindex.com

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.