Motor or Car, Travel, Home and Life Insurance – Are you getting the best deals?

It never ceases to shock our financial advisors how many people actually are not aware that they may be able to get a better deal on their existing

  • car insurance
  • home insurance
  • life insurance

or for any insurances they may be paying premiums.

  • Insurance can be costly, but even more expensive if you choose the wrong product or type of cover.

For years, insurances of all types were mis-sold and nowadays it is correct to say that the insurance industry within the UK has been regulated and is monitored carefully by the respective authorities.

When you choose an insurance policy, it is not always clear which is your best option, therefore, the advice you get regarding the policies available is of paramount importance.  A broker with access to all different policies made available through many different insurers can be one option for you to buy your insurance, another could be to go direct to one insurer and this way you would cut out any middle man fees, the problem being you will only be advised on the policies that company can offer, there may be a better policy with another direct insurance supplier.

  • So what do you do?
  • Do you call all of them or use comparison sites such as moneysupermaket or gocompare or even comparethemarket?

We would recommend using what we call a comparison broker, this way you feel it is fair to pay a broker fee if the broker explains the different policies available and in turn helps you to come to a sound decision.

When in personaldebt, it can be most important to consider every option available within your means to reduce your outgoings; this includes things such as motor or car insurance, home insurance and life insurance etc. Sometimes you can be pleasantly surprised at the savings you can make just by changing insurance company.

The average domestic car or home insurance policy will usually run for about 1 year, and then it will be ready for renewal. The industry and insurance companies change their policies so frequently that when it comes around again for you to renew, the products available could be very different and far more attractive than your last policy, 12 months is a long time in the insurance industry.

Please remember to shop about for the best deal, it is not always the one that is easily found, these companies use clever and expensive marketing tactics and campaigns to generate an enquiry from you, make sure you know exactly who you are dealing with and who will be supplying the insurance.  For most people this information may sound basic but for many of us insurance is still an unknown but necessary evil!

For help and advice regarding any personal debt problems please contact our personal debt helpline in confidence using 0800 018 6868, our lines are open 24 hours a day and your call is free.

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UK PLC needs a Consumer Debt Management Plan

On June 24, 2010, in News, by Lewis Alexander
  • The UK has found itself in emergency need of a debt management plan!
  • Why?
  • Because the countries debt problems have been allowed to go to such a point that drastic measures need to be taken to control the income and expenditure of the country or UK PLC as it is also known financially.

The above is exactly the same as when an individual or consumer leaves a personal debt problem to grow out of control without taking action to balance the income and expenditure into the household.

The longer the debt problem is left un-managed, the greater the problem becomes to manage!

Debt Management plans have been around in the UK since the early nineties, they offer consumers in personal debt an informal opportunity to pay off debts without having to borrow any more money to do so.  Debt Management Plans came about due to people finding they could not obtain any further credit to consolidate, or put into one, all the other debts they had accumulated.

If you find you are in need of a debt management plan, the first thing you should do is contact a reputable debt management company.  This way you can obtain advice regarding your personal situation.  You should not be charged any fees up front when being advised and only if you decide to use that particular debt management service should you be asked to part with any money.

Debt Management in the UK is very common place in the personal finance industry and when a debt management plan is operated professionally by a reputable personal debt service, consumers can find that a debt management plan is a very useful solution to clear personal debt problems.

A debt management plan can help you to clear unsecured personal debts such as, credit cards and store cards, personal loans and overdrafts, catalogues, book clubs and even allow for you to repay car finance, mortgages and other commitments as part of the solution if your disposable expenditure allows for it. All secured debts such as car finance, mortgages and secured home loans have to be kept up and cannot be included within the debt management companies’ dealings with creditors, the debt management company must make an allowance within your expenditure for you to maintain these payments as they constitute your priority debts, this is how they form part of the overall debt solution that a personal debt management plan can offer.

Priority debts are debts that must be paid before others are taken into account, for example your mortgage payments must be taken more seriously than your credit card payments.  It sounds so simple but the pressure that credit card companies can put on people who owe them money is often enough to make them prioritise the credit card repayment over the mortgage repayment.

This is why the press report horror stories daily about people who have lost their home due to failing to keep up with mortgage or rental payments.

If you find yourself in need of help and advice regarding a debt management plan or other form ofpersonal debt solution, please contact our personal debt helpline 24 hours a day in the UK using 0800 018 6868, our lines are open and your call is free!

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