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Huge congratulations to Lisa Flanagan and Samantha Arnold
25/05/2016
Huge congratulations to Lisa Flanagan and Samantha Arnold from our Chippenham branch who completed a 21 mile Walk of Life on Saturday 14th May from Devizes to Bath. They were raising awareness and funds for Bath’s Royal United Hospital Cancer Care Unit, and Geriatric Ward.
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Matt is on the run for Izzy cause
20/04/2016
Matt Frith has never taken part in a marathon but next month he will be running in the Milton Keynes Marathon to help raise money for the Help Izzy Walk Campaign.
More>


Chippenham Table Tennis Duo On Top Of The World
30/07/2014
PSP Chippenham table tennis pair of Terry Parkins and Jerry Musselwhite struck gold at the recent World Corporate Games in Liverpool representing PSP Insurance and Financial Solutions. Parkins, fresh from representing England in the World Veterans Championships in New Zealand and Musselwhite, from a record 14th Mendip Singles Title didn’t drop a game in winning the over 40s doubles.
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Lee meets his hero
02/06/2014
PSPs Lee Smith won a Twitter competition to meet David Beckham. Click below for the full story:
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  News
 

Protecting borrowings
27/08/2013

Whilst many families are currently trying to pay down debt, borrowing is still at historically high levels in the UK. It is important for families to consider the way their debt is protected, should the worst happen.

High levels of debt are hardly surprising, given current economic conditions – and the fact that there appears to be an increasing number of credit card issuers that are prepared to accept balance transfers with no interest payable for anything up to 18 months (though there may be a one-off transfer charge, usually about 3%).

By transferring a credit card balance at no interest, it becomes easier for the borrower to make capital repayments, since there is no interest to be paid for some time; if this discipline is followed, it can make considerable sense.

But what happens if something happens to you? It is vital that your family is not saddled with debt should anything happen to you.

There are several aspects to this – health related risks and employment related ones.

Death is rather final, but not as far as your borrowings are concerned. These still have to be repaid, whether they are a mortgage, personal loan or credit card debt. Your estate will be expected to make repayment in full, unless borrowings are made jointly with another person, who may thereby end up with higher debts.

Life insurance to cover all outstanding borrowings is absolutely essential, if you do not want to leave your family with a potentially massive bill to meet – and perhaps no income to pay it from. This need not be expensive, especially for younger non-smokers; your independent financial adviser can assess the level of cover you may need and give you an indication of the costs. Cover should not be limited to the amount of your borrowings, but also make provision for your family until they are likely to be financially independent of you.

Long-term injury or illness could also limit your ability to repay borrowings; if you have no income other than Statutory Sick Pay, you and your family could run into financial problems very quickly. After all, you have to live, as well as repaying debt. Various forms of insurance are available to provide an income in the event of incapacity and this can cover living expenses as well as debt repayments.

In today’s precarious economic climate, redundancy is also an ever-present threat, especially within the public sector. Fortunately, it is possible to arrange insurance to cover your loan repayments – and living expenses, if required – for a limited time (generally up to a maximum of two years). This should be independently sourced via your adviser, with your eligibility for cover confirmed, rather than through the lender, as PPI has been seen to be mis-sold by many lenders over the past few years.

This is normally done in addition to an accident and sickness insurance (called accident, sickness and unemployment insurance) but you should be aware that this cover often excludes the self employed and those working for family owned and run businesses.

NOTHING CONTAINED IN THIS ARTICLE SHOULD BE SEEN AS GIVING INDIVIDUAL ADVICE.

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