Monday 10th May - WOW Financial Services

Elaine Porter from WOW Financial Services had some great advice for us at our meeting this Monday morning at Fina Bar and Grill in Macclesfield.  Elaine picked 3 very topical areas of finance, debt, protection and retirement planning.

On the subject of credit card debt Elaine advised us to:

1. Calculate the maximum amount you can afford to pay towards your debt.
2. Review your list of creditor's minimum payment and than add £10 to each payment.
3. Subtract step 2 from step 1 above.
4. Whatever is left over pay to the credit card with the highest interest rate.

Loans - for if you cannot access an interest free paying credit card consider transferring your debt onto a manageable fixed rate.
Mortgages - Loyalty no longer exists with lenders anymore and it is really important that you shop around to get the best deal.  It's worth remembering that the lowest rate of interest may not always be the best deal as they can carry higher charges.  Top Tip: Use an independent Mortgage Broker.

Protection advice is that it "may well happen to you" and protecting your family is so important for women as well as men.
Life Assurance - to cover any debts so that families are protected from financial hardship.
Critical Illness - how would you cope financially with a critical illness?
Income Protection - particularly if you are self-employed.
Business Protection - to cover business loans and protect your shareholding.

Example of costs for a women aged 40.
Critical illness cover of £50,000 until aged 65 would cost circa £28.00 per month.
Life cover for £100,000 over a 10 year term would cost cira £7 per month
Source:  'The Exhange' whole of market research dated 7.5.10 based on level cover, guaranteed premium rates for company directors.

So you can get protection for slighly less than the price of a large glass of wine which seems like great value.

Retirement Planning is not just about pensions it can also be about getting a solution tailored to your needs and that fits into your future plans.  Relying on the state pension means you could end up with £97.65 per week (for a woman born after 5/4/50 with 30 years NI contributions).
Pensions are no longer complicated and it is more essential than ever that you make provision for your retirement as life expectancy increases.

In summary Elaine can give you all the advice you may need to ensure that your future plans, individual goals and financial objectives are met.  Take some time out to think about these very important issues and contact Elaine if you would like some further advice.
Email:  info@wowfs.co.uk
Telephone:  01565 880 084
Web: http://www.wowfs.co.uk/