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Mayfield – Mayfield

Signs That Should Change Your Breakdown Cover Policy

It is important that you know when it is time to change your current breakdown policy so that you will get the most from it. A lot of people stick with the same cover for years, even though numerous things have changed in their lives. When you learn about some of the things you need to consider, you will be able to get the policy that best matches your needs. There is no point in having this type of cover if it doesn’t help you when you need it.

You Get a Different Car

If you went from driving a brand new car to a used one, you should consider increasing your breakdown cover. The fact is that older cars are far more likely to experience problems that can result in breakdowns. Those who are driving a used car but have a policy that limits them to just two or three calls a year should consider making a change. You want a policy that you can take advantage of more often so you don’t end up stranded with no way to get help right away.

Those who go from driving a used car to a new car should also think about modifying their policy. New cars don’t break down as often, so you might not need the extensive cover you had with your used car. This could potentially help you save quite a bit of money each year. It is still important for those with newer cars to have this cover, but it doesn’t have to be as comprehensive.

You Are Travelling to Another Country

When you are planning on travelling to another country somewhere in Europe, you should think about opting for European breakdown cover. This level of cover will guarantee that you can get the help you need no matter where you are in Europe. Those who have a policy that doesn’t include this feature will end up spending a lot of money if they happen to break down outside of the UK.

Just getting your vehicle towed when you are in another country can be very expensive. If you are on a tight budget, it is all the more reason to consider upgrading your cover, at least temporarily. This can provide you with the peace of mind you need when you are travelling a long way to another country in Europe. You can get single trip breakdown cover for fairly cheap, and it’s an option that is definitely worth exploring.

You’re No Longer Receiving Quality Service

Those who find that they are no longer receiving quality roadside assistance services should seriously think about switching to a different provider. You should be able to count on these professionals to help you promptly when your car breaks down. If it always takes forever for someone to get to you, it’s probably time to take your business elsewhere. Nobody should pay for breakdown cover that isn’t top notch. Take the time to research some of these providers before choosing one in particular.

You Need to Add or Remove a Driver

If one of your children is now old enough to start driving, you might want to consider adding them to your policy. You will have to pay extra to do this, but there are ways of saving money. Opting for a family policy can help you stay within your budget while getting the cover you need.

If someone in your family is no longer driving for whatever reason, you should take them off immediately. It simply doesn’t make any sense to continue paying extra to keep someone on your policy that isn’t even going to use the roadside assistance services.

You Feel You Are Paying too Much

If you feel as though you are paying too much for your breakdown cover policy, you should think about changing the policy or finding a new provider. This is also good advice if your budget has tightened and you need to save as much money as possible. It is a good idea for everyone with this type of cover to occasionally look for better deals. There is a good chance that you are currently paying too much for your policy. Spend some time looking into your other options so you can possibly find one that is less expensive.

Review Your Policy Regularly

You should review your breakdown cover policy at least once every six months to see if it is still meeting all of your needs. If something in your life changes, you might want to increase or decrease your cover. Sometimes it is also a good idea to switch providers, especially if you are very unhappy with the one you currently have. By doing this you will save yourself money and frustration over the years.

5 Crucial things to consider before taking out a Guarantor Loan

There are some crucial things that you need to think about before taking out a guarantor loan so that you can get the best deal possible. Each year thousands of people get these loans, but not all of them do their homework beforehand. You will find that the more information you get on these loans, the better prepared you will be. A guarantor loan can be a great borrowing option for a lot of people, but it’s still important to do your research.
1. Not all Guarantor loans are created equal

Despite what you might believe, not all guarantor loans are the same. It is important that you spend some time comparing different loans so you will be able to find the one that best matches your needs. Loans that have a guarantor who agrees to pay the loan in full if the primary borrower cannot tend to have the best interest rates. It is still important that you do your research and compare loan deals apples to apples though.

2. Loans guaranteed with homes can be taken by the lender in the event of non-payment

You will also need to remember that loans that are guaranteed with homes can and will be taken by the lender if neither the borrower nor the guarantor are able to pay back the loan in full. The proceeds of the sale will be given to the homeowner, but only after the loan has been repaid in full. You will also have to pay any and all penalty fees before you will see a dime of the money from the same. A lot of people who get guarantor loans do not know this, and it’s certainly a crucial thing to keep in mind before applying.

3. Starting with a Lower Repayment Period is a good idea

It’s always a good idea to start with a lower repayment period or a lower value when it comes to getting a guarantor loan. Many people tend to get a £5,000 loan with a five year payback period rather than opting for a shorter timeframe, which can be a big mistake. While you may not have quite as long to pay back your loan with a shorter payback period, you will also end up spending less on interest overall. The longer your payback period is, the higher your interest rate is going to be.

4. Paying off your loan as agreed is especially important if you have bad credit

It is particularly important for you to pay off the guarantor loan that you take out according to all of the terms and conditions of the contract if you have bad credit. If you are trying to get your score up to a respectable number, you will definitely need to make a point of paying back the money you have borrowed on time and in full. Failing to pay back your loan according to the agreed upon terms will result in further damage to your credit, which can be crippling in a number of ways.
5. A Guarantor must have good Credit

The person that you get to be your Guarantor must have good or preferably great credit, because otherwise your application will likely get rejected. While your relationship to the guarantor doesn’t really matter at all, their credit and income are the two things that will really count. The better the guarantor’s credit is, the lower your interest rate is going to be. This is why it’s so incredibly important that you take the time to find the right person to fill this role before applying for a loan.


A guarantor loan can certainly be an excellent option for many people who have bad credit but need a significant amount of money for some type of expense. You will of course need to spend a decent amount of time comparing loans from various lenders so you can get the very best deal overall. The more time you invest in doing this research, the better of a deal you’ll get on the loan you need. The information in this article could save you hundreds of dollars on your next loan.

Should you Pay your Loans back Early?

There are a lot of people that will pay back their debts early. They have different reasons for doing this and it is worth thinking about whether it is worth you doing the same thing.

Some people do not like the feeling of being in debt. They feel trapped by the fact that they owe money and worry all the time about the fact that they need to repay someone. They feel like the debt is hanging over them and stopping them doing the things that they want. This feeling is more than enough motivation to make them want to pay off their debt. If you feel like this then it seems like it would be a really good reason to try to pay the loan back early. There are very few loans where you are not allowed to pay them back early.

Financially it usually makes a lot of sense to pay your loan back early. You should take a look at the cost of the borrowing and then you will be able to work out how much you will save if you pay it back early. However, you need to check whether there is a fee for paying it off early. This is called an early redemption fee and it can vary a lot between different loans. With something like an overdraft or a credit card there are none but with a personal loan or mortgage, there could be. It could just be a month’s interest, but it could be a lot higher. These are sometimes used to try to stop you swapping to a different lender or so that the lender does not lose out on lots of interest if you repay early. You should be able to find out if you telephone their customer services department and that will help you to calculate whether it is worth paying it back early. The closer you are to the end of the term of the loan, the less likely it is to be cheaper to pay it back early. However, it is always worth checking so that you can be sure of whether you will personally save money or not.

Finding the money to repay the loan could be a factor for you though. If you want to pay it back early you will need to be able to get together that money. This could mean that you will need to find a way to earn more and spend less money so that you can do this. If you have some savings it could be a really good idea to use those. The interest that you get on savings is normally very much lower than the interest that you pay on loans and so it makes sense to use them. However, do check first just to be completely sure that this is true in your case. You could also sell things to make extra money if you have any items in your home that you no longer need or want.

Once you are free of debts it can feel fantastic. Not only the feeling that you have paid back everything that you owe but then you start with a clean slate. Instead of making loan repayments you can use the money to save up for things. You will also have a better credit record and this might help you to be able to get a mortgage which could be a great reason to borrow money and invest in your own home.

Paying loans back early normally saves money and can make you feel very much better to know you no longer have debts hanging over your head. It is worth checking how much you will save and this should help you to feel motivated about paying them back early. It will take a lot of hard work to do this as you will need to find extra money either by working longer or by spending less. It is worth keeping a note of your goal and why you want to achieve it so that you can look at it for inspiration when things are more difficult. Hopefully you will stay motivated and will soon be paying off the loan and feeling a lot better as well as being a lot better off.

Is it Worth Having an Overdraft?

An overdraft s something which many people have available to them on the current account. However, there are some people which refuse to have an overdraft – so are they right to do this?

Some people are rather afraid that if the option of borrowing is available to them then they may just overspend and end up paying dearly for it. If you have ever had debt before you may understand how they felt, wondering whether they would ever get back out of debt again and never wanting that helpless feeling of owing more money than they felt they could afford to repay. There are people that are worried about being in debt and they have never had any debt. They do not like the idea of owing money to anyone and so do not want to be given the opportunity to do so.

An overdraft is different to other debt in that the bank allows you to borrow money if you wish. This means that if you suddenly need money, you can borrow using your overdraft without having to wait to negotiate a loan. This can be useful as other loans can take a significant amount of time to arrange and you may not be able to wait this long. If you do not have an overdraft facility and overspend, you will then have an unauthorised overdraft. These are much more expensive than an authorised one and therefore you could end up paying more than necessary for the loan. This means that if you have an overdraft and make a mistake like this, it could be a lot cheaper for you.

The problem with an overdraft is that there is no formal repayment schedule. The lender will just repay it when money comes into the current account. So whether enough to cover the debt or small bits and pieces come in, they will all be taken by the lender until all of the debt and the outstanding interest and any charges are paid off. Although this means it could be repaid more quickly than with some other types of lending, it does mean that you will have access to no money until it is paid off. Also, if it takes a long time before any money appears in your bank account, you will be paying a lot of interest and charges. Some overdrafts have a one off charge then charge interest, others charge per day that you are overdrawn. It is worth finding out what the charges would be by your current account provider so that you are aware, should you ever need to use it.

So it is probably worth having an overdraft on your current account to use for extreme emergencies unless you feel that you cannot trust yourself not to use. If you think that you will be tempted to use it, because it feels like you have extra money to spend, then cancel it as this should help you to keep better control of your spending and you will be less likely to borrow money when it is not really necessary to borrow. However, if you will not be tempted to spend it unless you really need to, then it could be a good idea to get one. It means that if you accidently go overdrawn or you need money for an emergency, you will have a fund there to use which will be cheaper than an unauthorised overdraft. However, as an overdraft is so expensive, it can be better to look into other forms of borrowing, if you need money and can wait a while before you need to spend it. It is also wise to always monitor how much money you have in your current account to make sure that you do not go overdrawn by mistake. Make sure that you know when your bills are due to come out so that you do not get any nasty surprises and try to keep a buffer of money in the account just in case something does take you by surprise. It can also be wise to have some money in a savings account in the same financial institution so that you can transfer money into your current account if you are about to or have just gone overdrawn.