PMM Finance and Loans

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From the blog

Why Getting Breakdown Cover is a Smart Choice

There are a plethora of reasons why choosing to get breakdown cover is a very smart choice, and it’s important you know what they are. There are far too many drivers in the UK who don’t realize just how crucial this type of cover is. If you are going to be driving on the road, you should have this type of policy. You wouldn’t drive around without insurance, so it makes no sense not to get breakdown cover. The more you learn about how this cover can benefit you, the more likely you will be to purchase it immediately.

It Gives You Peace of Mind

One of the best things about having breakdown cover is that you know you have it. The peace of mind that comes along with opting for this extra on your insurance policy is invaluable. You will know that you can get help right away whenever you need it. Driving is stressful enough without having to worry about what you’ll do if you break down on the road. This is just one less thing you will have to be concerned about while behind the wheel each day.

Help Changing a Flat Tyre

If a tyre on your car is suddenly punctured and goes flat, you can be stuck in a nightmare of a situation. This is especially true if you have no idea about how to change a tyre. Those who are disabled in some way can also have a lot of issues in this type of situation. When you have breakdown cover, help is just phone call away. A technician will be sent out to your location, and they will change the tyre for you.

Get Back on the Road Faster

When you have breakdown cover, you can get back on the road towards your destination as quickly as possible. Those who do not have this sort of cover can be inconvenienced in a big way. If you are on your way to work or an important appointment, you’ll need to get things sorted fast. The minutes or hours that you save with breakdown cover can make your life a lot easier in the event of a breakdown. It could even mean the difference between being fired and keeping your job.

It is Affordable

Breakdown cover is generally very affordable, though it depends to some extent on the policy you choose. A basic policy won’t cost you more than around £40 annually, which pretty much everyone can afford to pay. This little bit extra that you spend each year will definitely be worth it, especially when you consider everything you get.

Lots of Different Services

There are tons of different services that you can take advantage of with breakdown cover. This includes getting a flat tyre charged, a jumpstart for a dead battery, getting into your car if you locked your keys inside, and towing services. You will be able to get your vehicle towed to a local garage or one of your choosing. This can save you a ton of money, as the average cost for even a short distance tow is astronomical.

It Keeps You Safe

The more time you spend in your car on the side of the road, the more likely it is that something bad will happen. Breakdown cover services will allow you to get assistance quickly so you don’t have to spend any more time than necessary stranded on the road. It can be especially dangerous if you are literally on the side of the road with your vehicle. There is always the chance that you can get hit by a passing motorist.

You Can Get Cover Wherever You Go

Those who have European breakdown cover services will be able to take advantage of this assistance wherever they are on the entire continent. If you are going on holiday or just travelling for work, you’ll be glad to have this cover. While it does cost a little bit extra with most providers, it is certainly worth considering. You won’t have to worry about breaking down a long ways from home without any way to get quick assistance.

With all of the different reasons to get breakdown cover, it is truly a wonder why more people don’t have it. If you want convenient access to services that can help you in a variety of situations, you should start looking into your options. These services can be a real life saver if you ever blow a tyre or find yourself with a dead battery. Just make certain that you take the time to look into some of the different providers out there. The more research you do, the better of a deal you’ll get. Make sure you consider your specific needs before opting for a certain policy.

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When is the Right Time to get a Personal loan?


A personal loan is something that many of us take advantage of from time to time. They are unsecured which means that you do not have to have a home or car to secure against it so they are more available to everyone. You tend to be able to borrow more than £1,000 and repay it in instalments. If you are considering getting a loan like this, then you may wonder when a good time might be to get one out. It is worth considering a few things to help you make up your mind.

Can you afford the repayments?
It is well worth finding out how much you will be expected to repay each month and how long for. This will not only allow you to calculate the full cost of the loan, but you will be able to think about whether you are likely to be able to afford the repayments. You will be able to see the difference between the money you have coming in and going out and then you will know whether there will be enough of this money for you to be able to afford the necessary repayments. If you have enough money then you will know that you will be able to afford them. However, you may decide that you do not have enough. In this case you do not have to forget the idea of having a loan but it is a good idea to see whether you can make changes to your lifestyle so that you can free up enough money each month to afford the repayments. It may be that you will be able to cut back in a few areas or find a way to earn more money so that you will be able to afford them.

Are loans competitive at this time?
At certain times loans will be more expensive because interest rates are high. The interest rate varies depending on the rate sent by the Bank of England and so if you want a cheaper loan, you will need to get one out when the rates are low. Although rates can fluctuate month to month, normally they are fairly stable and will only go up or down a little bit each year. Therefore, you will need to decide whether you are prepared to wait until rates are lower before you take out the loan or if you are happy to go ahead anyway.

Will interest rates rise?
Interest rate rises are not hugely predictable but with some common sense you should be able to work out whether rates are more likely to rise or fall. For example, in a time when rates are low it is more likely they will go up than down. However, if inflation and economic growth are slow then there is more chance they will go down too. If the rates are likely to fall, then you may want to delay taking a loan as you may get a better deal, especially if the loan has a fixed rate. However, if you think the rates may rise you may want to get a fixed rate loan quickly before they go up. However, if you are on a variable rate then a likely rate rise will mean your interest payments will go up.

It is always wise to assume that interest rates might go up and plan for that. Make sure that you can not only cover the repayments as they stand but also that you will be able to pay them should they go up due to a rate rise. You should even be able to estimate how much they might go up to and work out the extra that you might end up paying so that you can calculate if you will be able to afford it.

Are there other options?
It is always wise to think about what other options you might have. There are many things that you could try in order to get the money that you want and it is good to consider them all. It might be that you have already done this and realise that your best option is a personal loan. If this is the case then make sure that you compare different lenders to find the loan that is best for you. Be sure to compare the APR rather than the monthly interest rate as this will allow for any administration fees that they include in the repayments that you have to make. Also make sure that you consider other features as well as the cost when you are comparing the loans. You may find that there are other things that are as important or more important than the cost such as the reputation of the lender or the level of customer service. It is worth taking the time to find out a bit more so that you get the best loan for you and your needs.

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How Will Brexit Effect Interest Rates and What Should I do About it?

Many of us are concerned about what effect Brexit might have on us. It could be that we are hoping that it will make things better for us financially or we may be worried that it will make things worse. As we all have different financial situations then changes might affect all of differently. For example, a rise in interest rates could be good for those of us who relay on interest rates for good savings returns but those of us that have loans would find things much easier if interest rates remained lower.

What are Interest Rates?
Interest rates on products are changed by the provider of that product and if they are variable then they can be changed at any time. However, the Bank of England base rate, is changed by the Bank of England and if this changes then financial companies will tend to change their rates as a result. However, some will just change their rates from time to time anyway.

Predicting Interest Rates
It is quite difficult to actually predict what might happen with interest rates. The Bank of England have criteria that they look at in order to judge whether they think that interest rates should be changed. A panel discuss it and then vote on whether there should be a change to the rates and in what direction and if they all agree then the rate is changed. One of the criteria they look at is inflation and the government has set them a target of trying to keep inflation at 2%. This is the change in prices. The aim is not to allow prices to rise too quickly as this will make it difficult for people to afford the things that they normally buy and will not give salaries and wages a chance to rise in order to keep up. By increasing interest rates people will pay more interest on loans and mortgages and this means that people will generally have less money to spend and this will lower inflation. For savers an increase in the rate will encourage saving as the reward for saving is higher and therefore this will also reduce spending. If rates go down then then spending will increase as savers will have less incentive not to spend their money and interest payments on borrowing will be less so many households will have more money to spend as well.

Spending is important for the economy as it increases income for businesses and they can employ more people or increase the salaries of those they already employ and so the economy will grow. However, if inflation goes up really quickly then prices will increase massively and mean that people will suddenly have to find more money just to buy the most basic things.

How will Brexit Impact Things?
Predicting what might happen in the future is never easy. Brexit could mean a lot of things for the UK and until we have agreed terms and it has actually happened it is hard to know what effect it might have. There will definitely be uncertainty for a while which makes everybody worry. This tends to mean that people reduce their investments in the UK which can have an effect on the stock market and the value of the pound and people tend to spend less money through fear that prices might increase. However, this might last just a few hours or it could last much longer. It is very hard to know. Also once we leave the EU people might relax and decide it is then safe to spend lots of money which could in itself lead to an increase in inflation. So it is very hard to predict what might happen and therefore you need to be prepared for everything.

How Can I Prepare?
It is pretty difficult to prepare yourself for everything. However, if you can have your finances in a state where a change of interest rates will not impact you too much then this is probably all you can do. So if you have a lot of loans, then consider whether you can cope with an increase in interest rates. If you rely on savings interest then you will need to think about whether you will manage if rates go down. If you feel that things could be difficult then look at ways that you could potentially earn more money or spend less so that you can more easily manage. You will not necessarily need to act right away; unless you think it would really help to put your mind at rest, but having a plan to fall back on in case you need it can be very useful. Therefore take a look at your bank statements so that you can see how much you normally earn and spend and think about where you might be able to increase your earning or reduce what you are spending.

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