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With millions of people heavily in debt and an economy that isn’t looking like taking a turn for the better anytime soon, the debt relief industry is growing as companies rush to offer their services to increasingly desperate debtors. All of the debt relief options available to people have attributes that prove beneficial depending upon the individual circumstances of the debtor. But how do they know which to choose.

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How to buy the right insurance and help reduce your monthly outgoings

Getting the right amount of cover at a competitive price

Every business knows it needs insurance. But it's not uncommon for companies to buy too much cover, or too little. That means they've either spent too much, or don't have the protection they need. The worst situation of all is when a business thinks it's covered adequately, but actually isn't. All too often that doesn't come to light until something goes wrong - and by then it's too late.

Performing a risk assessment will help ensure you get the right cover for your business. Combine this with a good broker and you will get the right protection at the right price.

Don't scrimp

QuoteIf you under-insure, your claim will be reduced.End Quote

Don't scrimp on your cover. If you under-insure, your claim will be reduced by a similar proportion. For example, your claim will be reduced by 10% if your cover was 10% less than it should have been. This has caught out many businesses before, and will probably continue to do so - don't let your company be one of them.

There are some other key things to know when talking to a broker and arranging your insurance:

Always insure your assets for their cost price. If cost prices vary, make sure you have cover up to their highest levels.

Get protection against inflation and sudden increases in the value of your stock, equipment or liabilities.

When calculating all cover requirements, always allow for projected business growth. For example, set your business interruption cover for your anticipated profit at the end of the insurance period, not the start.

Make sure you are fully aware of the terms and conditions of your insurance. Nobody likes getting caught out by the small print.

You must disclose everything 'material' to your application. If you don't, you may invalidate your cover and not be able to claim. For example, tell your broker and insurer about past thefts, bankruptcy or insolvency, or if an insurer has refused to cover you in the past. Your broker or insurer will usually ask you specifically about these things.

Most policies require a minimum level of security. For example, you may have to upgrade your locks or install a burglar alarm according to your insurer's specifications.

If your company is a larger business then your insurer may send a surveyor to assess the risks accurately and to recommend improvements before giving you cover.

Every insurance policy - even 'all-risks' policies - have exclusions. Check what yours excludes carefully before you commit. It's common for things like equipment failure due to wear and tear, shoplifting and subsidence to be excluded. If these are high-risk areas for your company then you definitely need to talk to a broker for advice about your circumstances.

Next: Where to buy insurance for you personally or your business


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We do not provide tax, legal or accounting advice.

This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice.

It is advised you should consult your own tax, legal and accounting advisors before engaging in any transaction.

Contact Simon Ling

Burnham House, 93 High St, Burnham, Slough SL1 7JZ sl@simonling.co.uk


Quick Facts

Loans between £5,000 and £200,000. Current Max LTV 85%.


IMPORTANT NOTE: Rates Subject to status. Loans secured on property. Written quotations upon request. Typical rate between 5.59% and 14.3% APR dependent on status. See Interest Rates