Company Ltd by Guarantee Registration Number

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1 Company Ltd by Guarantee Registration Number

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3 This booklet is brought to you by Flagship Money Guidance Ltd and is based on factual information only. We are a not for profit company funded by the Big Lottery. For further information visit Who we are We have over 30 years combined experience in delivering Financial Education training to clients all over the UK. Our Objectives Our long term objective to remain Unbiased and Impartial To enhance people s lives to ensure they take control of their money as a matter of course. Reducing financial stress in the workplace as recognised in The Pathfinder Project Offer financial money guidance to assist everyone in managing their money effectively in whatever stage of their lives and careers they are in.

4 Our 6 Step Process 1. Having the ability to take control of your money 2. NEED to Borrow? WHY? Think! What are the implications? 3. How do I protect my loved ones? 4. How can I prepare for the longest holiday of my life (think retirement)? 5. How to save for a rainy day 6. Have a job? What do I get from my Employer? What questions to ask?

5 1. How are your finances? 2. Look at money coming in and going out 3. How can I improve my income and cut back on waste? Are you paying for things you don t need? 4. Can you get better value elsewhere? 5. Look at food waste, shop savvy and compare the market. 6. With savings you make, perhaps start reducing any debt you may have or save for something special. Visit the Money Advice Service cut back calculator

6 IF YOU DON T NEED TO BORROW, DON T! DO check your credit report BEFORE proceeding DO see what is registered under you name. Check your details at credit reference agencies, e.g., Experian, Equifax, Noddle, Credit Expert, etc. DO save instead of borrowing DO you understand what you are being offered by your lender? Read and understand it or seek guidance from us. DO NOT deal with unlicensed lenders i.e. Loan Sharks (see page 19). If unsure, check them out at FCA.org.uk or speak to us at Flagship Money Guidance Ltd (See contact details at the back of this book)

7 Types of Loans Credit cards - They are expensive. If you don t pay them off quickly consider paying them off before your interest free period expires, if applicable. Overdraft - KEEP within your limit. Charges are expensive. If you go over your limit, it can affect your credit rating. Personal Loan - Fixed payment, fixed period, no specific purpose. Pay Day Loans - Very short term, only DAYS as APR can be more then 1000% in some cases. Hire Purchase - Secured on goods you are purchasing, e.g. car. If repossessed for non payment you are liable for any excess when goods are sold to repay debt. Credit Unions - Check for short term borrowing, e.g., Wirral Credit Union

8 ASK THE RIGHT QUESTIONS WHEN BORROWING MONEY Q) What is the annual percentage rate (APR)? i.e., The true cost of the loan SEE THE ABOVE EXAMPLE LOAN BASED ON A 5 YEAR TERM, THE SAME LOAN AMOUNT BUT DIFFERENT COSTS DUE TO APR RATE BEING HIGHER Check out the APR rates on Pay Day Loans!!!!

9 Warning - Interest Only Mortgages - none of the Capital is being repaid TAKE FULL INDEPENDENT ADVICE. CONTACT US FOR INFORMATION ON HOW TO DO THIS See contact details at the back of this book

10 DEBT OR CREDIT ISSUES Each situation is different. Seek urgent guidance when you have any issues with debt. Reduce stress. Contact us for impartial guidance, we have a team of experts available. Our service is unbiased. 1-1 support available. Please use contacts page on our website to book a meeting or call

11 Protect yourself against unexpected events Buildings insurance is essential if you own your home Contents insurance if you own or rent your home, it protects your belongings Examples of cover provided: fire, flood, theft, etc. Read your policy to see what it covers Shop around for the best deal Review your policy on renewal YOU DONT HAVE TO TAKE INSURANCE VIA YOUR MORTGAGE PROVIDER i.e. the Bank or Building Society you obtained your mortgage from Check out comparison sites for best price and cover options or contact us for help and guidance Before you buy check out: DONT LET THEM HAVE THE COMMISION YOU HAVE IT!

12 OTHER TYPES OF INSURANCE (protect your lifestyle) PHI - Permanent Health Insurance Covers up to 75% of your income against long term health issues whereas your sick pay from work may cease after a short time. Shop the market for best price or call us for assistance. Unemployment Insurance Covers you for up to 2 years to a certain level, approximately 75% income in the event of this occurrence. Life Assurance Singular Life Policies, or cover provided by your Employer Called Death in Service. This is not for the contract/policy holder, but for your loved ones to have financial security when you are gone, i.e., protect your home, debts and income. Joint Life Policies are available to protect both you and your partners liabilities and provide Financial security if the worst was to happen to either of you. There are many types and many options. Speak to us or one of our money guides who will help you get the best quote. Contact a professional to discuss your needs. Other Considerations Consider trusts and complete Expression of Wishes form if you have Death in Service at work. If you don t understand or need guidance call us. Critical/Serious Illness Cover This covers you against this occurrence and pays out a lump sum to give you and your loved ones financial help when you need it most when you become seriously ill. Need to know more, contact us for guidance. See contact details at the back of this booklet.

13 HAVE YOU MADE A VALID WILL? IF NOT>>>>>> The surviving partner may need to sell the family home. An unmarried partner may lose everything unless you take the right step. No relatives? Your estate may go to the Government. Wills allow you during your lifetime to express how your assets are to be distributed upon your death. No Will causes delays and someone making decisions on how your estate is to be distributed. Wills and estate planning guide New Will writing service coming soon contact us for details. Kind Permission Age UK

14 New Single Tier Pension for 2018/ for those who are entitled to it, for those not entitled, the BASIC STATE PENSION amount is a week Pensions have changed dramatically. From Tax Year 2015/16 if you are a member of a defined contribution scheme, aged over 55 and your plan rules allow it, you can have access to your pension in many ways, e.g. LUMP SUM 25% of the fund is tax free, the remainder is taxed as income depending on your marginal rate of taxation. You may be able to take small lump sums from your pension but remember only 25% of the fund is tax free. ADVICE RECOMMENDED before you make any decision. Call us for help. INCOME DRAWDOWN What is income drawdown? Allows you to keep your pension invested in the stock market and to take or 'draw down' a regular income/cash from it. MOVE TO AN ANNUITY What is an annuity? An insurance policy that guarantees an income for life in return for the pension fund you've built up over your working. TAKE PROFESSIONAL INDEPENDENT ADVICE DRAWING YOUR PENSION TAKE SPECIALIST ADVICE CALL US FOR DETAILS. BEWARE OF SCAMS. NEW OPTIONS AVAILABLE

15 WARNING BEWARE OF SCAMS YOU CANNOT ACCESS YOUR PENSION IN MOST CASES BEFORE AGE 55 Advice available from An impartial government service that helps you understand your new pension options. Call between 8am and 10pm, Monday to Sunday You need to be close to age 55 or approaching retirement to access this service OR call US for independent professional guidance

16 SAVINGS BANK, BUILDING SOCIETY, POST OFFICE SAFE SHORT-TERM POOR INTEREST Based on current bank base rates of interest TAXPAYERS Possible tax liability on savings interest larger sums HIGHER RATE TAX PAYERS are liable for additional tax at their marginal rate of taxation NON-TAX PAYERS must declare this to their Saving Institution i.e. bank, Building Society etc. Complete form R85 For the best interest rates, use the comparison table at: -comparison-sites-guide To protect your savings, the FCA offers protection to investors: Savings for cash savings per account holder effective Jan 2016 Regulated investments per person Contact us for further information, see the back of this booklet for contact details.

17 ISAS TAX EFFICIENT INVESTMENT WRITTEN AS SINGULAR ACCOUNT, SO YOU AND YOUR PARTNER COULD BOTH HAVE ONE INVESTMENTS - MOST ARE REGULATED PRODUCTS BECAUSE OF COMPLEXITY OF THE INVESTMENT AND THE RISK INVOLVED MUST TALK TO AN ADVISOR BEFORE PROCEEDING FOR YOUR NEAREST ADVISOR CALL FLAGSHIP MONEY support@flagshipmoney.co.uk Phone ISA NEW ISA CALLED NISA ISA Allowance in 2018/19 Compare the market to get the best ISA CONTACT US HOW TO DO THIS Who can open an ISA? You need to be a UK resident aged 16 or over to open cash ISA, or aged 18 or over to open a stocks & shares ISA. You can't open an account together with someone else, or on behalf of someone else NEW A new ISA has been launched to help first time buyers save towards the cost of buying their first home. Savers will be able to make an initial deposit of 1,000 when they open a Help to Buy ISA and then receive 50 for every 200 saved up to a maximum of 12,000. The tax break will be capped at 3,000.

18 Employee Benefits Check out any benefits provided by your employer Understand what they mean for you and your family Ask lots of questions. Speak to your Human Resources department It could save you DIS means Death in Service Pension. How much does your Employer pay? Any other benefits provided by your employer, e.g., Health Benefits, Critical Illness and understand what they mean to you and your family. Still not sure speak to US FOR MORE HELP PHONE NUMBERS BOOK A SEMINAR OR FACE TO FACE MEETING CALL support@flagshipmoney.co.uk

19 LOAN SHARKS! All Legitimate Lenders have to be Regulated by the FCA Check them out at FCA.org.uk consumers If you have borrowed money from a Loan Shark you haven't broken the law, they have Loan Sharks are illegal organisations They give you money with no paperwork They may take your benefit or bank book Loan Sharks don't tell when you finish paying them back They increase the amount you owe even if you are making regular payments They often threaten violence If you think you have borrowed from a Loan Shark Contact reportaloanshark@stoploansharks.gov.uk Seek advice via National Trading Standards

20 Find out about call charges first. USEFUL PHONE NUMBERS Debt Advice Step Change Freephone: National Debt Line: Tax credits: general enquiries Telephone: Text phone: Outside UK: Disability Living Allowance (DLA) If you were born on or before 8 April 1948 If you were born after 8 April 1948 Monday to Friday, 8am to 6pm Monday to Friday, 8am to 6pm Telephone: Telephone: Text phone: Text phone: National Jobcentre Enquiry Line (e.g. to cancel or change an appointment) Monday to Friday, 8am to 6pm Telephone: Text phone: Welsh language: New benefit claims only Monday to Friday, 8am to 6pm Freephone: Text phone: Welsh language: Pension Wise To book, call between 8am and 10pm, Monday to Sunday. Calls cost the same as a normal call - if your calls are free, it s included. Call if you re phoning from abroad Universal Credit Helpline Telephone: Free Energy Advice Energy Projects Plus Warmer Wirral Freephone:

21 For more help, phone numbers, to book a seminar or for a face to face meeting Call support@flagshipmoney.co.uk

22 Budget Planner

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24 Bespoke service arranged for you! Reduce Stress Contact us today for independent guidance. Supported by