world Archives - Chatwolfs https://chatwolfs.com/tag/world/ Thu, 21 Nov 2024 14:12:44 +0000 en-US hourly 1 https://wordpress.org/?v=6.9.1 Chris Cuomo seeks $125m from CNN over alleged wrongful termination https://chatwolfs.com/world-news/chris-cuomo-seeks-125m-from-cnn-over-alleged-wrongful-termination/ https://chatwolfs.com/world-news/chris-cuomo-seeks-125m-from-cnn-over-alleged-wrongful-termination/#respond Tue, 15 Mar 2022 11:48:07 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-2-2-2-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Chris Cuomo seeks $125m from CNN over alleged wrongful termination appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Chris Cuomo seeks $125m from CNN over alleged wrongful termination appeared first on Chatwolfs.

]]> https://chatwolfs.com/world-news/chris-cuomo-seeks-125m-from-cnn-over-alleged-wrongful-termination/feed/ 0 UK chipmaker Arm to cut up to 1,000 jobs after $40bn sale collapses https://chatwolfs.com/technology/uk-chipmaker-arm-to-cut-up-to-1000-jobs-after-40bn-sale-collapses/ https://chatwolfs.com/technology/uk-chipmaker-arm-to-cut-up-to-1000-jobs-after-40bn-sale-collapses/#respond Tue, 15 Mar 2022 11:48:04 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-2-3-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post UK chipmaker Arm to cut up to 1,000 jobs after $40bn sale collapses appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post UK chipmaker Arm to cut up to 1,000 jobs after $40bn sale collapses appeared first on Chatwolfs.

]]> https://chatwolfs.com/technology/uk-chipmaker-arm-to-cut-up-to-1000-jobs-after-40bn-sale-collapses/feed/ 0 Final sets in all four tennis grand slams to be decided by 10-point tie-break https://chatwolfs.com/sport/final-sets-in-all-four-tennis-grand-slams-to-be-decided-by-10-point-tie-break/ https://chatwolfs.com/sport/final-sets-in-all-four-tennis-grand-slams-to-be-decided-by-10-point-tie-break/#respond Tue, 15 Mar 2022 11:48:02 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-3-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Final sets in all four tennis grand slams to be decided by 10-point tie-break appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Final sets in all four tennis grand slams to be decided by 10-point tie-break appeared first on Chatwolfs.

]]> https://chatwolfs.com/sport/final-sets-in-all-four-tennis-grand-slams-to-be-decided-by-10-point-tie-break/feed/ 0 Women need to see themselves in politics. It’s the only way change will come https://chatwolfs.com/politics/women-need-to-see-themselves-in-politics-its-the-only-way-change-will-come/ https://chatwolfs.com/politics/women-need-to-see-themselves-in-politics-its-the-only-way-change-will-come/#respond Tue, 15 Mar 2022 11:47:59 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-3-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Women need to see themselves in politics. It’s the only way change will come appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Women need to see themselves in politics. It’s the only way change will come appeared first on Chatwolfs.

]]> https://chatwolfs.com/politics/women-need-to-see-themselves-in-politics-its-the-only-way-change-will-come/feed/ 0 Global economy sinks deeper into turmoil as Fed prepares to raise rates https://chatwolfs.com/economy/global-economy-sinks-deeper-into-turmoil-as-fed-prepares-to-raise-rates/ https://chatwolfs.com/economy/global-economy-sinks-deeper-into-turmoil-as-fed-prepares-to-raise-rates/#respond Tue, 15 Mar 2022 11:47:56 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-3-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Global economy sinks deeper into turmoil as Fed prepares to raise rates appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Global economy sinks deeper into turmoil as Fed prepares to raise rates appeared first on Chatwolfs.

]]> https://chatwolfs.com/economy/global-economy-sinks-deeper-into-turmoil-as-fed-prepares-to-raise-rates/feed/ 0 Why Drive My Car should win the best picture Oscar this award season https://chatwolfs.com/culture/why-drive-my-car-should-win-the-best-picture-oscar-this-award-season/ https://chatwolfs.com/culture/why-drive-my-car-should-win-the-best-picture-oscar-this-award-season/#respond Tue, 15 Mar 2022 11:47:54 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-3-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Why Drive My Car should win the best picture Oscar this award season appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Why Drive My Car should win the best picture Oscar this award season appeared first on Chatwolfs.

]]> https://chatwolfs.com/culture/why-drive-my-car-should-win-the-best-picture-oscar-this-award-season/feed/ 0 Canada and US announce Arctic military exercises amid Russia tensions https://chatwolfs.com/world-news/canada-and-us-announce-arctic-military-exercises-amid-russia-tensions/ https://chatwolfs.com/world-news/canada-and-us-announce-arctic-military-exercises-amid-russia-tensions/#respond Tue, 15 Mar 2022 11:47:51 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-2-2-2-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Canada and US announce Arctic military exercises amid Russia tensions appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Canada and US announce Arctic military exercises amid Russia tensions appeared first on Chatwolfs.

]]> https://chatwolfs.com/world-news/canada-and-us-announce-arctic-military-exercises-amid-russia-tensions/feed/ 0 Samsung Galaxy S22 Ultra review: triumphant return of the Note superphone https://chatwolfs.com/technology/samsung-galaxy-s22-ultra-review-triumphant-return-of-the-note-superphone/ https://chatwolfs.com/technology/samsung-galaxy-s22-ultra-review-triumphant-return-of-the-note-superphone/#respond Tue, 15 Mar 2022 11:47:48 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-2-3-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Samsung Galaxy S22 Ultra review: triumphant return of the Note superphone appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Samsung Galaxy S22 Ultra review: triumphant return of the Note superphone appeared first on Chatwolfs.

]]> https://chatwolfs.com/technology/samsung-galaxy-s22-ultra-review-triumphant-return-of-the-note-superphone/feed/ 0 Baker Mayfield thanks Cleveland as Browns meet with Deshaun Watson https://chatwolfs.com/sport/baker-mayfield-thanks-cleveland-as-browns-meet-with-deshaun-watson/ https://chatwolfs.com/sport/baker-mayfield-thanks-cleveland-as-browns-meet-with-deshaun-watson/#respond Tue, 15 Mar 2022 11:47:46 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-2-3-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post Baker Mayfield thanks Cleveland as Browns meet with Deshaun Watson appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post Baker Mayfield thanks Cleveland as Browns meet with Deshaun Watson appeared first on Chatwolfs.

]]> https://chatwolfs.com/sport/baker-mayfield-thanks-cleveland-as-browns-meet-with-deshaun-watson/feed/ 0 UN says 75,000 children a day have become refugees – as it happened https://chatwolfs.com/politics/un-says-75000-children-a-day-have-become-refugees-as-it-happened/ https://chatwolfs.com/politics/un-says-75000-children-a-day-have-become-refugees-as-it-happened/#respond Tue, 15 Mar 2022 11:47:43 +0000 https://soledaddemo.pencidesign.net/soledad-world-wide-news/cost-of-living-crisis-you-can-cut-your-bills-but-there-may-be-pitfalls-2-2-3-2-2-2-2-2/ As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and…

The post UN says 75,000 children a day have become refugees – as it happened appeared first on Chatwolfs.

]]> As the cost of living crisis deepens, you may be assessing your regular monthly outgoings and looking for things you can cut back on. If you are lucky enough to be a homeowner, your biggest monthly expense is likely to be your mortgage.

But will your lender allow you to reduce your payments if you explain that you are struggling? And how will that affect your credit record? Similarly, if you have life insurance or a pension, can you take a break from your payments, and what will the consequences be?

Taking a break from your mortgage

According to UK Finance, the trade association for banks, mortgage lenders should offer “forbearance” to any customer who is in financial difficulty or unable to make their mortgage payments.

This could take the form of an authorised payment holiday, where your lender gives you permission not to pay your mortgage for a short period, usually up to three months. Alternatively, with your lender’s permission, you may be allowed to reduce your monthly repayments.

It can be tempting to cut pension contributions when money gets tight but you are losing more than just your own contribution

These arrangements come at a cost. Any payment holiday will be noted on your credit record, which could have implications the next time you want to borrow money – you may, for example, be charged a higher interest rate. You will also be expected to pay back everything you have missed paying once you are no longer in financial difficulty. Your mortgage is likely to cost you significantly more in the long run.

Cancelling life insurance premiums

LV= allows this – but you can only benefit if your policy (for income protection, critical illness or life insurance) has been in force for a year or more, you have a good history of paying and are less than three months behind with monthly premiums. You must declare that you have suffered a significant drop in your income or that your usual earnings have stopped. The payment break will only be offered for a month at a time, for up to three months.

If you do find yourself in a position where you have to cut or stop your contributions, try to resume them as soon as you can.

For example, it says a 33-year-old with £250,000 of life cover, paying £21.86 a month, could reduce their payments to £4.17 a month for six months. However, the maximum that could be claimed during this six-month period would be only £10,000.

Cutting your pension contributions

You may also be considering reducing or stopping your pension contributions for a while. This may ease your financial pressures a little in the short-term but it will reduce your income in retirement.

Cutting £693 a year from your pension will mean £1,284 less goes into your fund. If that money manages to grow by 5% a year until you retire, the long-term cost is even greater. Hargreaves Lansdown, an investment platform, estimates that a 40-year-old basic-rate taxpayer who cuts back on their pension payments in this way – reducing their contributions by only £57.75 a month for only one year – would end up £4,569 worse off, before fees, by the age of 67.

The post UN says 75,000 children a day have become refugees – as it happened appeared first on Chatwolfs.

]]> https://chatwolfs.com/politics/un-says-75000-children-a-day-have-become-refugees-as-it-happened/feed/ 0