Universal Credit changes: Are you eligible for Universal Credit top-up from October? | Personal Finance | Finance

Universal Credit is a payment made to millions each month, to help with living costs for those on a low income. The payment replaces individual benefits like Child Tax Credit and Jobseeker’s Allowance, instead of giving one payment to include all the benefits you are eligible for. Now some claimants may be getting a boost to their October handout. Some who claim Universal Credit will be eligible for an increase of up to £405 per month from October 8. Claimants could get £120, £285 or £405 with their next Universal…

State Pension changes: Will Triple Lock system be scrapped? PM ‘puts his foot down’ | Personal Finance | Finance

State Pensions are given to those who reach State Pension age, every four weeks. The amount you get depends on your National Insurance record, with contributions over your working life adding into your pension pot. Each year the State Pension is increased by a percentage of one of three amounts. This is known as the Triple Lock System, and usually happens around April time, in line with the tax year. However the Triple Lock System has been met with criticism in recent months, with the increase for April 2021 due…

State pension: Can you backdate your payments? Check on your income now | Personal Finance | Finance

State pension income is dependent on a person’s National Insurance record, with 10 years of contributions needed to receive anything and 35 years needed for the full amount of £175.20 per week. If a person claims their state pension after they’ve reached the required age, they may be able to backdate payments. This calculator is free-to-use and will initially ask the user if they’re checking on their state pension or bus pass age. Following this, all the user will need to do is enter their date of birth. The final…

Martin Lewis warns on digital banking– are savings apps like Plum and Chip safe? | Personal Finance | Finance

Martin Lewis, 48, regularly provides advice on the best banking options available but today he was queried on some of the newer options to hit the market. Digital banking accounts are becoming increasingly popular but the Money Savings Expert expressed a certain amount of caution on using them. On This Morning, Martin was asked if these digital apps are a safe place to put ones money, with a specific focus on Plum. Martin responded: “Plum you don’t have financial services compensation with, but it ring-fences the money with an E-money…

State pension payments will not increase for these pensioners amid UK triple lock fears | Personal Finance | Finance

The triple lock mechanism means the UK state pension rises each year by whichever is the highest out of the average percentage growth in wages in Great Britain, the percentage growth in prices in the UK as measured by the Consumer Prices Index (CPI), and 2.5 percent. Following the coronavirus pandemic, fears have been raised by regarding the future of the triple lock system. A slump in earnings this summer due to the COVID-19 crisis could result in a zero increase in pension payments from April 2021 under the current…

Negative interest rates: Accounts ‘could go down this path’ as NS&I cut rates – get ready | Personal Finance | Finance

On NS&I’s savings decision, which will affect millions of savers across the UK, Rachel Springall, a financial expert at Moneyfacts, had the following to say: “The cuts from NS&I in November could well test customer loyalty, particularly if they have a large pot and are relying on the return of interest as a form of income. “Whilst this is disappointing news for savers who are already struggling to earn a decent return on their hard-earned cash, it was almost an inevitable move to see NS&I make some cuts as a…

Child Benefit UK: Will your claim be limited by earnings or savings? Full details | Personal Finance | Finance

This will be particularly important if one of the parents has to give up or reduce how much they work to raise the child. If the child being claimed for is under 12 and the claimant is not working or does not earn enough to pay National Insurance, they’ll be able to get National Insurance credits which will count towards a state pension. This could protect state pension payments down the line as at least 10 years of National Insurance contributions will be needed to receive a state pension. To…

£500 coronavirus grant: How to get the £500 low-income self-isolation payments | Personal Finance | Finance

Self-isolation rules have been altered by the Government with tougher penalties for those who breach the coronavirus rules. Health Secretary Matt Hancock said coronavirus restrictions would get stricter in England if the rules are not followed with the Government introducing £10,000 fines for people who fail to self-isolate. But how can you apply for a low-income self-isolation payment? The Health Secretary has warned of more restrictive measures as the UK “faces a tipping point”. Mr Hancock said people in the UK “have got more relaxed over the summer”, but “now…

Marriage allowance: How does marriage allowance work? | Personal Finance | Finance

How does Marriage Allowance work? The low-earning partner must apply to the HM Revenue and Customs to request any unused personal allowance be transferred to their spouse. Those earning less than this personal allowance amount can transfer a maximum of £1,250. If you earn less than £11,250, which is the personal allowance, minus £1,250, you can do this without being liable to pay any tax. In 2020/2021 those earning above £11,250 but below £12,500 can still transfer £1,250, but they will liable to pay tax on any income in excess…

Martin Lewis: Money Saving Expert reveals new deal likely to help mortgage prisoners | Personal Finance | Finance

Martin Lewis, known as the Money Saving Expert, has come back to ITV to share his financial expertise. He often assists members of the public with tough questions which relate to their everyday lives. In so doing, he has helped people to save money, take advantage of the latest deals, and live more efficiently. Amid the COVID-19 crisis, Martin has also offered advice to mortgage borrowers – as this is a substantial element of a person’s finances.  On his self-titled Money Show, Martin turned his attention to mortgage prisoners – a…