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How To Rent Out Your Spare Bedroom! + Video

How To Rent Out Your Spare Bedroom, NEF6.COM


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How To Rent Out Your Spare Bedroom


How To Rent Out Your Spare Bedroom, REMMONT.COM


How To Rent Out Your Spare Bedroom

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Making a Business Card Holder out of Wood! ~ Video

Making a Business Card Holder out of Wood, NEF6.COM


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Making a Business Card Holder out of Wood


Making a Business Card Holder out of Wood, REMMONT.COM


Making a Business Card Holder out of Wood

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Tenant Lease Agreement – Filling Out Tenant Lease Agreements – REIClub.com. / Video

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10 Ways to Settle Your IRS Tax Debts For Less Than What You Owe – Defense Tax Group, how to find out how much you owe the irs.

#How #to #find #out #how #much #you #owe #the #irs


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how to find out how much you owe the irs

How to find out how much you owe the irs

10 Ways to Settle Your IRS Tax Debts For Less Than What You Owe

Do you Find dealing with the IRS frustrating, Intimidating and Time-consuming. You’re not alone.

How to find out how much you owe the irs

While taxpayers may always represent themselves in front of the IRS, many turn to professional tax help (specialized IRS Tax attorneys, CPAs, and Certified Tax Resolution Specialists) in order to maximize their chances of winning a tax settlement while minimizing their contact with the IRS agents. Owing the Internal Revenue Service (IRS) money is intimidating to most people. The IRS has the power to garnish your wages, seize your assets and place a lien on your property in order to obtain the money that you owe them. However, these actions can be prevented by communicating promptly with the IRS about your situation. The IRS is usually willing to work with taxpayers, and there are several options available so that you may resolve your debt issues.

10 Ways to Settle Your IRS Tax Debt

1. Installment Agreement:

2. Partial payment installment agreement:

How to find out how much you owe the irs

3. Offer in Compromise:

4. Not currently collectible:

5. Lower Your Debt With Credit Card Debt Settlement:

How to find out how much you owe the irs

There are two methods of credit card debt consolidation: through a credit card debt settlement company or on your own. Credit card debt settlement companies should be avoided. They collect your payments for months before making a settlement offer if they make an offer at all. Meanwhile, you continue receiving collection calls and negative payment marks on your credit report. You ll get better and faster results settling debts on your own.Final credit card debt settlement agreements should be in writing. Either draft an agreement of your own or have your credit card company send you an agreement. Make sure you and someone from your credit card company have both signed the agreement before you send payment.

6. File bankruptcy:

Income tax debts may be eligible for discharge under Chapter 7 or Chapter 13 of the Bankruptcy Code. Filing for bankruptcy is one of five ways to Tax Debt Relief, but you should consider bankruptcy only if you meet the requirements for discharging your taxes. Chapter 7 provides for full discharge of allowable debts. Chapter 13 provides a payment plan to repay some debts, with the remainder of debts discharged

How to find out how much you owe the irs

7. Release Wage Garnishments.

8. Stop the IRS from Levying Your Bank Account.

9. Innocent Spouse Relief.

How to find out how much you owe the irs

10. Pay Attention to the Expiration of the Statue of Limitations.

This is a useful tool because you can file for a collection appeal to stop an IRS levy, lien, seizure or the denial or termination of an installment agreement. The collection appeal gives you the opportunity to explain how you think the situation could be solved without the IRS levy or seizure.


Housing Loan Calculator – Making Sense Out if it #military #auto #loans


#housing loan calculator
#

Housing Loan Calculator Making Sense Out Of It

Posted on January 2nd

When you are purchasing or refinancing a house, you will inevitably come across a housing loan calculator (also known as mortgage calculator). It is commonly used by mortgage bankers to help illustrate the details of a housing loan for you to more easily understand the whole deal. A proper housing loan calculator will help you plan you personal finances accordingly so that you can repay the property loan comfortably. It illustrates your  payments showing an amortized schedule breakdown.

A proper relevant Singapore home loan calculator should allow you to input your loan quantum amount, term or tenor, home loan interest rates for at least the initial 5 years. When you key in these figures into the Singapore mortgage calculator, the information you are looking for should then be tabulated in a table for you to scrutinize.

The mortgage loan calculator can be confusing especially if it is the first time you are trying to make sense of it. These are some of the terms that you should have a better understanding.

Housing Loan Balance

The first thing to note is the principal amount. If you are applying for a mortgage refinance, this amount is the original loan amount that is still outstanding. It can also be called the amount financed by the lender. For a new home purchase, this is the amount that you are borrowing. For mortgage refinancing, this is the amount that is outstanding on your current housing loan.

Rate of Interest

One of the critical factors in determining monthly payments is the interest rate. This can cost you tens to hundreds of thousands of dollars over the course of the loan. Origination fees are fees added to the principal balance of the loan in exchange for a lower interest rate. This is generally not a good idea because this fee can never be recovered regardless of when you pay off the mortgage.

Tenure

The loan tenure is the duration of the loan usually described in number of months. A 15 year loan tenure is equivalent to 180 months.

Taxes And Insurance

Mortgage calculators can calculate and show the total costs that you will have to pay. It can show taxes, home insurance, and other related costs expected to incur for the duration of the housing loan. The mortgage breakdown can be illustrated and calculated with or without this information.

Amortization

The results of the calculator can be illustrated in a table for you to easily observe the details of the housing loan. An amortization schedule will show your payments in future and the outstanding loan amount in the future. This information helps you to also see the interest you will pay over the whole period of the housing loan.

Interest And Principal Portion

The monthly payments that you will see generated by the housing loan calculator will show how much of the payments are for interest and how much are for principal payments. This can show you the outstanding principal at different periods of the housing loan. It can also help you better understand how interest charges are calculated.

Monthly Installments

When annual interest rate changes, the monthly installment commitments should be adjusted accordingly. This is where you will also see adjustments to the repayment on principle and interest portions that the payments are made to.

Cumulative Interest Paid And Outstanding Amount

This is where you will see the accumulated total interest paid and the outstanding principle amount owing at any point in future. Cumulative interest paid will only increase over time, while outstanding principle amount owing will decrease. At the end of the data generated by the Singapore housing loan calculator, the outstanding principle owing will be zero.

Want to see housing loan interest rate trends

for the last 36 months?

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How to Build Credit By Taking Out Small Unsecured Personal Loans #loan #payment #calculator #car


#small personal loan
#

How to Build Credit By Taking Out Small Unsecured Personal Loans

[May 13, 2009.]

The larger the loan, the greater the risk for the lender–unless there is collateral involved.

Collateral (or the lack thereof) changes the lending equation drastically. Borrowers who understand this fact, and know how to work it to their advantage, can build credit by taking out small unsecured personal loans.

Even Large Mortgage Loans Easy to Make When the Collateral Is Strong

On the matter of collateral changing the whole equation, take the example of a large mortgage of, say, $800,000. It would be utterly impossible for almost anyone to obtain an unsecured loan of that size. But throw in a house that’s worth $1.5 million as collateral, and it’s a no-brainer of a loan.

It’s a good bet for the bank that such a borrower will pay back the loan, no matter its size. Because there is another way for the bank to get paid, if the borrower doesn’t do it voluntarily.

The bank takes the house.

Unsecured Personal Loans Are a Whole ‘Nother Animal

Borrowing money without posting collateral, by contrast, presents an inherently risky picture to a potential lender. An unsecured loan sounds dangerous, and often is, for the lender. How is the lender supposed to get paid back if the borrower flakes out? There is nothing to take.

Lenders counter this risk in one of two ways: either by charging the borrower a high interest rate and fees, or by lessening the loan size so that if the money is lost it’s not the end of the world.

For borrowers who have subpar credit and are looking to improve their credit, taking out a small unsecured personal loan may be a great method to build credit over time .

To see why this makes sense, it’s important to view the situation from the perspective of a lender. If a borrower takes out a small unsecured personal loan, or a series of them, a lender is trusting that borrower to pay that money back. The lender is out on a limb, somewhat, with no easy recourse if the loan goes sour.

Honoring that commitment by paying back a small unsecured personal loan on time and in full shows that a borrower is credit-worthy. It shows that a borrower knows how to use credit wisely, and respects the fact that this money is a loan, it’s not growing on trees just waiting for passersby to grab and eat.

Small Unsecured Personal Loans the Beginning of a Beautiful Relationship? Maybe

Borrowers who take advantage of fast unsecured personal loan products often find that a limited number of lenders work in this area. Common names of certain corporations show up repeatedly.

However, this should not be taken as a sign that the unsecured personal loan market is sequestered far, far away from the mainstream lending industry, including mortgages. Smaller, more niche lenders maintain relationships with giant multinational banks not only in terms of sharing information but even sharing personnel.

In other words, a borrower should never underestimate the possibility that a lender that provided a small unsecured personal loan may well be reviewing their mortage application someday.

Paying back small unsecured personal loans is a great way to properly prepare for such a possibility.

About Author:

Andrew Freiburghouse is a writer and businessman. He has worked as a magazine reporter, tax preparer, screenwriter, copywriter, and loan officer. He graduated from Santa Clara University in 1999 with a B.A. in English. Andrew was born and raised in the City of Los Angeles.



Loan Balance Calculator – Find out how much you owe on your loan. #poor #credit #auto #loans


#car loan calc
#

Calculate your loan balance based on current payment, interest rate and remaining term

What is the balance on my loan?

Additional Information

Credit and the Consumer

While credit stimulates the economy, it does have to be used judiciously. Credit is not money. Derived from the Latin word for “trustworthiness,” credit is based on faith that the borrower will repay the debt with real money. One should not use credit in place of money when there is little or no likelihood that payment in real money will be made using credit without the intent or ability to pay is theft.

Today, credit has become a business in its own right. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 2009 this is more than double the amount outstanding in 1994. This represents hundreds of billions of dollars in interest earnings to lenders. This is why credit card companies aggressively compete to get you to use their credit cards and services. The marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty.

What Are The Benefits Of Credit?

Without credit, the global economic system would grind to a stop. Credit allows borrowers to immediately buy things they could not afford now. Most persons would not be able to purchase a house without credit. Most young adults do not have sufficient savings to afford the cost of even the most humble of homes. Yet, credit allows them to purchase a home that they can gradually pay off over time as their earnings increase. Without credit, many individuals would not be able to purchase an automobile. Credit also makes it convenient to make spontaneous purchases without the need to carry large sums of cash or checks.

Businesses rely upon credit to manage their cashflow. Manufacturers borrow money to buy raw materials. Merchants buy goods on credit from manufacturers. Consumers buy goods from merchants on credit. Without credit, the process would slow to a halt.

Responsible Use Of Credit

While credit is very important to the economy, its abuse is harmful. Credit is extended with the faith that borrowers will repay the debt. Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit makes commerce more convenient. When credit is abused, everyone loses. Credit abuse increases the cost of credit to everyone.

One should never use credit to purchase things for which one will not be able to pay in the future. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future. If one calculated the true cost of goods bought on credit, one would have second thoughts about making the purchase in the first place. Here is an example: a new television flat-screen HDTV model retails for $5,000. If purchased on a credit card with a 12% annual percentage rate (APR) compounded daily, and with minimum monthly payments of $166 paid over three years, it winds up costing over $5,980. Is it worth almost $1,000 more to have it now (furthermore, the retail price in 3 years will probably drop)? That is like going into a store that advertised “SALE–ADD 20% TO EVERY PURCHASE.”



Mom-And-Pop Loan Sharks Being Driven Out By Big Credit-Card Companies – The Onion – America s Finest News Source #same #day #loans


#loan shark
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Mom-And-Pop Loan Sharks Being Driven Out By Big Credit-Card Companies

PHILADELPHIA Frankie “The Gorilla” Pistone leans wistfully on his bat. Then, without warning, he picks it up, swinging it furiously toward his deadbeat client’s leg. Just before the Louisville Slugger makes contact with the man’s kneecap, he pulls back, as only a real pro can, leaving the $250-in-the-hole man gasping in fear and relief. “Just get it to me by tomorrow, because next time, I ain’t gonna let up,” Pistone says.

Loan shark Frankie Pistone, whose way of life is endangered by the likes of American Express.

As the thankful man scurries off, Pistone pulls the cigarette out of his mouth and drops it to the ground. “I’m going to miss this,” he says.

Frank Pistone is part of the dying breed known as the American Loan Shark. Not so long ago, the loan shark flourished, offering short-term, high-interest loans to desperate people with nowhere else to turn. Today, however, Pistone and countless others like him are being squeezed out by the major credit-card companies, which can offer money to the down-and-out at lower rates of interest and without the threat of bodily harm.

“It’s a damn shame,” said Joseph Stasi, 61, a South Philadelphia loan shark whose business is down 90 percent from its mid-’70s heyday. “These days, there’s just no place for the small businessman. My kind, we just can’t compete with the Visas and MasterCards of the world.”

“The old customers don’t come ’round here no more,” said Felix Costa, 59, speaking from the Elizabeth, NJ, pool hall that has served as his place of business since 1972. “Time was, a guy who needed a quick $400 for a new refrigerator or some car repairs would come straight to me. Now, he just puts it on his Discover card.”

Though their client lists are dwindling, the loan sharks still have their champions.

“Call me old-fashioned, but I prefer the loan sharks to the credit-card companies,” said Gene Hobson of Detroit. “When I borrow money from Three Knuckles Benny, I know there’s going to be a personal touch, whether it’s a dead animal on my doorstep or one of my kids coming home with a missing toe. The credit cards just don’t give you that sort of individualized attention. And, if you’re late with them, it’s a form letter and maybe maybe an irate call from the accounts-receivable department.”

“With our overhead, we need to charge a 50 percent weekly interest rate just to break even,” said a Chicago loan shark who identified himself only as “Johnny Toothpick.” “We’ve got rent, pay-offs, and switchblade maintenance, not to mention travel expenses. How can we compete with rates as low as 18 to 26 percent a year?”

Continued Toothpick: “These [credit-card companies] are monsters. They care nothing about the damage they’re doing to the American landscape by driving us out. Loan sharking was about more than giving people money and roughing them up when they didn’t come through. It was about ruffling a kid’s hair on the street, helping out a local fella who needed a break, and occasionally letting somebody off easy with just a couple of punches to the gut instead of a glass-filled sock to the face. It’s a unique part of our shared national experience that, once extinct, will never come back.”

With nearly 200,000 new credit-card solicitations going out every week, the loan sharks have little hope of regaining the ground they’ve lost.

“We were going by word of mouth, and we did pretty good around the neighborhood,” Pistone said. “But these credit cards? With direct mail and the Internet, they reach a customer base we can only dream about. In this business climate, how can a small, independent goon possibly compete?”



4 colleges to forgive loans to students who dropped out – Sun Sentinel #credit #card #loans


#international student loans
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4 colleges to forgive loans to students who dropped out

Debt relief for some students

Comstock / Getty Images

Four for-profit colleges in South Florida will forgive loans to students who dropped out, under a legal settlement.

Four for-profit colleges in South Florida will forgive loans to students who dropped out, under a legal settlement.

Some students who dropped out of four for-profit colleges in South Florida won’t have to pay back loans they took out from the schools.

The schools are the Art Institute of Fort Lauderdale, the Miami International University of Art Design, South University in West Palm Beach and Brown Mackie College in downtown Miami and Miramar. The arrangement applies to students who quit within 45 days of the start of courses from 2006 to 2014

The colleges’ parent company agreed to forgive the loans as well as allow students 21 days to withdraw with no financial obligation. The changes were part of settlements to a whistleblower lawsuit and an investigation alleging that school representatives had made fraudulent claims to entice people to enroll.

Pittsburgh-based Education Management Corp. denied any wrongdoing. But putting these matters behind us returns our focus to educating students, said its president and CEO, Mark A. McEachen.

About 4,550 former students in Florida are eligible for loan forgiveness, said Chris S. Hardman, a spokesman for Education Management. He said he didn’t know how many of them are in South Florida.

The company will forgive more than $6.5 million in loans statewide. Nationwide, the agreement requires Education Management to forgive more than $100 million in outstanding loans held by more than 80,000 former students.

Four of Education Management’s seven Florida colleges are in Broward, Palm Beach or Miami-Dade counties.

The four will continue to operate and accept students, Hardman said. There are no changes to campuses as a result of the settlements, he said in an email.

The company will send notices to former students who qualify for loan forgiveness as well as to credit reporting agencies, according to the Florida Attorney General’s Office, which joined in the lawsuit against Education Management.

People who want to see whether they qualify for Education Management’s student loan forgiveness can call 855-725-4301.

Students still have to pay back any federal student loans, according to the court settlement.

Education Management also worked with state attorneys general to develop new, more transparent recruiting and disclosure standards, which the company hopes will serve as a model for higher education, according to a company statement.

Education Management’s schools will provide online financial disclosure tools to help students understand the cost of their educations. The schools also will provide free orientation programs for incoming students and supply accurate information about graduates’ job placement.



VA Loan Application – Fill Out Our VA Home Loan Application #home #loans #rates


#apply for a loan
#

Learn About Our VA Loan Application

Your journey towards a new home starts with the VA Loan application process. Keep reading this page to find out what you need to know and what we can do for you.

Are you ready to apply for your VA home loan? We’re standing by to help! We can assist you with your VA loan application by phone at 888-775-1585. via email , click-to-chat.  or you can fill out our online VA home loan pre-application form by clicking the button below:

Why Choose Us For the VA Loan Application Process?

VAMortgage.com is a division of 1st Mariner Bank, headquartered in Baltimore, MD. We’re not a government agency, but rather a qualified mortgage lender in all 50 states, specializing in serving your VA home loan needs.

Our VA loan specialists are skilled professionals with extensive knowledge of the Veterans Administration loan options and benefits. They are extremely efficient when processing a VA loan application and they have years of experience in meeting the mortgage needs of military service members and their families.

VAMortgage.com will process, underwrite, close, and fund your loan.

We understand that buying a new home is probably the largest financial investment you will ever make, and we want to ensure that your VA Mortgage experience is comfortable, convenient, and informative.

Want to see what the people who have worked with us have to say about their experience? View some of our customer testimonials  to learn more about our service.

Important Financial Documents

In order to make your VA loan application process as fast and convenient as possible, we’ll need to obtain certain important financial documents from you.

It’s a good idea to make sure you have up-to-date copies of the following information before you start your VA home loan application process:

  • Current copies of your W2 statements for the past two years, so that we can confirm your gross household income.
  • Copies of your pay stubs for the past two months.
  • Any statements that document other assets, such as current bank statements, savings accounts, stocks or bonds, and any other forms of income or assets such as alimony or trust funds.
  • If you are self-employed, you will need copies of the most recent two years of consecutive tax returns.

Critical Refinancing Documents

When filling out a loan application for a VA refinance mortgage. you’ll need to provide a current mortgage statement, a copy of your most recent settlement statement, a copy of your note, and, if possible, the lender’s policy of your title insurance.

Naturally, it’s critical that such documents be accurate and as current as possible. Having your critical documents in good order will help us finalize your VA loan as quickly as possible.

Your Debt-to-Income Ratio

  1. There are two ratios that lenders use when evaluating your VA Home Loan application. The first is the Housing Expense Ratio. This uses the total of the principal amount as well as the interest rate on your mortgage, plus real estate taxes, and home owner’s insurance, as well as mortgage insurance (if necessary).
    1. This becomes your Total Housing Debt. and it should never be higher than 30% of your total gross monthly income. If your gross income is, let s say, $5,000 per month, then your total housing debt should be no higher than $1,500.
    2. When discussing your VA loan application, the second ratio taken into consideration is your Debt-to-Income. First, you need to add up all recurring monthly debt, including credit card payments, loans, alimony etc. Then you need to add your monthly recurring debt to your total housing debt. The total of these should not exceed 40% of your gross monthly income.
      1. Using our example from above, if your gross monthly income is roughly $5,000, the total of your housing debt plus your recurring monthly debt should not exceed $2,000.

Home Warranty

We recommend purchasing a home warranty. The last thing that home buyers want to worry about is what could possibly break or malfunction in their new home after they purchase it.

That’s why it’s a good idea to get a home protection plan, or home warranty, to cover such items as:

  • Air conditioning
  • Dishwashers and other appliances
  • The furnace and water heater
  • Ductwork
  • Garbage disposal and inside plumbing stoppages
  • Ceiling fans
  • Electrical systems
  • Ovens
  • Telephone wiring

Outdoor items such as sprinklers and pools are usually not covered, and not all warranties cover every appliance. Home warranties usually range between $250 and $400, depending upon coverage, and policies are usually prepaid for a year in advance, at which time they can be renewed.

A good home warranty is a wise investment because it protects you against the expense of unexpected home repairs that may arise in the first few years of home ownership.

Home Inspection

While participating in a VA home loan application process, it is recommended, but not required, to get a thorough, professional home inspection (by your own inspector) that will alert you to any improvements or repairs that need to be done to the property you intend to purchase.

In the worst-case scenario, you’ll be alerted to any major defects that might cause you to change your mind about buying the house. A thorough home inspection is a complete visual examination and report on the condition of all major systems in a home. Every inspection should include an evaluation of at least the following items:

  • Foundations
  • Plumbing and electrical systems
  • Doors, ceilings, walls and floors
  • Roof, heating and air conditioning systems

At the same time, the home should be checked for any hazardous materials concerns, such as asbestos, and the inspector should also check for proper insulation and ventilation.

Having said that, it’s also important to approach the inspection process with realistic expectations. You can’t expect a 30-year-old home to be as pristine as a brand new one, but it is fair to take any serious faults into account as part of your price negotiation.

The ultimate goal is that you be made aware of any work that may need to be done once you own the house.

Title Insurance

When submitting a VA loan application, you should be thinking about title insurance. It is extremely important because it is your guarantee that you hold clear title to your home and property at the time of purchase.

Title insurance protects you against loss arising from any problems connected to the title to your property. Something to keep in mind while submitting a VA home loan application is that all mortgage lenders require title insurance for the amount of the loan. For added security, buyers can protect their equity in the property by adding an owner’s title policy for the full value of the home, usually at a small additional cost.

One thing to remember: if you refinance your home. you will most likely be required to purchase a new title insurance policy, because the original policy terminates when you pay off the mortgage.

Home Owner’s Insurance

Another thought you should consider when submitting a VA loan application is the purchasing of homeowner’s insurance. Buying homeowner’s insurance is like anything else: doing your homework before you buy will always pay dividends. Choosing the right kind of homeowner’s insurance from the right company is vital.

Here are some tips to help you in the process:

  • Look beyond the advertising. Just because a company has the advertising budget for big mailings with flashy brochures, doesn’t mean it’s the best. Always do your homework, and don’t buy from the first company you see.
  • Check your state’s website because they generally provide good information on what your home owner’s insurance will cover in terms of local weather conditions, state codes and zoning issues. Also, many states list consumer complaints against particular companies from local residents.
  • Make sure the coverage is appropriate for you by comparing the company’s areas of focus with the needs of your particular home and geographic area.
  • Familiarize yourself with the claims process. It may turn out that making a repair yourself will be less expensive than an increase in your premium if you file a claim.
  • Finally, get a home inspection by a certified professional, and make sure that any potential problems he or she discovers are covered by your policy – before you commit.


Payday credit checking firm pulls out of the UK – Yahoo Finance UK #college #loan


#short term payday loans
#

RELATED QUOTES

Crackdown on short-term lenders has made CoreLogic (KOSDAQ: 048870.KQ – news ) ‘s real-time data sharing business unviable

An American data firm has decided to close its British credit-checking service in the wake of the crackdown on payday lenders, in a setback to regulators’ ambitions to move all lenders onto real-time credit checks.

CoreLogic, a New York-listed company, is closing its Teletrack UK operations at the end of the year, after logging almost 80 million subprime credit checks for 2.8 million people and 60 clients.

The firm is set to delete its Aware (NasdaqGM: AWRE – news ) database of credit checks, in line with data protection rules.

“We have stated that the CoreLogic Teletrack UK business environment has undergone significant change in the recent past, limiting our market potential. After thoughtful review, we have made the difficult decision to exit the UK market for CoreLogic Teletrack by the end of 2015,” a spokeswoman for the company said.

The decision is not thought to affect CoreLogic’s other UK operations, which include software services for more than half of London’s borough councils.

Teletrack’s credit checks are a relatively small part of the overall business, with revenues falling by almost half last year to £1.6m, but its services are seen as valuable by the British regulators.

The Competition and Markets Authority has recently praised real-time data sharing between loan companies and credit referencing agencies, saying there were “clear benefits” to giving lenders a more complete picture of their customers to prevent them from taking out multiple loans in quick succession, or borrowing more than they can afford to pay back.

The Financial Conduct Authority expects 90pc of firms to share data in real-time, but has stopped short of requiring companies to take part.

Larger firms in the data industry, including Experian (Other OTC: EXPGF – news ) and Equifax (NYSE: EFX – news ). have developed their own real-time credit services.

Teletrack UK holds an interim permission to operate from the FCA, which is trawling through more than 17,000 applications from consumer credit firms of all types since it took responsibility for the industry in April (LSE: 0N69.L – news ) 2014.

Following the introduction of new rules at the start of 2015 to cap fees and charges on payday loans, the FCA expects just a handful of short-term lenders to remain in business. In 2013, at the height of payday lending, 1.6 million customers borrowed £2.5bn in high-cost short-term credit, raising concerns about affordability and unfair practices.

Large lenders including Wonga and the Money Shop have scaled back their operations and launched three- and six-month loans in response to the cap, with extra impetus provided by a series of fines for poor affordability checks (Other OTC: UBGXF – news ) .



Mortgages & Home Loans – Refinance & Interest Rate Calculators, cash out va refinance.#Cash #out #va #refinance


#

CHECK MORTGAGE RATES

MORTGAGE NEWS

American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Bla.

Mortgage Calculator

Find out your estimated monthly payment.

Refinance Calculator

Should you refinance your mortgage? Figure your monthly savings. Compare your principal balance in years with and without refinancing.

Loan Calculator

Is home ownership the right path for you? Analyze the total cost to rent versus the total cost to own for a specific period of time.

Mortgage Payment Calculator

Tool to help home buyers estimate the cost of monthly mortgage payments.

SEARCH RATES

Mortgage 101 Daily Rate Averages are collected for standard mortgage programs from over 700 companies in 50 states and the Disctrict of Columbia.

More Rates

MORTGAGE ARTICLES

Applying for a Mortgage after a Bankruptcy

By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.

What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property.

Short Selling a Rental Property

If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes.

The content on this site is provided for informational purposes only and is not legal or professional advice. Advertised rates on this site are provided by the third party advertiser and not by us. We do not guarantee that the loan terms or rates listed on this site are the best terms or lowest rates available in the market. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Not all applicants will be approved and individual loan terms may vary. Users are encouraged to use their best judgment in evaluating any third party services or advertisers on this site before submitting any information to any third party.

Cash out va refinance



Where to Find IRS 2016 Form 1040 and Instructions for 2017, how to find out how much you owe the irs.#How #to #find #out #how #much #you #owe #the #irs


#

Where to Find IRS Form 1040 and Instructions

Are you aware that there are a few different kinds of IRS form 1040 and instructions? It’s best to know which income tax form suits with your specific circumstance and lets you declare the earnings, deductions, credits, etc. that relate to you.

Table of Contents

The Most Common 1040 Forms and Instructions:

  • IRS Tax Form 1040 (Individual Income Tax Return in the U.S.)
  • The Long Form or Form 1040 (Individual Income Tax Return in the U.S.)
  • The Short Form or Form 1040A (Individual Income Tax Return in the U.S.)
  • Form 1040EZ (Income Tax Return for Unmarried and Combined Filers Who Have No Dependents)
  • Form 1040NR (U.S. Nonresident Alien Income Tax Return)
  • Form 1040NR-EZ (U.S. Income Tax Return for Certain Non-resident Aliens Who Have No Dependents)

There are various methods to get tax form 1040 instructions. The quickest and most effective choice is to download the tax form to your computer. In addition, almost all post offices and neighborhood libraries have tax forms and instructions available throughout tax season, and forms are also available from a tax center or an IRS office.

Additionally, you could ask for a tax form to be delivered to you from the IRS by U.S. Mail.

IRS 2016 Form 1040 is Known as the Long FormHow to find out how much you owe the irs

Form 1040 is the usual federal income tax form widely used to record an individual’s gross earnings (e.g., income, products, real estate, and services). It is usually referred to as “the long form” since it is more in depth compared to the shorter 1040A and 1040EZ income tax forms.

Also in contrast to the various other tax forms, IRS form 1040 permits taxpayers to claim several expenditures and tax incentives, list deductions, and modify income. Although the 1040 usually takes more time to fill out, it rewards taxpayers by offering them extra possibilities to reduce their income tax bills.

The 2016 1040 Form is usually due by April 15th 2017, except if you request an automatic tax extension. Should you not submit by this date, you are usually subject to fines and/or overdue charges. It is possible to ask for a tax extension by sending in IRS Tax Form 4868 by the initial submitting due date (April 15).

When Getting Ready to Fill out Your Tax Forms

Even before you start doing your 1040 tax forms, you need to have the following material ready:

  • Valid identification
  • Submitting status and Residency status
  • Social Security Numbers for yourself (and also your partner and any dependents)
  • Birth dates for yourself (along with your partner, plus any dependents)
  • A duplicate of your previous income tax return
  • Documents of salary received (e.g., W-2 , W-2G, 1099-R, etc.)
  • Statements of interest/dividends from finance institutions, brokerages, etc.
  • Evidence of any tax credits, tax deductions, or tax exemption
  • Your checking account number and routing number (for Direct Deposit)

Keep in mind that IRS Tax Form 1040, with payment amount, is owed by April 15th. A 6-month tax continuance may be allowed (with IRS Tax Form 4868) for overdue submitting, however payments still have to be made by April 15th. You can file Form 1040 by paper mail, via IRS e-file, or by way of a certified tax preparer.

1040 Tax Form Video by TurboTax

Get Your Refund Faster by Filing Online

Filing income taxes online is usually safer, quicker, and simpler ― and you can get your tax refund a lot faster should you opt for the Direct Deposit method. While there are a few income tax forms to pick from when preparing your federal income taxes, a reliable option is to use IRS Form 1040 when you are not sure if you will be eligible for the 1040A or 1040EZ.

  • The standard guideline is: If uncertain, submit Tax Form 1040.
  • You have to submit Form 1040 once any of the following apply:
  • You have taxable earnings of $100,000 or higher
  • You have self-employment earnings of $400 and up
  • You had income tax being taken from paychecks
  • You made anticipated income tax payments, or have overpayment that is applicable to the current tax year
  • You have listed deductions (e.g., mortgage, interest fees, or charitable donation)
  • You generate revenue from a company, S-corporation, partnership, trust, rental, or farm
  • You have sold real estate, stocks, bonds, or mutual funds
  • You are claiming revenue alterations (for tuition, educator fees, relocating costs, or health savings accounts)
  • You got an advance payment for Earned Income Tax Credit (EITC) from a company
  • You have a W-2 that indicates uncollected tax (from tips or group term life insurance coverage), or a W-2 that demonstrates a code Z (earnings from a 409A non-qualified deferred payment program)
  • You owe excise tax on insider stock payment (from an expatriated enterprise)
  • You are a person in debt in a Chapter 11 personal bankruptcy case (submitted after October 16, 2005)
  • You make foreign income, paid foreign income taxes, or are claiming tax treaty benefits
  • You are obligated to repay any further special taxes (e.g., recapture taxes, household employment tax, alternative minimum tax, etc.)

Help at Tax Time

How to find out how much you owe the irsWhen you file your taxes online it will be like an interview. They will ask easy to answer questions while filling in the correct tax forms for you behind the scenes.

The answers you provide will enable them to see which deductions and credits you qualify for. In the event that you are unsure how to answer a question there are tax experts readily available to help you.

Online tax filing insures that you get the largest refund possible. There s even a free tax refund calculator available that allows you to know the amount of money that you will be getting back.



Mortgages & Home Loans – Refinance & Interest Rate Calculators, refinance cash out.#Refinance #cash #out


#

CHECK MORTGAGE RATES

MORTGAGE NEWS

American homeowners are tapping their home equity again, with the cash-out share of refinances rising to its highest rate since 2008, according to data from Bla.

Mortgage Calculator

Find out your estimated monthly payment.

Refinance Calculator

Should you refinance your mortgage? Figure your monthly savings. Compare your principal balance in years with and without refinancing.

Loan Calculator

Is home ownership the right path for you? Analyze the total cost to rent versus the total cost to own for a specific period of time.

Mortgage Payment Calculator

Tool to help home buyers estimate the cost of monthly mortgage payments.

SEARCH RATES

Mortgage 101 Daily Rate Averages are collected for standard mortgage programs from over 700 companies in 50 states and the Disctrict of Columbia.

More Rates

MORTGAGE ARTICLES

Applying for a Mortgage after a Bankruptcy

By understanding the requirements to get a mortgage after a bankruptcy and by carefully rebuilding your credit standing, you can apply for a loan and buy a home.

What Are Typical Mortgage Down Payments?

Traditional mortgage down payments have always been 10 to 25 percent of the total purchase price of the property.

Short Selling a Rental Property

If you intend to sell a rental property, you will need to understand how the short selling works, what it means for your mortgage and how it affects your taxes.

The content on this site is provided for informational purposes only and is not legal or professional advice. Advertised rates on this site are provided by the third party advertiser and not by us. We do not guarantee that the loan terms or rates listed on this site are the best terms or lowest rates available in the market. All lending decisions are determined by the lender and we do not guarantee approval, rates or terms for any lender or loan program. Not all applicants will be approved and individual loan terms may vary. Users are encouraged to use their best judgment in evaluating any third party services or advertisers on this site before submitting any information to any third party.

Refinance cash out



Financing: Is there really any lenders out there that give bad credit mortgage? Trulia Voices #car #loan #calculator #australia


#bad credit lenders
#

Is there really any lenders out there that give bad credit mortgage.

Asked by Yolanda Jackson. Rockford, IL Sat Mar 9, 2013

Found a nice house in Rockford,IL only 35,000 so here is the problem.

1. my scores are 570-620

2. then the loan of the house was too low? Quicken loans wanted a loan amount of 70,000 or more. but that is not what I want?

Answers

BEST ANSWER

Jessie Russi . Both Buyer And Seller, Sacramento, CA

Credit History and Score Requirements

For those interested in applying for an FHA loan, applicants are now required to have a minimum FICO score of 580 to qualify for the low down payment advantage, which is currently at around 3.5 percent.

So if you re planning to buy a house, and your credit score doesn t meet the minimum, you should weigh the advantages and disadvantages of putting down a larger down payment or using those funds to try and improve your credit score first.

Benefits of an FHA Loan

33 votes Thank Flag Link Mon Jul 20, 2015



New Car Buyers Stretching Out Payments #student #private #loans


#monthly car payment
#

New Car Buyers Stretching Out Payments

That’s one finding in the latest report by Experian analyzing auto loans written in the second quarter. Experian said the average monthly payments for new and used vehicles bought in the second quarter went up while the average credit score dropped to its lowest level since early 2008.

Overall, the report shows the size and scope of the auto loan market expanding due to a greater availability of credit and more consumers looking to buy a car or truck. (Read More. Subprime Auto Loans are Back, Should That Raise Red Flags? )

Spreading out auto loans

Experian says the average length of a new car auto loan climbed one month in the second quarter and now stands at 64 months. The fact, the average auto loan now stretches out 5.3 years isn’t surprising when you see the shift in the length of auto loans.

4-5 years (down) 19.6%

5-6 years (up) 7.6%

6-7 years (up) 26.4%

How popular are long auto loans? Experian says 58 percent of all new vehicle loans stretch five years or longer. This is the latest indication that the days of three and four year auto loans being the standard for those financing a new car are long gone. In fact, Experian says just over 10 percent of the auto loans are for four years or less in length. (Read More. July Auto Sales Provide Cautious Optimism .)



Unemployed And Need A Loan To Help Out? #loan #calculator #formula


#i need a loan now
#

Unemployed And Need A Loan To Help Out?

The slowing economic growth is giving more people the opportunity to be unemployed and need a loan to help them out while they are unemployed. This is not a good thing but at least there are options out there if you need money to cover your expenses while you look for a new job. You need to still pay for the basic necessities to at least keep your home functional if nothing else. Emergency still happen regardless of you being employed or not so if you need a loan with no job here are some options.

The Main loan for this type of situation is a bad credit unemployment loan. This loan can allow you the money you need now to take care of the financial needs you have but ultimately it will have to be paid back just like any other loan. The loan is not exactly the easiest one to get because most lenders base your loan off the job you have to provide you with the correct amount of money you need but in this case you don t have a job and you re just looking for something to cover your costs for the time being. Substantial assets tend to provide a stable environment for lenders to give you money in loan form.

Having to need a loan with without job information tends to be more difficult because you have to offer something that will prove to the lender you are trustworthy. Home equity is one of those things that they will take to give you a better chance of applying and getting approved. A home-equity loan is a lump sum amount of money that is repaid at a specific time down the road and depending on how you have it set up does not require monthly installments, creating a safe way for those who need a loan to get money now to repay once you ve acquired a new job. Unsecure bad credit loans are also an option.

These loans allow you to use a standby feature on the loan itself, which means you can get the money and pay it back at a later time without being penalized for not paying each month. These kinds of loans are given to unemployed tenants who have little or no income at all and are very flexible in terms as far as what you can do to repay the money. All of these are excellent choices and are just some of the options available to you if you do not have work and need money to cover your costs.



Payday lenders should wipe out loans in wake of Wonga ruling, experts say #federal #perkins #loan


#payday loan companies
#

Payday lenders should wipe out loans in wake of Wonga ruling, experts say

Payday lenders including The Money Shop, owned by Dollar Financial, have similar affordability tests to Wonga’s. Photograph: Jonathan Nicholson/Demotix/Corbis

Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.

This follows the announcement on Thursday that the payday lender was forced by the Financial Conduct Authority, the new City regulator to write off 220m of loans to 375,000 borrowers after the firm admitted those people should never have been given loans.

The company, which charges annualised interest rates of up to 5,853% a year and has been accused by MPs of “legal loan sharking”, said it would entirely wipe out loans to 330,000 people, and scrap interest and charges owed by a further 45,000 customers.

Wonga is the biggest online lender in the payday loan sector with about a 30-40% market share, but there are around 90 other lenders including Dollar Financial UK (the parent company of brands that include The Money Shop, Payday Express and Payday UK), CashEuroNet, QuickQuid, Peachy and Sunny. In 2012 the volume of loans lent between them was 10.2m, according to the CMA.

Wonga was required to write off the debts because the FCA found that it had granted the loans without checking people could afford the repayments. But a number of experts who deal with complaints about the payday loan sector have told the Guardian that the affordability tests carried out by many of these other lenders are as bad or worse than Wonga’s. This could potentially open the floodgates to thousands of payouts to other borrowers.

“If this redress package is required of Wonga then what of the other payday lenders in the country?” said Mike Dailly, consumer rights campaigner and principal solicitor at the Govan Law Centre in Glasgow. He also sits on the FCA consumer panel. “From my experience as a lawyer helping consumers there is no doubt in my mind that other payday lenders have failed to comply with the affordability criteria laid out in the Consumer Credit Act in the way that Wonga did.”

He added: “It is likely now that other lenders in the sector who want a future will have to come clean or face action from the FCA.”

Dollar Financial said: “Our UK companies have been working closely with various stakeholders including our regulators to ensure that we offer compliant and responsible products to all of our customers.”

Although the FCA has stopped short of saying that it is proactively investigating other firms, Clive Adamson, director of the supervision at the watchdog said that the action it had taken against Wonga should “put the rest of the industry on notice” and that “some firms still have a way to go to meet our expectations.”

“We have long called for more responsible affordability checks and better advice,” said Which? executive director Richard Lloyd. “The next step must be a clamp down on excessive fees and charges across the board to show lenders that the FCA will continue to clean up the credit market.”

People who have already paid off loans, including those from Wonga, may also be in line for redress if it can be shown that they should never have been lent to in the first place, say experts.

A number of these people were only able to repay the loan with help from friends or family or by borrowing elsewhere, while others are still paying off the loans through repayment plans set up by debt charities and organisations like Citizen’s Advice.

Wonga said that it would be contacting all those affected by 10 October and that this included those whose debt had been sold to a third party or had been entered into an individual voluntary arrangement or a debt management scheme. However, it would not be drawn as to whether former customers would be contacted.

“We’ll work with the FCA to identify if any further remedial action is required and will communicate details, if appropriate, in due course,” it said in a statement.

There are fears that claims management companies, best known for handling PPI claims, will try to entice payday loan borrowers to make a claim using their services. Borrowers who go down this route will typically be asked to pay an upfront fee to the claims management company.

“If people are contacted by claims management companies or solicitors offering to recoup their money for free, we would say hold fire as discussions are still gong between Wonga and the FCA,” the Financial Ombudsman Service said.

It urged anybody who has a payday loan and thought they might be affected not to stop making repayments until the situation became clearer.



Auto Loans: Bad credit doesnt have to leave you locked out of a car #fha #loan #calculator


#where can i get a loan with bad credit
#

Bad credit doesn’t always lock you out of a car loan

Worried that your less-than-perfect credit is going to keep you from buying the car you want?

Don’t be.

Chances are you will be able to land an auto loan. Today, banks, credit unions and finance companies are all making loans to people with flawed credit. Many people who wouldn’t qualify for an auto loan five years ago can get one now.

“They’ve loosened credit standards to the point that anyone can get a car,” says Art Spinella, president of CNW Marketing Research in Bandon, Ore. “It’s banks. It’s finance companies. It’s everybody.”

Work to save money

How good a deal you get will depend on how many bumps you have on your credit and how much work you’re willing to do before setting foot in an auto dealership.

Remember, dealers want everyone to buy their cars, and that includes folks with dinged or damaged credit. So in addition to offering financing from a manufacturer’s finance company, such as GMAC and Ford Credit, they also have financing deals with banks, credit unions and finance companies. You may not get the best rate out there, but they’ll get you in a car.

But also remember, dealers take a cut of all financing deals they land. So a loan from ABC Bank through the dealer may have a higher interest rate than the loan you’d get if you applied to ABC Bank on your own.

Interest rates on loans for folks with bad credit range from 10 percent to more than 20 percent. The key to landing a better rate is to shop around.

Check credit report for mistakes

Before you start comparing rates, be sure to get a copy of your credit report. Check to see that all information is accurate and up-to-date. The last thing you need is to get bumped up to a higher rate because of an error.

When shopping for auto loans, be sure to swing by your bank or credit union.

“The broad trend among banks is to service customers almost regardless of their credit standing,” says Tim Cook, director of communications for Independent Community Bankers of America. a national trade association for community banks. “They do not want to turn a customer away, particularly if it’s a customer with a checking account or another relationship.”

A larger bank may have a whole department devoted to lending to people with flawed credit or they may have a relationship with a company specializing in subprime lending.

Smaller banks are more apt to approve loans to folks with credit woes on a case-by-case basis. The more accounts you have at the bank the better the chance they’ll be willing to work with you. The same goes for credit unions.

Meet the banker face to face

It’s a good idea to apply for an auto loan in person. Screw up some courage and look the loan officer in the eye. Be upfront about the problems you’ve had in the past. Did a divorce, illness or accident throw you off track? Let them know.

“I’ve had people come in and say ‘I know I had some problems in the past and I want to tell you about it’ — I like those people,” says E.C. Williams, chair of the lending council for the Credit Union National Association and senior vice president of MacDill Federal Credit Union in Tampa, Fla.

“It speeds things up. You’ve got eyeball-to-eyeball contact. You’ve got the ability to address any glitch at that moment in time.”

That “glitch” may have been a Sears bill that you paid 30 days late when you were between jobs. Those details can make a difference. And that’s information that a loan officer can’t get from an online application or application referred to them from a dealer.

When it comes to auto financing, credit unions have had a reputation of delivering low-interest rate loans to members with good credit. But that’s beginning to change. While some credit unions still have an all-or-nothing approach to financing — you either qualify for a low-interest rate loan or you don’t — others are offering a range of rates. This tiered approach to loan pricing allows credit unions to offer loans to members with all levels of credit.

The practice of offering a range of auto loan rates, known as risk-based pricing, is common among banks and finance companies as well.

Line up financing first, then shop

So auto loan choices for people with dinged credit are out there. It’s just a matter of tracking them down.

Start early: Applying for financing before you start car shopping will also help you narrow your auto search. Finding out how big a loan you qualify for and at what rate can help you determine what kind of car you can realistically afford.

When it’s time to hit the dealership, consumer experts urge folks to look at an auto purchase as three separate negotiations: the price of a car, the price of a trade-in and the financing. A car salesman will try to lump this stuff together. Don’t let him.

“It’s kind of like a shell game. They’ll move the profit around so you won’t be able to find it,” says Jean Ann Fox, director of consumer protection for Consumer Federation of America .

Blinded by the interest rate

It’s easy to get talked into a bad deal. For example, you may be so thrilled at the interest rate the dealer is quoting on the loan that you may not notice when the purchase price of the car gets bumped up.

“We’ve seen people pay $2,000 over blue book,” Fox says.

Avoid spot delivery: Some dealers will urge you to go ahead and take the car home while they complete the financing. Don’t do it. There’s a good chance that they could come back and tell you that they couldn’t get the financing deal they promised you. You may have to cough up a bigger down payment or pay a higher interest rate or both.

Be sure to get a used car checked out by an independent mechanic.

“If they don’t let you do it, that may be a warning sign and you may want to go somewhere else,” says Steve Rhode, president of Myvesta. a nonprofit debt crisis center.

Visit “buy here, pay here” car lots as a last resort. These lots, while specializing in customers with problem credit, have some of the highest auto prices and auto financing rates around. Don’t sell yourself short.

“A lot of people assume the worst and don’t try,” Fox says. “You shouldn’t give up without trying to see if you can get a loan at a more favorable interest rate.”



Dallas Ticket Attorney, Dallas Warrant Attorney, Traffic Ticket Warrant Lawyer Dallas County – want a Dallas traffic ticket or warrant dismissed and keep it off your driving record? #dallas #ticket #attorney, #ticket #attorney #dallas, #traffic #ticket #dallas,traffic #ticket #attorney #dallas,dallas #traffic #offense,dallas #dismissed #ticket,dallas #deferred #disposition,dallas #driving #record,city #of #dallas #traffic #ticket, #dallas #county #traffic #ticket,collin #county #traffic #ticket,city #of #dallas #warrant, #dallas #county #warrant,collin #county #warrant,dallas #court #appearance,traffic #ticket #dallas,dallas #warrant,in #warrant #dallas,dallas #ticket #attorney,dallas #ticket #lawyer,dallas #warrant #lawyer,dallas #traffic #warrant,traffic #warrants #lifted, #beat #a #speeding #ticket #in #plano, #richardson #tx #attorney, #dallas #traffic #ticket #attorney, #dallas #speeding #ticket, #plano #traffic #ticket #attorney, #plano #speeding #ticket, #beat #a #speeding #ticket #in #dallas, #beat #a #speeding #ticket #in #plano, #beat #a #speeding #ticket #in #garland, #beating #a #speeding #ticket #in #dallas, #beating #a #speeding #ticket #in #plano, #beating #a #speeding #ticket #in #garland, #how #to #beat #a #speeding #ticket #in #dallas, #how #to #beat #a #speeding #ticket #in #plano, #how #to #beat #a #speeding #ticket #in #garland, #get #out #of #a #speeding #ticket, #getting #out #of #a #speeding #ticket, #fight #a #speeding #ticket, #fighting #a #speeding #ticket, #how #to #fight #a #speeding #ticket, #speeding #ticket, #no #insurance #ticket, #ran #a #red #light #ticket, #run #a #red #light #ticket, #running #a #red #light #ticket, #dallas #speeding #ticket #attorney, #speeding #ticket #lawyer #in #dallas, #traffic #ticket #lawyer #in #dallas, #attorney #for #traffic #ticket, #mesquite #speeding #ticket #attorney, #mesquite #speeding #ticket #lawyer, #mesquite #traffic #ticket #attorney, #speeding #ticket #attorney, #speeding #ticket #lawyer, #traffic #ticket #attorney, #lifting #warrants #for #traffic #tickets, #traffic #ticket #warrant #attorney, #dallas #warrants #lifted, #plano #attorney #for #warrants, #dallas #attorney #for #warrants, #garland #attorney #for #warrants, #driver #s #license #suspension, #suspended #driver #s #license, #driving #record #in #texas, #texas #driving #record, #defensive #driving #in #texas, #traffic #warrants #lifted, #dallas #county #traffic #ticket, #dallas #county #speeding #ticket, #dallas #county #traffic #ticket #attorney, #tarrant #county #traffic #ticket #attorney, #tarrant #county #speeding #ticket, #dfw #traffic #ticket #attorney, #speeding #violation, #traffic #violation


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WELCOME TO ANDERSON ANDERSON, LLP

Do you know how to have a traffic offense dismissed or keep it off your driving record?

Have you missed your appearance date?

Are you concerned that the traffic ticket you forgot to pay is now in warrant status?

Do you have the time to take care of your traffic issues?

Would you like to have an attorney who specializes in traffic issues resolve your traffic problems for you?

Then look no further. The law firm of Anderson Anderson, LLP is here to save you time and money.

Attorney brothers Brooks and Bradley Anderson formed Anderson Anderson, LLP in October of 2002. We have defended thousands of tickets with many of them being dismissed and the vast majority of them being kept off driving records.

Defending traffic tickets is a large part of our practice; however, we do offer other legal services. Please browse our website for further information.

We are located on Lower Greenville Avenue, between The Dubliner and The Grape and across the street from The Blue Goose and The Hurricane Grill, in the most charming law office in Dallas.

TRAFFIC TICKETS

Traffic Ticket Defense
Let us help you with your ticket and warrant issues in both the city (municipal) and county (justice of the peace) courts. We handle traffic ticket issues in the following cities: Addison, Allen, Arlington, Balch Springs, Bedford, Carrollton, Coppell, Dallas. DeSoto, Euless, Fairview, Farmers Branch, Frisco, Garland, Grand Prairie, Grapevine, Hurst, Irving, Lewisville, Mesquite, McKinney, Murphy, Palmer, Plano, Richardson, Rockwall, Rowlett, Sachse, Southlake, Sunnyvale, Wilmer and Wylie and in the following counties: Collin, Dallas, Denton, Rockwall and Tarrant. If you don’t see your city or county, please call us.

On September 1, 2003, the Texas Legislature enacted The Driver Responsibility Law. (click here to read ) This law substantially increased the penalties for traffic tickets. Due to the possibility of fines, court costs, increased insurance premiums, and a driver license suspension, it can be very time consuming and expensive to resolve traffic issues. Our job, however, is to try to relieve you of this burden and save you time and money.
read more.

City of Dallas Traffic Tickets
City of Dallas traffic tickets, which are issued by City of Dallas Police Officers, are handled in the City of Dallas Municipal Court. Dallas County traffic tickets, which are issued by Dallas County Constables or Sheriffs, are handled in the Dallas County Justice of the Peace Courts.

After receiving a Dallas traffic ticket in the City of Dallas, you have twenty-one days to pay your ticket or appear in court and enter a plea. In other jurisdictions / municipalities, the appearance date varies. If you do not make an appearance, a Dallas warrant will be issued for your arrest and your fine will increase. In addition, the Court may issue an additional offense known as a Failure to Appear.

The only way to dispose of this warrant is to post a cash bond for the fines owed or hire an Dallas ticket attorney who can post a bond on your behalf so you do not have to come up with the money for the outstanding fine. In most instances, hiring an experienced Dallas traffic ticket attorney is less expensive than paying the fines. Simply paying the fine would result in a conviction on your record.
read more..

WILLS

Will Package
Let us help you guard your estate and give you the peace of mind that comes from knowing that you are in control of your hard-earned assets and that you are protecting the future of your loved ones. We can provide you with a complete will package.

WE PROMISE YOU HONESTY, COURTESY, AND INTEGRITY IN ALL OF OUR COMMUNICATIONS AND TRANSACTIONS.



Rollover Auto Accident, Crashed Pictures, Wrecks, Crashes, Flip Over Crashes, Roll Over, Photos #rollover, #auto, #accidents, #photo, #picture, #pictures, #crash, #wrecked, #vehicle, #traffic, #roll, #over, #photos, #story, #stories, #wrecks, #crash, #accidents, #crashed, #auto #accident #picture, #rolled, #wipe, #out, #flip, #over, #roof, #crush, #wrecked, #upside #down, #roll #bar, #car #wreck, #motor, #wreck, #crashed, #road, #part, #vehicle, #accidents, #school #bus, #accident #pic.


Rollover Auto Accidents, Crash, Wrecks: Picture Gallery #4
There are about 280,000 rollover accidents in the US each year, resulting in about 10,000 fatal accidents. SUVs with a high center of gravity, are more likely to involved in rollover accidents than typical sedans. About 35 percent of fatal crashes in SUVs resulted from a rollover crash, compared to 16 percent of fatal passenger car accidents resulting from rollovers. This percentage indicates fact that SUVs are much more likely to rollover and result in a fatality.

Rollover accidents relate to a vehicle’s stability in turns. That stability is determined by the relationship between the center of gravity and distance between the left and right wheels (called track width). In light trucks, Jeeps, Sport Utility Vehicles, high centers of gravity and narrow track width often makes the vehicles unstable in sudden turns or changes of direction. This increases the likelihood that the vehicle will tip over if it skids sideways. Drive Safe!

Truck and Camper Rollover
Waterford, Connecticut

Rear Ended: Flipping Dodge Truck

Rollover Accident
Madison Wisconsin

Flip Over Accident
Meadows, South Austraila

Rollover due to Aggressive Driver
Marlboro, New Jersey

Find Auto Accident Lawyers: Click Here

Rollover Accident Pictures #1

Rollover: Side Flips Gallery #2

Flip Overs: Gallery #3
Rollover Crashes: #5
Rollover Wrecks: 6

RolloverCar Crash Photos and Story? Send them to us.

Car-Accidents.com is being built by our millions of viewers who have sent in their experiences and shared their pictures and stories. The stories told on Car-Accidents.com range from those of tragic loss, narrow escapes, cautionary tales and routine rear enders. You are invited to share your story with the millions of visitors we receive from around the the world.

General Guidelines for Sending Your Pictures and Story:

1. Please use either a jpg, bmp or gif format.

2. Tell us your story, there is no limit to what you can send us but please try include a description, date of the accident, (make model of the vehicle if known) and the accident location ( City, State, or the Country if outside US ). This makes for a more interesting page! You agree to our terms and conditions .
3. Send your photo and story to Thank you!

Car Crash Photo Gallery: Hundreds of Car Accident Photos

See Car Crashes Organized By US states Here

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10 Traps to Avoid When Taking out a Personal Unsecured Loan – Lending Club Blog #bad #credit #loans #online


#unsecured personal loan
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10 Traps to Avoid When Taking out a Personal Unsecured Loan

The following is a guest post by Neil Faulkner, freelance journalist.  This article was originally posted on and adapted for US audiences with permission from lovemoney.com. a popular money management online publication in the UK.

Taking out a new loan can be a dangerous endeavor. Here are the ten costliest traps to watch out for when taking out an unsecured personal loan.

Unsecured personal loans are the simplest products there is, but the finance industry still manages to squeeze in a good number of extra ways to make money from you. I ve counted many traps so, before you buy, read here for what I think are the biggest ten:

1. Small and fleeting

The temptation with loans, particularly if they re being actively sold to you, is to go for an even bigger sum than you first thought. What s more, the lender will often convince you to drag out the loan for longer to reduce the monthly repayments. They re not being helpful; they re trying to earn more money over a longer time frame. When you pay debt interest, you ll never get it back, so you want to make the loan as short and small as possible to keep down those costs.

2. Fix it

Most personal loans have fixed interest rates, but you do have to watch out for the occasional variable rate loan. Look for the word fixed .

3. Compare the TAR, not the APR.

The annual percentage rate or APR (e.g. 16% APR ) is meant to be a standard way of comparing the cost of a loan over a year. However, the APR can be manipulated by the lender, so the best way to compare the cost of a loan is to look at the total amount repayable or TAR. This is the total cost including interest and charges that you will pay from your first payment to your last. You should also ensure that you can afford the monthly payment.

4. It s not all about cost

It s the total cost – the TAR – that is the most important figure. However, you also want to know if this includes charges other than interest, such as an origination fee.  When comparing loans, make sure you include the origination fees charged by all options you are considering.

6. Consider alternatives

You should compare an unsecured loan with your most likely alternatives. The first and best, if possible, is saving up to buy later, but otherwise you can use credit cards to get a short term low interest rate.  If you have good credit scores, you can also score lower rates going to peer-to-peer lending sites like LendingClub.com in the US or Zopa.com in the UK.

If you use a personal loan to pay off other debts, ensure you cut up any existing credit cards and close the accounts. Avoid the temptation of using your debt-free credit cards and rack up more debts on them.  You will regret it.



Auto Loans: Bad credit doesnt have to leave you locked out of a car #bad #credit #personal #loans


#where can i get a loan with bad credit
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Bad credit doesn’t always lock you out of a car loan

Worried that your less-than-perfect credit is going to keep you from buying the car you want?

Don’t be.

Chances are you will be able to land an auto loan. Today, banks, credit unions and finance companies are all making loans to people with flawed credit. Many people who wouldn’t qualify for an auto loan five years ago can get one now.

“They’ve loosened credit standards to the point that anyone can get a car,” says Art Spinella, president of CNW Marketing Research in Bandon, Ore. “It’s banks. It’s finance companies. It’s everybody.”

Work to save money

How good a deal you get will depend on how many bumps you have on your credit and how much work you’re willing to do before setting foot in an auto dealership.

Remember, dealers want everyone to buy their cars, and that includes folks with dinged or damaged credit. So in addition to offering financing from a manufacturer’s finance company, such as GMAC and Ford Credit, they also have financing deals with banks, credit unions and finance companies. You may not get the best rate out there, but they’ll get you in a car.

But also remember, dealers take a cut of all financing deals they land. So a loan from ABC Bank through the dealer may have a higher interest rate than the loan you’d get if you applied to ABC Bank on your own.

Interest rates on loans for folks with bad credit range from 10 percent to more than 20 percent. The key to landing a better rate is to shop around.

Check credit report for mistakes

Before you start comparing rates, be sure to get a copy of your credit report. Check to see that all information is accurate and up-to-date. The last thing you need is to get bumped up to a higher rate because of an error.

When shopping for auto loans, be sure to swing by your bank or credit union.

“The broad trend among banks is to service customers almost regardless of their credit standing,” says Tim Cook, director of communications for Independent Community Bankers of America. a national trade association for community banks. “They do not want to turn a customer away, particularly if it’s a customer with a checking account or another relationship.”

A larger bank may have a whole department devoted to lending to people with flawed credit or they may have a relationship with a company specializing in subprime lending.

Smaller banks are more apt to approve loans to folks with credit woes on a case-by-case basis. The more accounts you have at the bank the better the chance they’ll be willing to work with you. The same goes for credit unions.

Meet the banker face to face

It’s a good idea to apply for an auto loan in person. Screw up some courage and look the loan officer in the eye. Be upfront about the problems you’ve had in the past. Did a divorce, illness or accident throw you off track? Let them know.

“I’ve had people come in and say ‘I know I had some problems in the past and I want to tell you about it’ — I like those people,” says E.C. Williams, chair of the lending council for the Credit Union National Association and senior vice president of MacDill Federal Credit Union in Tampa, Fla.

“It speeds things up. You’ve got eyeball-to-eyeball contact. You’ve got the ability to address any glitch at that moment in time.”

That “glitch” may have been a Sears bill that you paid 30 days late when you were between jobs. Those details can make a difference. And that’s information that a loan officer can’t get from an online application or application referred to them from a dealer.

When it comes to auto financing, credit unions have had a reputation of delivering low-interest rate loans to members with good credit. But that’s beginning to change. While some credit unions still have an all-or-nothing approach to financing — you either qualify for a low-interest rate loan or you don’t — others are offering a range of rates. This tiered approach to loan pricing allows credit unions to offer loans to members with all levels of credit.

The practice of offering a range of auto loan rates, known as risk-based pricing, is common among banks and finance companies as well.

Line up financing first, then shop

So auto loan choices for people with dinged credit are out there. It’s just a matter of tracking them down.

Start early: Applying for financing before you start car shopping will also help you narrow your auto search. Finding out how big a loan you qualify for and at what rate can help you determine what kind of car you can realistically afford.

When it’s time to hit the dealership, consumer experts urge folks to look at an auto purchase as three separate negotiations: the price of a car, the price of a trade-in and the financing. A car salesman will try to lump this stuff together. Don’t let him.

“It’s kind of like a shell game. They’ll move the profit around so you won’t be able to find it,” says Jean Ann Fox, director of consumer protection for Consumer Federation of America .

Blinded by the interest rate

It’s easy to get talked into a bad deal. For example, you may be so thrilled at the interest rate the dealer is quoting on the loan that you may not notice when the purchase price of the car gets bumped up.

“We’ve seen people pay $2,000 over blue book,” Fox says.

Avoid spot delivery: Some dealers will urge you to go ahead and take the car home while they complete the financing. Don’t do it. There’s a good chance that they could come back and tell you that they couldn’t get the financing deal they promised you. You may have to cough up a bigger down payment or pay a higher interest rate or both.

Be sure to get a used car checked out by an independent mechanic.

“If they don’t let you do it, that may be a warning sign and you may want to go somewhere else,” says Steve Rhode, president of Myvesta. a nonprofit debt crisis center.

Visit “buy here, pay here” car lots as a last resort. These lots, while specializing in customers with problem credit, have some of the highest auto prices and auto financing rates around. Don’t sell yourself short.

“A lot of people assume the worst and don’t try,” Fox says. “You shouldn’t give up without trying to see if you can get a loan at a more favorable interest rate.”



New Car Buyers Stretching Out Payments #best #student #loans


#monthly car payment
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New Car Buyers Stretching Out Payments

That’s one finding in the latest report by Experian analyzing auto loans written in the second quarter. Experian said the average monthly payments for new and used vehicles bought in the second quarter went up while the average credit score dropped to its lowest level since early 2008.

Overall, the report shows the size and scope of the auto loan market expanding due to a greater availability of credit and more consumers looking to buy a car or truck. (Read More. Subprime Auto Loans are Back, Should That Raise Red Flags? )

Spreading out auto loans

Experian says the average length of a new car auto loan climbed one month in the second quarter and now stands at 64 months. The fact, the average auto loan now stretches out 5.3 years isn’t surprising when you see the shift in the length of auto loans.

4-5 years (down) 19.6%

5-6 years (up) 7.6%

6-7 years (up) 26.4%

How popular are long auto loans? Experian says 58 percent of all new vehicle loans stretch five years or longer. This is the latest indication that the days of three and four year auto loans being the standard for those financing a new car are long gone. In fact, Experian says just over 10 percent of the auto loans are for four years or less in length. (Read More. July Auto Sales Provide Cautious Optimism .)



5 Strategies to Dig Out of Student Loan Debt – US News #where #to #get #student #loans


#help with student loan debt
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If you’re struggling to pay off a mountain of debt, here are some solutions.

Mike Dominguez is the first to admit he should have gotten on top of his student loan debt earlier.

Looking back, I could have done a lot of things different, says Dominguez, 33, who lives in Austin, Texas, and recently started a business with his father, selling goods and professional services to government entities.

Dominguez has $71,000 in student loan debt from earning an undergraduate degree at the University of Texas at Austin. He hasn’t paid off a dime of his balance yet and cites living too extravagantly in his 20s and taking on low-paying internships as obstacles. But his credit score is still healthy, and he’s still in good standing with his lenders, who have helped him refinance and consolidate and defer the loans. He feels optimistic that he’ll eventually pay the loans off. Someday.

But the debt has been stressful, says Dominguez, adding that it has hurt his love life. No one wants to be saddled with that type of debt or even marry someone with that amount of debt, he says.

Dominguez feels his story is rather common, and unfortunately, he is right. U.S. student loan debt exceeds $1 trillion, according to the Consumer Financial Protection Bureau. And last month, a report from the Government Accountability Office got a lot of attention when it pointed out that between 2005 and 2013, student loan debt among seniors 65 and older climbed more than 600 percent from $2.8 billion to $18 billion.

Student loans are tricky to get rid of, presumably because we want to make sure our citizens are well-educated, says William Waldner, a bankruptcy attorney in New York City. If they were easily dischargeable, lenders wouldn’t give them out nearly as liberally.

So if you’re struggling to pay off or manage your mountain of student loan debt, here are some strategies consumers employ, along with the pros and cons of each.

Deferment

What it is. With this option, you defer paying your loans for a few months or possibly years. You may already be doing that if you’re missing payment dates, but now you’ll have permission from your lender.

Pros. You get a break from paying your loans with no hit to your credit score. You can use the extra money to pay off other debts, so you’ll be in better shape when you start paying off the student loans. Even better, the government may (emphasis on may ) pay the interest on some of these loans, according to the Federal Student Aid website (studentaid.ed.gov). Specifically, it may pay the interest during this time on the Federal Perkins Loan, a Direct Subsidized Loan and/or the Subsidized Federal Stafford Loan.

Cons. If the government doesn’t pay the interest, you will. In that case, Chuck Mattiucci, a financial advisor at Fragasso Financial Advisors in Pittsburgh, has a plan. Most banks and lending institutions will allow interest-only payments while loan principal payments are in deferral, he says. This would be the best option for most because the interest payments are a fraction of what the monthly principal and interest payments would be.

Forbearance

What it is. It’s essentially the same as deferment, with one difference: If you are rejected for deferment but are given forbearance, you will definitely be paying the interest that accrues during your break in making payments.

Pros. As with the deferment, you get a break from paying your loans .

Cons. As noted, the infernal interest. Usually, the interest you’ve accrued will be added to the principal balance, so you’ve just stretched the length of your loan, and you’ll pay more in the long run.

Consolidation

What it is. Consolidation turns multiple loans into one loan, meaning one payment. If you have federal loans, you can apply to consolidate them at StudentLoans.gov. If you have multiple private loans you’d like to consolidate, you can apply to a private lender, like a bank.



Housing Loan Calculator – Making Sense Out if it #online #loans #instant #approval


#housing loan calculator
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Housing Loan Calculator Making Sense Out Of It

Posted on January 2nd

When you are purchasing or refinancing a house, you will inevitably come across a housing loan calculator (also known as mortgage calculator). It is commonly used by mortgage bankers to help illustrate the details of a housing loan for you to more easily understand the whole deal. A proper housing loan calculator will help you plan you personal finances accordingly so that you can repay the property loan comfortably. It illustrates your  payments showing an amortized schedule breakdown.

A proper relevant Singapore home loan calculator should allow you to input your loan quantum amount, term or tenor, home loan interest rates for at least the initial 5 years. When you key in these figures into the Singapore mortgage calculator, the information you are looking for should then be tabulated in a table for you to scrutinize.

The mortgage loan calculator can be confusing especially if it is the first time you are trying to make sense of it. These are some of the terms that you should have a better understanding.

Housing Loan Balance

The first thing to note is the principal amount. If you are applying for a mortgage refinance, this amount is the original loan amount that is still outstanding. It can also be called the amount financed by the lender. For a new home purchase, this is the amount that you are borrowing. For mortgage refinancing, this is the amount that is outstanding on your current housing loan.

Rate of Interest

One of the critical factors in determining monthly payments is the interest rate. This can cost you tens to hundreds of thousands of dollars over the course of the loan. Origination fees are fees added to the principal balance of the loan in exchange for a lower interest rate. This is generally not a good idea because this fee can never be recovered regardless of when you pay off the mortgage.

Tenure

The loan tenure is the duration of the loan usually described in number of months. A 15 year loan tenure is equivalent to 180 months.

Taxes And Insurance

Mortgage calculators can calculate and show the total costs that you will have to pay. It can show taxes, home insurance, and other related costs expected to incur for the duration of the housing loan. The mortgage breakdown can be illustrated and calculated with or without this information.

Amortization

The results of the calculator can be illustrated in a table for you to easily observe the details of the housing loan. An amortization schedule will show your payments in future and the outstanding loan amount in the future. This information helps you to also see the interest you will pay over the whole period of the housing loan.

Interest And Principal Portion

The monthly payments that you will see generated by the housing loan calculator will show how much of the payments are for interest and how much are for principal payments. This can show you the outstanding principal at different periods of the housing loan. It can also help you better understand how interest charges are calculated.

Monthly Installments

When annual interest rate changes, the monthly installment commitments should be adjusted accordingly. This is where you will also see adjustments to the repayment on principle and interest portions that the payments are made to.

Cumulative Interest Paid And Outstanding Amount

This is where you will see the accumulated total interest paid and the outstanding principle amount owing at any point in future. Cumulative interest paid will only increase over time, while outstanding principle amount owing will decrease. At the end of the data generated by the Singapore housing loan calculator, the outstanding principle owing will be zero.

Want to see housing loan interest rate trends

for the last 36 months?

Enter your email below so we can send it to you.



Student Loans: Getting Out of Default #quick #cash #loan


#student loan default
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Behind on student loan payments? Learn how to get out of default.

If you are more than 270 days behind in your student loan payments, you are considered in default.

Getting out of default is key to dealing with student loans. Many repayment plans and most postponement options require that you not be in default, or that you make three reduced, timely payments to qualify for a postponement or reduced-payment option. In addition, as long as you’re in default, you are not eligible to get new loans or grants. To learn more, see What Happens if You Default on Your Student Loans .

Here are the various ways to get out of default:

Cancel Your Student Loan

You can get out of default if you qualify to have your loan canceled (discharged). This is the best option, because when you cancel the loan, you are no longer obligated to repay it. However, there are limited ways to qualify for loan cancelation, so this option won’t work for many people.

Get a Consolidation Loan

You can get out of default by getting a consolidation loan with a repayment plan matched to your income

With a consolidation loan, you combine one or more of your federal student loans into a single loan with one monthly payment. To learn more, see Student Loan Consolidation .

Once you get a Direct Consolidation Loan, you will immediately be taken out of default status. You will stay out of default as long as you keep making payments. Loan consolidation is usually a faster way to get out of default than a reasonable and affordable payment plan (see below), so it often makes sense to try this first.

Get a Reasonable Affordable Payment Plan

Another way to get out of default is to set up a “reasonable and affordable payment plan” with your loan holder. Borrowers in default have a statutory right to such a payment plan, based on financial circumstances. Be careful in negotiating a plan. By the time you are in default, your loan may be held or serviced by a state guarantee agency or a collection agency under contract with the Department of Education. Some loan servicers, especially collection agencies, may try to make you agree to payments higher than you can afford.

Eligibility to Apply for New Loans

If you make six consecutive and timely payments (within 15 days of when due) under a reasonable and affordable payment plan, you become eligible to apply for new federal student loans or grants if you want to return to school. But beware: If you default after you complete the six payments, you cannot enter into another reasonable and affordable payment plan. You can renew eligibility through such a payment plan only once. However, if you are unable to maintain on-time payments for six consecutive months during the first time you get a reasonable and affordable payment plan, you may try another reasonable and affordable payment plan.

Getting Out of Default

Six payments are not enough to get you out of default. In order to get out of default, you must make at least nine timely payments (within 20 days of when due) in a period of ten consecutive months. Perkins rehabilitation does not specify that the payments must be reasonable and affordable, only that the nine required payment amounts are to be set by the school. If you have a Perkins loan, you should negotiate for reasonable and affordable payments.

Loan Rehabilitation

After you make the qualifying number of payments, the guaranty agency or Department of Education can usually sell your loan to a new lender. This is called loan rehabilitation. Once your loan is rehabilitated, you will be put on a standard ten-year repayment plan or you should request one of the more flexible options. (To learn more, see Student Loan Repayment Options .)  However, you can only one get one loan rehabilitation after August 13, 2008, so be sure the plan is something you can handle before you agree to it. You will not have a second chance. Loan rehabilitation also wipes out the default notation on your credit report.

The option to rehabilitate (bring current) a loan is not automatically available if the creditor has already gone to court and obtained a judgment against you for the debt. Lenders have the choice to rehabilitate these loans but are no longer required to do so.

To learn more about default, student loan repayment options, ways to cancel your loans, and more, see Nolo’s Student Loan Debt area.

This is an excerpt from Nolo’s  Solve Your Money Troubles: Debt, Credit Bankruptcy , by Margaret Reiter and Robin Leonard.



Mom-And-Pop Loan Sharks Being Driven Out By Big Credit-Card Companies – The Onion – America s Finest News Source #car #calculator #payment


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Mom-And-Pop Loan Sharks Being Driven Out By Big Credit-Card Companies

PHILADELPHIA Frankie “The Gorilla” Pistone leans wistfully on his bat. Then, without warning, he picks it up, swinging it furiously toward his deadbeat client’s leg. Just before the Louisville Slugger makes contact with the man’s kneecap, he pulls back, as only a real pro can, leaving the $250-in-the-hole man gasping in fear and relief. “Just get it to me by tomorrow, because next time, I ain’t gonna let up,” Pistone says.

Loan shark Frankie Pistone, whose way of life is endangered by the likes of American Express.

As the thankful man scurries off, Pistone pulls the cigarette out of his mouth and drops it to the ground. “I’m going to miss this,” he says.

Frank Pistone is part of the dying breed known as the American Loan Shark. Not so long ago, the loan shark flourished, offering short-term, high-interest loans to desperate people with nowhere else to turn. Today, however, Pistone and countless others like him are being squeezed out by the major credit-card companies, which can offer money to the down-and-out at lower rates of interest and without the threat of bodily harm.

“It’s a damn shame,” said Joseph Stasi, 61, a South Philadelphia loan shark whose business is down 90 percent from its mid-’70s heyday. “These days, there’s just no place for the small businessman. My kind, we just can’t compete with the Visas and MasterCards of the world.”

“The old customers don’t come ’round here no more,” said Felix Costa, 59, speaking from the Elizabeth, NJ, pool hall that has served as his place of business since 1972. “Time was, a guy who needed a quick $400 for a new refrigerator or some car repairs would come straight to me. Now, he just puts it on his Discover card.”

Though their client lists are dwindling, the loan sharks still have their champions.

“Call me old-fashioned, but I prefer the loan sharks to the credit-card companies,” said Gene Hobson of Detroit. “When I borrow money from Three Knuckles Benny, I know there’s going to be a personal touch, whether it’s a dead animal on my doorstep or one of my kids coming home with a missing toe. The credit cards just don’t give you that sort of individualized attention. And, if you’re late with them, it’s a form letter and maybe maybe an irate call from the accounts-receivable department.”

“With our overhead, we need to charge a 50 percent weekly interest rate just to break even,” said a Chicago loan shark who identified himself only as “Johnny Toothpick.” “We’ve got rent, pay-offs, and switchblade maintenance, not to mention travel expenses. How can we compete with rates as low as 18 to 26 percent a year?”

Continued Toothpick: “These [credit-card companies] are monsters. They care nothing about the damage they’re doing to the American landscape by driving us out. Loan sharking was about more than giving people money and roughing them up when they didn’t come through. It was about ruffling a kid’s hair on the street, helping out a local fella who needed a break, and occasionally letting somebody off easy with just a couple of punches to the gut instead of a glass-filled sock to the face. It’s a unique part of our shared national experience that, once extinct, will never come back.”

With nearly 200,000 new credit-card solicitations going out every week, the loan sharks have little hope of regaining the ground they’ve lost.

“We were going by word of mouth, and we did pretty good around the neighborhood,” Pistone said. “But these credit cards? With direct mail and the Internet, they reach a customer base we can only dream about. In this business climate, how can a small, independent goon possibly compete?”



New Car Buyers Stretching Out Payments #equity #loan #rates


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New Car Buyers Stretching Out Payments

That’s one finding in the latest report by Experian analyzing auto loans written in the second quarter. Experian said the average monthly payments for new and used vehicles bought in the second quarter went up while the average credit score dropped to its lowest level since early 2008.

Overall, the report shows the size and scope of the auto loan market expanding due to a greater availability of credit and more consumers looking to buy a car or truck. (Read More. Subprime Auto Loans are Back, Should That Raise Red Flags? )

Spreading out auto loans

Experian says the average length of a new car auto loan climbed one month in the second quarter and now stands at 64 months. The fact, the average auto loan now stretches out 5.3 years isn’t surprising when you see the shift in the length of auto loans.

4-5 years (down) 19.6%

5-6 years (up) 7.6%

6-7 years (up) 26.4%

How popular are long auto loans? Experian says 58 percent of all new vehicle loans stretch five years or longer. This is the latest indication that the days of three and four year auto loans being the standard for those financing a new car are long gone. In fact, Experian says just over 10 percent of the auto loans are for four years or less in length. (Read More. July Auto Sales Provide Cautious Optimism .)



Personal Unsecured Loans and Borrowing Money – Find Out How It Works at Zopa #bad #credit #loans #no #guarantor


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Unsecured personal loans

Zopa’s personal loans offer great rates and no early repayment fees.

The application process is quick and simple and you have the added reassurance of knowing we have been voted ‘most trusted loan provider’ by our customers 6 years in a row.

You do not have to be a home owner to apply for an unsecured personal loan although to be eligible you need to have a good track record of repaying debt and a credit history that we can see.

2. Get a quote

3. Accept the quote and apply for a loan

What the press says

Repay your loan early at no extra cost

There is no charge if you want to repay your loan early in full. You can also make smaller overpayments over the course of your loan at no extra cost.

Zopa calculates the interest on your loan on a daily basis. This means you can save money by repaying early.

You can choose which day of the month you want to make your loan repayments. Your first repayment will be taken at least one month after you take out your loan.

About Zopa

Zopa has been providing low rate loans since 2005. We have lent more than £1169 million to over 150,000 borrowers.



4 colleges to forgive loans to students who dropped out – Sun Sentinel #nedbank #loans


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4 colleges to forgive loans to students who dropped out

Debt relief for some students

Comstock / Getty Images

Four for-profit colleges in South Florida will forgive loans to students who dropped out, under a legal settlement.

Four for-profit colleges in South Florida will forgive loans to students who dropped out, under a legal settlement.

Some students who dropped out of four for-profit colleges in South Florida won’t have to pay back loans they took out from the schools.

The schools are the Art Institute of Fort Lauderdale, the Miami International University of Art Design, South University in West Palm Beach and Brown Mackie College in downtown Miami and Miramar. The arrangement applies to students who quit within 45 days of the start of courses from 2006 to 2014

The colleges’ parent company agreed to forgive the loans as well as allow students 21 days to withdraw with no financial obligation. The changes were part of settlements to a whistleblower lawsuit and an investigation alleging that school representatives had made fraudulent claims to entice people to enroll.

Pittsburgh-based Education Management Corp. denied any wrongdoing. But putting these matters behind us returns our focus to educating students, said its president and CEO, Mark A. McEachen.

About 4,550 former students in Florida are eligible for loan forgiveness, said Chris S. Hardman, a spokesman for Education Management. He said he didn’t know how many of them are in South Florida.

The company will forgive more than $6.5 million in loans statewide. Nationwide, the agreement requires Education Management to forgive more than $100 million in outstanding loans held by more than 80,000 former students.

Four of Education Management’s seven Florida colleges are in Broward, Palm Beach or Miami-Dade counties.

The four will continue to operate and accept students, Hardman said. There are no changes to campuses as a result of the settlements, he said in an email.

The company will send notices to former students who qualify for loan forgiveness as well as to credit reporting agencies, according to the Florida Attorney General’s Office, which joined in the lawsuit against Education Management.

People who want to see whether they qualify for Education Management’s student loan forgiveness can call 855-725-4301.

Students still have to pay back any federal student loans, according to the court settlement.

Education Management also worked with state attorneys general to develop new, more transparent recruiting and disclosure standards, which the company hopes will serve as a model for higher education, according to a company statement.

Education Management’s schools will provide online financial disclosure tools to help students understand the cost of their educations. The schools also will provide free orientation programs for incoming students and supply accurate information about graduates’ job placement.



5 Strategies to Dig Out of Student Loan Debt – US News #loans #for #bad #credit #instant #decision


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If you’re struggling to pay off a mountain of debt, here are some solutions.

Mike Dominguez is the first to admit he should have gotten on top of his student loan debt earlier.

Looking back, I could have done a lot of things different, says Dominguez, 33, who lives in Austin, Texas, and recently started a business with his father, selling goods and professional services to government entities.

Dominguez has $71,000 in student loan debt from earning an undergraduate degree at the University of Texas at Austin. He hasn’t paid off a dime of his balance yet and cites living too extravagantly in his 20s and taking on low-paying internships as obstacles. But his credit score is still healthy, and he’s still in good standing with his lenders, who have helped him refinance and consolidate and defer the loans. He feels optimistic that he’ll eventually pay the loans off. Someday.

But the debt has been stressful, says Dominguez, adding that it has hurt his love life. No one wants to be saddled with that type of debt or even marry someone with that amount of debt, he says.

Dominguez feels his story is rather common, and unfortunately, he is right. U.S. student loan debt exceeds $1 trillion, according to the Consumer Financial Protection Bureau. And last month, a report from the Government Accountability Office got a lot of attention when it pointed out that between 2005 and 2013, student loan debt among seniors 65 and older climbed more than 600 percent from $2.8 billion to $18 billion.

Student loans are tricky to get rid of, presumably because we want to make sure our citizens are well-educated, says William Waldner, a bankruptcy attorney in New York City. If they were easily dischargeable, lenders wouldn’t give them out nearly as liberally.

So if you’re struggling to pay off or manage your mountain of student loan debt, here are some strategies consumers employ, along with the pros and cons of each.

Deferment

What it is. With this option, you defer paying your loans for a few months or possibly years. You may already be doing that if you’re missing payment dates, but now you’ll have permission from your lender.

Pros. You get a break from paying your loans with no hit to your credit score. You can use the extra money to pay off other debts, so you’ll be in better shape when you start paying off the student loans. Even better, the government may (emphasis on may ) pay the interest on some of these loans, according to the Federal Student Aid website (studentaid.ed.gov). Specifically, it may pay the interest during this time on the Federal Perkins Loan, a Direct Subsidized Loan and/or the Subsidized Federal Stafford Loan.

Cons. If the government doesn’t pay the interest, you will. In that case, Chuck Mattiucci, a financial advisor at Fragasso Financial Advisors in Pittsburgh, has a plan. Most banks and lending institutions will allow interest-only payments while loan principal payments are in deferral, he says. This would be the best option for most because the interest payments are a fraction of what the monthly principal and interest payments would be.

Forbearance

What it is. It’s essentially the same as deferment, with one difference: If you are rejected for deferment but are given forbearance, you will definitely be paying the interest that accrues during your break in making payments.

Pros. As with the deferment, you get a break from paying your loans .

Cons. As noted, the infernal interest. Usually, the interest you’ve accrued will be added to the principal balance, so you’ve just stretched the length of your loan, and you’ll pay more in the long run.

Consolidation

What it is. Consolidation turns multiple loans into one loan, meaning one payment. If you have federal loans, you can apply to consolidate them at StudentLoans.gov. If you have multiple private loans you’d like to consolidate, you can apply to a private lender, like a bank.



Payday lenders should wipe out loans in wake of Wonga ruling, experts say #i #need #a #loan #but #i #have #bad #credit


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Payday lenders should wipe out loans in wake of Wonga ruling, experts say

Payday lenders including The Money Shop, owned by Dollar Financial, have similar affordability tests to Wonga’s. Photograph: Jonathan Nicholson/Demotix/Corbis

Thousands of people who have taken out payday loans from firms other than Wonga should also have their interest and charges wiped out, say consumer and legal experts.

This follows the announcement on Thursday that the payday lender was forced by the Financial Conduct Authority, the new City regulator to write off 220m of loans to 375,000 borrowers after the firm admitted those people should never have been given loans.

The company, which charges annualised interest rates of up to 5,853% a year and has been accused by MPs of “legal loan sharking”, said it would entirely wipe out loans to 330,000 people, and scrap interest and charges owed by a further 45,000 customers.

Wonga is the biggest online lender in the payday loan sector with about a 30-40% market share, but there are around 90 other lenders including Dollar Financial UK (the parent company of brands that include The Money Shop, Payday Express and Payday UK), CashEuroNet, QuickQuid, Peachy and Sunny. In 2012 the volume of loans lent between them was 10.2m, according to the CMA.

Wonga was required to write off the debts because the FCA found that it had granted the loans without checking people could afford the repayments. But a number of experts who deal with complaints about the payday loan sector have told the Guardian that the affordability tests carried out by many of these other lenders are as bad or worse than Wonga’s. This could potentially open the floodgates to thousands of payouts to other borrowers.

“If this redress package is required of Wonga then what of the other payday lenders in the country?” said Mike Dailly, consumer rights campaigner and principal solicitor at the Govan Law Centre in Glasgow. He also sits on the FCA consumer panel. “From my experience as a lawyer helping consumers there is no doubt in my mind that other payday lenders have failed to comply with the affordability criteria laid out in the Consumer Credit Act in the way that Wonga did.”

He added: “It is likely now that other lenders in the sector who want a future will have to come clean or face action from the FCA.”

Dollar Financial said: “Our UK companies have been working closely with various stakeholders including our regulators to ensure that we offer compliant and responsible products to all of our customers.”

Although the FCA has stopped short of saying that it is proactively investigating other firms, Clive Adamson, director of the supervision at the watchdog said that the action it had taken against Wonga should “put the rest of the industry on notice” and that “some firms still have a way to go to meet our expectations.”

“We have long called for more responsible affordability checks and better advice,” said Which? executive director Richard Lloyd. “The next step must be a clamp down on excessive fees and charges across the board to show lenders that the FCA will continue to clean up the credit market.”

People who have already paid off loans, including those from Wonga, may also be in line for redress if it can be shown that they should never have been lent to in the first place, say experts.

A number of these people were only able to repay the loan with help from friends or family or by borrowing elsewhere, while others are still paying off the loans through repayment plans set up by debt charities and organisations like Citizen’s Advice.

Wonga said that it would be contacting all those affected by 10 October and that this included those whose debt had been sold to a third party or had been entered into an individual voluntary arrangement or a debt management scheme. However, it would not be drawn as to whether former customers would be contacted.

“We’ll work with the FCA to identify if any further remedial action is required and will communicate details, if appropriate, in due course,” it said in a statement.

There are fears that claims management companies, best known for handling PPI claims, will try to entice payday loan borrowers to make a claim using their services. Borrowers who go down this route will typically be asked to pay an upfront fee to the claims management company.

“If people are contacted by claims management companies or solicitors offering to recoup their money for free, we would say hold fire as discussions are still gong between Wonga and the FCA,” the Financial Ombudsman Service said.

It urged anybody who has a payday loan and thought they might be affected not to stop making repayments until the situation became clearer.



Payday credit checking firm pulls out of the UK – Yahoo Finance UK #my #rich #uncle


#short term payday loans
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RELATED QUOTES

Crackdown on short-term lenders has made CoreLogic (KOSDAQ: 048870.KQ – news ) ‘s real-time data sharing business unviable

An American data firm has decided to close its British credit-checking service in the wake of the crackdown on payday lenders, in a setback to regulators’ ambitions to move all lenders onto real-time credit checks.

CoreLogic, a New York-listed company, is closing its Teletrack UK operations at the end of the year, after logging almost 80 million subprime credit checks for 2.8 million people and 60 clients.

The firm is set to delete its Aware (NasdaqGM: AWRE – news ) database of credit checks, in line with data protection rules.

“We have stated that the CoreLogic Teletrack UK business environment has undergone significant change in the recent past, limiting our market potential. After thoughtful review, we have made the difficult decision to exit the UK market for CoreLogic Teletrack by the end of 2015,” a spokeswoman for the company said.

The decision is not thought to affect CoreLogic’s other UK operations, which include software services for more than half of London’s borough councils.

Teletrack’s credit checks are a relatively small part of the overall business, with revenues falling by almost half last year to £1.6m, but its services are seen as valuable by the British regulators.

The Competition and Markets Authority has recently praised real-time data sharing between loan companies and credit referencing agencies, saying there were “clear benefits” to giving lenders a more complete picture of their customers to prevent them from taking out multiple loans in quick succession, or borrowing more than they can afford to pay back.

The Financial Conduct Authority expects 90pc of firms to share data in real-time, but has stopped short of requiring companies to take part.

Larger firms in the data industry, including Experian (Other OTC: EXPGF – news ) and Equifax (NYSE: EFX – news ). have developed their own real-time credit services.

Teletrack UK holds an interim permission to operate from the FCA, which is trawling through more than 17,000 applications from consumer credit firms of all types since it took responsibility for the industry in April (LSE: 0N69.L – news ) 2014.

Following the introduction of new rules at the start of 2015 to cap fees and charges on payday loans, the FCA expects just a handful of short-term lenders to remain in business. In 2013, at the height of payday lending, 1.6 million customers borrowed £2.5bn in high-cost short-term credit, raising concerns about affordability and unfair practices.

Large lenders including Wonga and the Money Shop have scaled back their operations and launched three- and six-month loans in response to the cap, with extra impetus provided by a series of fines for poor affordability checks (Other OTC: UBGXF – news ) .



The Pros and Cons of Taking Out a Thrift Savings Plan Loan #loans #canada


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The Pros and Cons of Taking Out a Thrift Savings Plan Loan

By Michael Roberts. Government Careers Expert

Michael Roberts is a career government employee with service in state and municipal government. Read more

One of the three primary methods employees under the Federal Employees Retirement System use to save for retirement is the Thrift Savings Plan. This plan functions much like a 401(k) offered through private investment companies and employers. The other two primary methods federal employees use for retirement are a pension and Social Security .

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However, the US Office of Personnel Management allows federal workers to withdraw money before retirement following plan provisions. OPM administers the Thrift Savings Plan.

One way to withdraw money from the Thrift Savings Plan is a loan. The two types of Thrift Savings Plan loans are general purpose loans and loans for the purchase or construction of a primary residence.

While there are advantages and disadvantages to taking out a Thrift Savings Plan loan, the disadvantages far outweigh the advantages to such an extent that OPM advises federal employees to exhaust all other loan options before borrowing from their Thrift Savings Plan accounts.

That said, outlined below are the pros and cons of taking out a Thrift Savings Plan loan.

The positive aspects of taking out a Thrift Savings Plan loan are the following:

  • Low interest rate . The interest rate on Thrift Savings Plan loans is the same as the rate of return on the G Fund. This fund is one of the funds available to invest in through the Thrift Savings Plan. It is made up of government securities. The G Fund and other Thrift Savings Plan funds are used to create the investment mixes for target date funds available to plan participants. The G Fund typically has a rate of return of less than 2.0%. The rate used for a loan is the G Fund rate the day the loan is taken out.

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  • Wide range of allowable loan amounts. Provided you have the money in your account, you can borrow between $1,000 and $50,000. The Thrift Savings Plan website has a loan calculator you can use to estimate your loan payments.
  • Repayment through payroll deductions. From a processing standpoint, Thrift Savings Plan loans are easy to repay. Payments are made by payroll deduction .
  • Ability to make additional payments at any time. If you want to make an additional payment on your loan, you can do that with a loan repayment coupon available on the plan website. The coupon helps ensure that your payment is applied to your loan. If you pay off extra principle in the early years of your loan, you can pay the loan off early or re-amortize it to make smaller payments.

The negative aspects of taking out a Thrift Savings Plan loan are the following:



Loan Balance Calculator – Find out how much you owe on your loan. #home #loan #rates #comparison


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Calculate your loan balance based on current payment, interest rate and remaining term

What is the balance on my loan?

Additional Information

Credit and the Consumer

While credit stimulates the economy, it does have to be used judiciously. Credit is not money. Derived from the Latin word for “trustworthiness,” credit is based on faith that the borrower will repay the debt with real money. One should not use credit in place of money when there is little or no likelihood that payment in real money will be made using credit without the intent or ability to pay is theft.

Today, credit has become a business in its own right. Credit is issued by banks, savings and loans, credit unions, public utilities, and even merchants. According to the Federal Reserve, there was more than $2.5 trillion of consumer debt outstanding by late 2009 this is more than double the amount outstanding in 1994. This represents hundreds of billions of dollars in interest earnings to lenders. This is why credit card companies aggressively compete to get you to use their credit cards and services. The marketing is so aggressive that consumers may lose sight of the fact that this is not free money and make excessive purchases to the point where they find themselves in financial difficulty.

What Are The Benefits Of Credit?

Without credit, the global economic system would grind to a stop. Credit allows borrowers to immediately buy things they could not afford now. Most persons would not be able to purchase a house without credit. Most young adults do not have sufficient savings to afford the cost of even the most humble of homes. Yet, credit allows them to purchase a home that they can gradually pay off over time as their earnings increase. Without credit, many individuals would not be able to purchase an automobile. Credit also makes it convenient to make spontaneous purchases without the need to carry large sums of cash or checks.

Businesses rely upon credit to manage their cashflow. Manufacturers borrow money to buy raw materials. Merchants buy goods on credit from manufacturers. Consumers buy goods from merchants on credit. Without credit, the process would slow to a halt.

Responsible Use Of Credit

While credit is very important to the economy, its abuse is harmful. Credit is extended with the faith that borrowers will repay the debt. Goods and services are provided on credit with the expectation that they will be paid for with money in the future. Credit makes commerce more convenient. When credit is abused, everyone loses. Credit abuse increases the cost of credit to everyone.

One should never use credit to purchase things for which one will not be able to pay in the future. Many impulse purchases are made on credit with little thought given to how the debt will be repaid in the future. If one calculated the true cost of goods bought on credit, one would have second thoughts about making the purchase in the first place. Here is an example: a new television flat-screen HDTV model retails for $5,000. If purchased on a credit card with a 12% annual percentage rate (APR) compounded daily, and with minimum monthly payments of $166 paid over three years, it winds up costing over $5,980. Is it worth almost $1,000 more to have it now (furthermore, the retail price in 3 years will probably drop)? That is like going into a store that advertised “SALE–ADD 20% TO EVERY PURCHASE.”



New Car Buyers Stretching Out Payments #payday #loan #yes


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New Car Buyers Stretching Out Payments

That’s one finding in the latest report by Experian analyzing auto loans written in the second quarter. Experian said the average monthly payments for new and used vehicles bought in the second quarter went up while the average credit score dropped to its lowest level since early 2008.

Overall, the report shows the size and scope of the auto loan market expanding due to a greater availability of credit and more consumers looking to buy a car or truck. (Read More. Subprime Auto Loans are Back, Should That Raise Red Flags? )

Spreading out auto loans

Experian says the average length of a new car auto loan climbed one month in the second quarter and now stands at 64 months. The fact, the average auto loan now stretches out 5.3 years isn’t surprising when you see the shift in the length of auto loans.

4-5 years (down) 19.6%

5-6 years (up) 7.6%

6-7 years (up) 26.4%

How popular are long auto loans? Experian says 58 percent of all new vehicle loans stretch five years or longer. This is the latest indication that the days of three and four year auto loans being the standard for those financing a new car are long gone. In fact, Experian says just over 10 percent of the auto loans are for four years or less in length. (Read More. July Auto Sales Provide Cautious Optimism .)



NYS Higher Education Services Corporation – Getting Out of Default #harp #loan


#department of education loan consolidation
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Getting Out of Default

There are three options for getting out of default on your federal loans.

For defaulted Federal Perkins Loans, contact the school where you received your loan.

  • Loan Repayment
  • Loan Rehabilitation
  • Loan Consolidation

Loan Repayment

By paying your defaulted loan in full, you’ll receive these benefits:

  • National credit bureaus will be updated to show your defaulted loan as paid in full.
  • You regain federal student financial aid eligibility.
  • Your IRS tax refund will not be seized.
  • You’ll realize interest cost savings.
  • You may realize collection costs savings.

To make payments on your HESC loan, you can have payments automatically deducted from your checking account through SMARTCHECK. Repaying your loan with SMARTCHECK is fast, convenient and free. To sign up for SMARTCHECK, call 866-991-4372.

For information about repaying your defaulted FFEL loan serviced by HESC, contact the Office of Default Collections at 1-866-991-HESC (4372) or This email address is being protected from spambots. You need JavaScript enabled to view it.

For information about other defaulted federal student loans serviced by the U.S. Department of Education (ED), visit Federal Student Aid’s MyEDDebt.com or call 800-433-3243.

Loan Rehabilitation

If you are in default on a Federal Family Education Loan (FFEL) being serviced by HESC, the Rehabilitation Loan Program gives you the opportunity to have your loans removed from default and repair your credit.

Benefits of loan rehabilitation include regained eligibility for benefits that were available on your loan before you defaulted, such as deferment, forbearance, a choice of repayment plans, loan forgiveness, and eligibility for additional federal student aid. Additionally, these negative consequences are removed:

  • Default status on your defaulted loan
  • Default status reported to the national credit bureaus
  • Wage garnishment, and
  • Any withholding of your income tax refund made by the Internal Revenue Service (IRS) or NYS Department of Taxation and Finance.

How student loan rehabilitation works:

You must make nine consecutive, voluntary, agreed-upon monthly payments that are received within a 10-month period. Money received by HESC from your tax refund or as garnished wages from your paycheck does not qualify as these payments are not voluntary. NOTE: A good way to pay back your student loan is by enrolling in SMARTCHECK, our preauthorized electronic debit service.

Every monthly payment must be received within 20 days of the due date.

You must agree to pay a fee of up to 16% of the unpaid principal and accrued interest. These costs are added to your unpaid balance when the loan or loans are sold to the lender. This is a one-time fee to rehabilitate your loan but the collection costs that you may be paying now will be removed from your loan.

Once your loan is rehabilitated, you no longer make payments to HESC on your loan – HESC moves your loan back to a lender and you resume making payments on your loan to the lender.

  • All national credit agencies are notified that your loan is no longer in default, helping to repair your credit and, as a result, your overall credit score may improve.
  • For more information or to begin your loan rehabilitation, contact HESC at 1-866-991-HESC (4372) or This email address is being protected from spambots. You need JavaScript enabled to view it.

    Loan Consolidation

    If you have several federal education loans, you may want to consider combining them into one new loan with one monthly payment. This is called loan consolidation and can help keep you organized and on track with repayment.

    Like many federal loan borrowers, you may have both FFEL and Direct Loans. The U. S. Department of Education encourages borrowers with both types of loans to consolidate them into the Direct Loan program.

    If you want to consolidate a defaulted loan, you must either make satisfactory repayment arrangements on the loan with your current loan servicer before you consolidate, or you must agree to repay your new Direct Consolidation Loan under one of these repayment plans:

    • Income-Based Repayment
    • Pay As You Earn Repayment
    • Income-Contingent Repayment

    Is consolidating your loans right for you? Consider the advantages and disadvantages carefully before you act. Once you consolidate, you are locked into a loan with a fixed interest rate. If you just want to reduce your monthly payment, discuss the federal loan repayment options available with your lender.

    Eligible student loans .

    Federal Loan Consolidation



    5 Strategies to Dig Out of Student Loan Debt – US News #unsecured #loans #with #bad #credit


    #help with student loan debt
    #

    If you’re struggling to pay off a mountain of debt, here are some solutions.

    Mike Dominguez is the first to admit he should have gotten on top of his student loan debt earlier.

    Looking back, I could have done a lot of things different, says Dominguez, 33, who lives in Austin, Texas, and recently started a business with his father, selling goods and professional services to government entities.

    Dominguez has $71,000 in student loan debt from earning an undergraduate degree at the University of Texas at Austin. He hasn’t paid off a dime of his balance yet and cites living too extravagantly in his 20s and taking on low-paying internships as obstacles. But his credit score is still healthy, and he’s still in good standing with his lenders, who have helped him refinance and consolidate and defer the loans. He feels optimistic that he’ll eventually pay the loans off. Someday.

    But the debt has been stressful, says Dominguez, adding that it has hurt his love life. No one wants to be saddled with that type of debt or even marry someone with that amount of debt, he says.

    Dominguez feels his story is rather common, and unfortunately, he is right. U.S. student loan debt exceeds $1 trillion, according to the Consumer Financial Protection Bureau. And last month, a report from the Government Accountability Office got a lot of attention when it pointed out that between 2005 and 2013, student loan debt among seniors 65 and older climbed more than 600 percent from $2.8 billion to $18 billion.

    Student loans are tricky to get rid of, presumably because we want to make sure our citizens are well-educated, says William Waldner, a bankruptcy attorney in New York City. If they were easily dischargeable, lenders wouldn’t give them out nearly as liberally.

    So if you’re struggling to pay off or manage your mountain of student loan debt, here are some strategies consumers employ, along with the pros and cons of each.

    Deferment

    What it is. With this option, you defer paying your loans for a few months or possibly years. You may already be doing that if you’re missing payment dates, but now you’ll have permission from your lender.

    Pros. You get a break from paying your loans with no hit to your credit score. You can use the extra money to pay off other debts, so you’ll be in better shape when you start paying off the student loans. Even better, the government may (emphasis on may ) pay the interest on some of these loans, according to the Federal Student Aid website (studentaid.ed.gov). Specifically, it may pay the interest during this time on the Federal Perkins Loan, a Direct Subsidized Loan and/or the Subsidized Federal Stafford Loan.

    Cons. If the government doesn’t pay the interest, you will. In that case, Chuck Mattiucci, a financial advisor at Fragasso Financial Advisors in Pittsburgh, has a plan. Most banks and lending institutions will allow interest-only payments while loan principal payments are in deferral, he says. This would be the best option for most because the interest payments are a fraction of what the monthly principal and interest payments would be.

    Forbearance

    What it is. It’s essentially the same as deferment, with one difference: If you are rejected for deferment but are given forbearance, you will definitely be paying the interest that accrues during your break in making payments.

    Pros. As with the deferment, you get a break from paying your loans .

    Cons. As noted, the infernal interest. Usually, the interest you’ve accrued will be added to the principal balance, so you’ve just stretched the length of your loan, and you’ll pay more in the long run.

    Consolidation

    What it is. Consolidation turns multiple loans into one loan, meaning one payment. If you have federal loans, you can apply to consolidate them at StudentLoans.gov. If you have multiple private loans you’d like to consolidate, you can apply to a private lender, like a bank.



    Payday credit checking firm pulls out of the UK – Yahoo Finance UK #equity #loan


    #short term payday loans
    #

    RELATED QUOTES

    Crackdown on short-term lenders has made CoreLogic (KOSDAQ: 048870.KQ – news ) ‘s real-time data sharing business unviable

    An American data firm has decided to close its British credit-checking service in the wake of the crackdown on payday lenders, in a setback to regulators’ ambitions to move all lenders onto real-time credit checks.

    CoreLogic, a New York-listed company, is closing its Teletrack UK operations at the end of the year, after logging almost 80 million subprime credit checks for 2.8 million people and 60 clients.

    The firm is set to delete its Aware (NasdaqGM: AWRE – news ) database of credit checks, in line with data protection rules.

    “We have stated that the CoreLogic Teletrack UK business environment has undergone significant change in the recent past, limiting our market potential. After thoughtful review, we have made the difficult decision to exit the UK market for CoreLogic Teletrack by the end of 2015,” a spokeswoman for the company said.

    The decision is not thought to affect CoreLogic’s other UK operations, which include software services for more than half of London’s borough councils.

    Teletrack’s credit checks are a relatively small part of the overall business, with revenues falling by almost half last year to £1.6m, but its services are seen as valuable by the British regulators.

    The Competition and Markets Authority has recently praised real-time data sharing between loan companies and credit referencing agencies, saying there were “clear benefits” to giving lenders a more complete picture of their customers to prevent them from taking out multiple loans in quick succession, or borrowing more than they can afford to pay back.

    The Financial Conduct Authority expects 90pc of firms to share data in real-time, but has stopped short of requiring companies to take part.

    Larger firms in the data industry, including Experian (Other OTC: EXPGF – news ) and Equifax (NYSE: EFX – news ). have developed their own real-time credit services.

    Teletrack UK holds an interim permission to operate from the FCA, which is trawling through more than 17,000 applications from consumer credit firms of all types since it took responsibility for the industry in April (LSE: 0N69.L – news ) 2014.

    Following the introduction of new rules at the start of 2015 to cap fees and charges on payday loans, the FCA expects just a handful of short-term lenders to remain in business. In 2013, at the height of payday lending, 1.6 million customers borrowed £2.5bn in high-cost short-term credit, raising concerns about affordability and unfair practices.

    Large lenders including Wonga and the Money Shop have scaled back their operations and launched three- and six-month loans in response to the cap, with extra impetus provided by a series of fines for poor affordability checks (Other OTC: UBGXF – news ) .



    Student Loans: Getting Out of Default #loans #for #unemployed


    #student loan default
    #

    Behind on student loan payments? Learn how to get out of default.

    If you are more than 270 days behind in your student loan payments, you are considered in default.

    Getting out of default is key to dealing with student loans. Many repayment plans and most postponement options require that you not be in default, or that you make three reduced, timely payments to qualify for a postponement or reduced-payment option. In addition, as long as you’re in default, you are not eligible to get new loans or grants. To learn more, see What Happens if You Default on Your Student Loans .

    Here are the various ways to get out of default:

    Cancel Your Student Loan

    You can get out of default if you qualify to have your loan canceled (discharged). This is the best option, because when you cancel the loan, you are no longer obligated to repay it. However, there are limited ways to qualify for loan cancelation, so this option won’t work for many people.

    Get a Consolidation Loan

    You can get out of default by getting a consolidation loan with a repayment plan matched to your income

    With a consolidation loan, you combine one or more of your federal student loans into a single loan with one monthly payment. To learn more, see Student Loan Consolidation .

    Once you get a Direct Consolidation Loan, you will immediately be taken out of default status. You will stay out of default as long as you keep making payments. Loan consolidation is usually a faster way to get out of default than a reasonable and affordable payment plan (see below), so it often makes sense to try this first.

    Get a Reasonable Affordable Payment Plan

    Another way to get out of default is to set up a “reasonable and affordable payment plan” with your loan holder. Borrowers in default have a statutory right to such a payment plan, based on financial circumstances. Be careful in negotiating a plan. By the time you are in default, your loan may be held or serviced by a state guarantee agency or a collection agency under contract with the Department of Education. Some loan servicers, especially collection agencies, may try to make you agree to payments higher than you can afford.

    Eligibility to Apply for New Loans

    If you make six consecutive and timely payments (within 15 days of when due) under a reasonable and affordable payment plan, you become eligible to apply for new federal student loans or grants if you want to return to school. But beware: If you default after you complete the six payments, you cannot enter into another reasonable and affordable payment plan. You can renew eligibility through such a payment plan only once. However, if you are unable to maintain on-time payments for six consecutive months during the first time you get a reasonable and affordable payment plan, you may try another reasonable and affordable payment plan.

    Getting Out of Default

    Six payments are not enough to get you out of default. In order to get out of default, you must make at least nine timely payments (within 20 days of when due) in a period of ten consecutive months. Perkins rehabilitation does not specify that the payments must be reasonable and affordable, only that the nine required payment amounts are to be set by the school. If you have a Perkins loan, you should negotiate for reasonable and affordable payments.

    Loan Rehabilitation

    After you make the qualifying number of payments, the guaranty agency or Department of Education can usually sell your loan to a new lender. This is called loan rehabilitation. Once your loan is rehabilitated, you will be put on a standard ten-year repayment plan or you should request one of the more flexible options. (To learn more, see Student Loan Repayment Options .)  However, you can only one get one loan rehabilitation after August 13, 2008, so be sure the plan is something you can handle before you agree to it. You will not have a second chance. Loan rehabilitation also wipes out the default notation on your credit report.

    The option to rehabilitate (bring current) a loan is not automatically available if the creditor has already gone to court and obtained a judgment against you for the debt. Lenders have the choice to rehabilitate these loans but are no longer required to do so.

    To learn more about default, student loan repayment options, ways to cancel your loans, and more, see Nolo’s Student Loan Debt area.

    This is an excerpt from Nolo’s  Solve Your Money Troubles: Debt, Credit Bankruptcy , by Margaret Reiter and Robin Leonard.



    Auto Loans: Bad credit doesnt have to leave you locked out of a car #va #loans


    #where can i get a loan with bad credit
    #

    Bad credit doesn’t always lock you out of a car loan

    Worried that your less-than-perfect credit is going to keep you from buying the car you want?

    Don’t be.

    Chances are you will be able to land an auto loan. Today, banks, credit unions and finance companies are all making loans to people with flawed credit. Many people who wouldn’t qualify for an auto loan five years ago can get one now.

    “They’ve loosened credit standards to the point that anyone can get a car,” says Art Spinella, president of CNW Marketing Research in Bandon, Ore. “It’s banks. It’s finance companies. It’s everybody.”

    Work to save money

    How good a deal you get will depend on how many bumps you have on your credit and how much work you’re willing to do before setting foot in an auto dealership.

    Remember, dealers want everyone to buy their cars, and that includes folks with dinged or damaged credit. So in addition to offering financing from a manufacturer’s finance company, such as GMAC and Ford Credit, they also have financing deals with banks, credit unions and finance companies. You may not get the best rate out there, but they’ll get you in a car.

    But also remember, dealers take a cut of all financing deals they land. So a loan from ABC Bank through the dealer may have a higher interest rate than the loan you’d get if you applied to ABC Bank on your own.

    Interest rates on loans for folks with bad credit range from 10 percent to more than 20 percent. The key to landing a better rate is to shop around.

    Check credit report for mistakes

    Before you start comparing rates, be sure to get a copy of your credit report. Check to see that all information is accurate and up-to-date. The last thing you need is to get bumped up to a higher rate because of an error.

    When shopping for auto loans, be sure to swing by your bank or credit union.

    “The broad trend among banks is to service customers almost regardless of their credit standing,” says Tim Cook, director of communications for Independent Community Bankers of America. a national trade association for community banks. “They do not want to turn a customer away, particularly if it’s a customer with a checking account or another relationship.”

    A larger bank may have a whole department devoted to lending to people with flawed credit or they may have a relationship with a company specializing in subprime lending.

    Smaller banks are more apt to approve loans to folks with credit woes on a case-by-case basis. The more accounts you have at the bank the better the chance they’ll be willing to work with you. The same goes for credit unions.

    Meet the banker face to face

    It’s a good idea to apply for an auto loan in person. Screw up some courage and look the loan officer in the eye. Be upfront about the problems you’ve had in the past. Did a divorce, illness or accident throw you off track? Let them know.

    “I’ve had people come in and say ‘I know I had some problems in the past and I want to tell you about it’ — I like those people,” says E.C. Williams, chair of the lending council for the Credit Union National Association and senior vice president of MacDill Federal Credit Union in Tampa, Fla.

    “It speeds things up. You’ve got eyeball-to-eyeball contact. You’ve got the ability to address any glitch at that moment in time.”

    That “glitch” may have been a Sears bill that you paid 30 days late when you were between jobs. Those details can make a difference. And that’s information that a loan officer can’t get from an online application or application referred to them from a dealer.

    When it comes to auto financing, credit unions have had a reputation of delivering low-interest rate loans to members with good credit. But that’s beginning to change. While some credit unions still have an all-or-nothing approach to financing — you either qualify for a low-interest rate loan or you don’t — others are offering a range of rates. This tiered approach to loan pricing allows credit unions to offer loans to members with all levels of credit.

    The practice of offering a range of auto loan rates, known as risk-based pricing, is common among banks and finance companies as well.

    Line up financing first, then shop

    So auto loan choices for people with dinged credit are out there. It’s just a matter of tracking them down.

    Start early: Applying for financing before you start car shopping will also help you narrow your auto search. Finding out how big a loan you qualify for and at what rate can help you determine what kind of car you can realistically afford.

    When it’s time to hit the dealership, consumer experts urge folks to look at an auto purchase as three separate negotiations: the price of a car, the price of a trade-in and the financing. A car salesman will try to lump this stuff together. Don’t let him.

    “It’s kind of like a shell game. They’ll move the profit around so you won’t be able to find it,” says Jean Ann Fox, director of consumer protection for Consumer Federation of America .

    Blinded by the interest rate

    It’s easy to get talked into a bad deal. For example, you may be so thrilled at the interest rate the dealer is quoting on the loan that you may not notice when the purchase price of the car gets bumped up.

    “We’ve seen people pay $2,000 over blue book,” Fox says.

    Avoid spot delivery: Some dealers will urge you to go ahead and take the car home while they complete the financing. Don’t do it. There’s a good chance that they could come back and tell you that they couldn’t get the financing deal they promised you. You may have to cough up a bigger down payment or pay a higher interest rate or both.

    Be sure to get a used car checked out by an independent mechanic.

    “If they don’t let you do it, that may be a warning sign and you may want to go somewhere else,” says Steve Rhode, president of Myvesta. a nonprofit debt crisis center.

    Visit “buy here, pay here” car lots as a last resort. These lots, while specializing in customers with problem credit, have some of the highest auto prices and auto financing rates around. Don’t sell yourself short.

    “A lot of people assume the worst and don’t try,” Fox says. “You shouldn’t give up without trying to see if you can get a loan at a more favorable interest rate.”



    Federal Student Aid Office Calls Failure A Success – And Hands Out Big Bonuses #cheap #loans


    #student financial aid
    #

    House Republicans blasted the “performance-based” office for lousy work.

    Bill Clark via Getty Images

    In 1998. the Republican-led Congress and President Bill Clinton’s Democratic administration decided to give the U.S. Department of Education’s financial aid office more freedom to run the student loan program in exchange for it committing to measurable goals.

    It may have been a huge mistake.

    That’s the takeaway from a congressional hearing Wednesday that featured blistering criticism from government watchdogs. House Republicans and higher education experts directed at the Office of Federal Student Aid and its chief, James Runcie, for what they described as sloppy oversight of loan contractors and for-profit colleges, inconsistent and poor communication to schools, and an agency culture that chafes at criticism and oversight and seemingly rewards failure.

    Late payments on student loans have risen in recent years despite generous repayment options, lower joblessness, higher wages and an improving U.S. economy. Federal regulators have found evidence that some of the Federal Student Aid office’s loan contractors have misled borrowers. State attorneys general and the federal Consumer Financial Protection Bureau have sued FSA-overseen schools for allegedly swindling students, conduct that FSA missed or ignored for years.

    “It is clear that FSA can not administer this program,” said Rep. Virginia Foxx (R-N.C.). She told Runcie: “You are harming the people you are supposed to be helping, and that has to stop.”

    Meanwhile, FSA senior officials continue to give themselves rich salaries and bonuses as the agency in its own reckoning continues to exceed its performance goals. The top bonus last year was $75,000, a 96 percent increase from three years earlier.

    More than 100 of FSA’s roughly 1,300 employees in the 2014 fiscal year had salaries above $150,000, according to an online database maintained by the Asbury Park Press. The typical FSA employee is paid more than $100,000 a year, about 33 percent more than the typical federal employee, according to separate data from the U.S. Office of Personnel Management.

    “I am concerned about the culture being fostered at FSA,” said Rep. Mark Meadows (R-N.C.). Justin Draeger. president of the National Association of Student Financial Aid Administrators, said the agency needs “cultural changes.” Outgoing Education Secretary Arne Duncan appointed Runcie to lead FSA.

    FSA was the federal government’s first “performance-based organization ,” a concept championed by former Vice President Al Gore as a way to bring private sector expertise and management practices into government. The office was given wide latitude in contracting and personnel practices so long as it set quantifiable goals and committed to improving on them every year.

    Congress designated the office as a performance-based organization to improve its customer service, reduce costs, and increase accountability. The move was a rebuke to the Education Department’s management of the student loan program.

    The problem, experts say, is that FSA largely sets its own goals and defines success without considering the views of others.

    Take how it judges progress toward reducing distress among student debtors. Last year. in its annual report to Congress, FSA said 8.1 percent of borrowers were at least 90 days late on their student loans. This year. it was 9.8 percent. But FSA changed how it calculated the delinquency metric, and revised up the 2014 figure to 9.9 percent, allowing it to claim success this year. FSA said the new metric was a “better measure.”

    “The problem with self-assessment is even when the department fails they deem it a success,” Draeger said .

    Former senior Education Department officials have complained about an inability to get basic information out of FSA. Current officials at various federal agencies have said that they have had difficulty getting data on the performance of federal student loans. FSA doesn’t make public the number of borrowers who annually default on federal student loans.

    “I’m extremely concerned about FSA’s ability to serve students, borrowers and taxpayers well,” Foxx said. In remarks directed at Runcie, Foxx added: “You have been given the high honor, in my opinion, of being a performance-based organization and you have not lived up to that.”

    Americans with federal student loans who have complained about various issues to the FSA office tasked with advocating for them would probably concur. Debtors gave the Federal Student Aid Ombudsman, an office Congress created to assist borrowers. abysmal ratings in a customer satisfaction survey in the last fiscal year, according to the agency’s annual report .

    Borrowers gave the ombudsman group a score of 41 out of 100 on the American Customer Satisfaction Index, a widely used gauge that measures customers’ satisfaction.

    FSA encourages its loan contractors to maintain scores in the low 80s. The national average across all economic sectors is 76.

    The ombudsman group explained away its atrocious customer satisfaction score in its annual report to Congress by arguing that the survey data suggests that borrowers are rating the ombudsman not on the quality of service, but on the outcome of their case.

    Fiscal Year 2015 Annual Report for Federal Student Aid

    The ombudsman tried to present a better picture of its horrendous customer satisfaction score by removing its zero ratings from borrowers. That only raised its score to 63. All of FSA s loan contractors received higher ratings from borrowers this past year.

    Before Congress on Wednesday, Runcie defended his organization by citing data showing that the agency has reduced waste, cut costs, and reduced the time needed to complete the Free Application for Federal Student Aid, or FAFSA.

    Congressional Democrats praised the agency for ensuring that students have their loans and grants in time for the start of classes. They also noted that FSA has had to contend with a significant transformation of the federal student loan program from a bank-based system to one in which the government makes all new loans. And more students are taking out more loans and grants from the department, perhaps straining resources.

    Ben Miller, a former Education Department official who now is senior director for postsecondary education at the Center for American Progress, told Congress on Wednesday that FSA had done good work on loan delivery and easing the FAFSA-filing process for students. But he criticized the agency for poor oversight of for-profit colleges and loan contractors whose past performance requires “significant scrutiny.”

    Oversight in higher education overall appears to be minimal. Meadows, the North Carolina Republican, acknowledged that Congress itself has failed to hold FSA accountable. The head of FSA has testified before Congress just three times since 2010, he said. “We created this thing and then walked away,” Meadows said .



    Find Out If You Qualify for Income-Based Repayment #emergency #loans


    #student loan calculator
    #

    Find Out If You Qualify for Income-Based Repayment

    Determine if you may be eligible for IBR.

    Calculate

    Additional information regarding IBR is available at TG Online .

    1 For the purpose of IBR, your family size includes your children (including unborn children who will be born during the year for which you apply for IBR) if you provide more than half of the children’s support. Your family size can also include other individuals if, at the time you apply for IBR, those individuals:

    • Live with you; and
    • Receive more than half of their support from you and will continue to receive this support during the year for which you apply for IBR.

    Support includes money, gifts, loans, housing, food, clothes, car, medical and dental care, and payment of college costs.

    2 If you did not file a federal income tax return last year, or if your income has changed significantly since filing the return, please enter the amount you earned last year. You may be required to provide alternative income documentation to your lender for their determination of your eligibility for IBR.

    3 Federal student loan debt for the purpose of IBR includes FFELP and Direct Stafford and Grad PLUS loans, as well as Consolidation loans as long as they do not include a parent PLUS loan.

    This calculator uses 2015 U.S. Department of Health and Human Services data. This calculator also uses 6.8% as the student loan interest rate for calculation purposes.

    This calculator is provided for estimation of IBR eligibility purposes only. Specific details about eligibility and payments will be determined by your lender or servicer during the IBR application process.

    Graduated Repayment Plan Calculator



    Getting out of Default #standard #bank #loans


    #department of education loan consolidation
    #

    Getting out of Default

    When placed in default. any William D. Ford Federal Direct Loan (Direct Loan) Program loan or Federal Family Education Loan (FFEL) Program loan that is owned by the U.S. Department of Education (ED) is assigned to ED’s Default Resolution Group for collection. Defaulted FFEL Program loans that are not owned by ED will be assigned to a guaranty agency for collection. For defaulted Federal Perkins Loans, you’ll need to check with the school from which you borrowed to find out about loan repayment.

    If you are unsure which type(s) of loan(s) you have, check your original loan documents or log in to My Federal Student Aid. Note that information about any private student loan you may have received will not be included in NSLDS.

    You have several options for getting your loan out of default. These include

    Loan Repayment

    One option for getting out of default is repaying your defaulted student loan in full. Get repayment information for your loan(s) to learn about how to repay and where to send payments:

    • Repayment information for defaulted Direct Loans (includes TEACH Grants that have been converted to Direct Unsubsidized Loans)
    • Repayment information for defaulted FFEL Program loans
    • Repayment information for defaulted Federal Perkins Loans—contact the school where you received your Perkins Loan

    Loan Rehabilitation

    Another option for getting your loan out of default is loan rehabilitation. To rehabilitate your Direct Loan or FFEL Program loan, you and ED must agree on a reasonable and affordable payment plan. (Remember, contact your school for your Perkins Loan.)

    Your loan is rehabilitated only after you have voluntarily made the agreed-upon payments on time and the loan has been purchased by a lender. Outstanding collection costs may be added to the principal balance.

    Note: Payments that have already been collected from you—for example, through the Administrative Wage Garnishment (AWG) process or through legal action taken against you to collect your defaulted loan—do not count toward your rehabilitation payments. (Through AWG, payments will be deducted from your wages until your defaulted loan is removed from default status.)

    Once your loan is rehabilitated, you may regain eligibility for benefits that were available on your loan before you defaulted. Those benefits may include deferment. forbearance. a choice of repayment plans, loan forgiveness. and eligibility for additional federal student aid.

    Other benefits of loan rehabilitation include the removal of

    • the default status on your defaulted loan,
    • the default status reported to the national credit bureaus,
    • wage garnishment, and 
    • any withholding of your income tax refund made by the Internal Revenue Service (IRS).

    After rehabilitation, your monthly payment may be more than the amount you paid while you were rehabilitating your loan. Collection costs may be added to your principal balance, increasing the total amount you owe. Delinquencies (late payments) reported before the loan defaulted will not be removed from your credit report.

    Loan Consolidation

    You also have an option for getting out of default through loan consolidation. Loan consolidation allows you to pay off the outstanding combined balance(s) for one or more federal student loans to create a new single loan with a fixed interest rate .

    A defaulted federal student loan may be included in a consolidation loan after you’ve made arrangements with ED and made several voluntary payments (contact your school for information about making payments on a Perkins Loan). Usually, you would be required to make at least three consecutive, voluntary, and on-time payments prior to consolidation.

    Note: A guaranty agency may charge collection or late fees up to 18.5 percent of the outstanding loan (including the principal and interest). The fees become part of the principal for the consolidation loan. For example, a defaulted loan of $8,500 plus $1,500 of accrued interest = $10,000. Fees of $1,850 can be added to the $10,000, which means the consolidation loan will be made for $11,850.

    Consolidate your loan(s) through a Direct Consolidation Loan .



    Montel Williams Got Called Out on Twitter Over Payday Loans—And He Didn – t Handle It Well #loan #payment #calculator


    #montel williams loans
    #

    Montel Williams Got Called Out On Twitter For Endorsing Payday Loans—And He Didn t Handle It Well

    Danny Johnston AP

    You may have heard of Montel Williams. actor, producer, and host of the long-running but now-defunct Montel Williams Show. You may also know that Williams is a spokesperson for Money Mutual, a lead generator for so-called payday lenders.

    On Thursday, that side-business got a little awkward for the former host when an education activist named Andr -Tascha Lamm called out Williams on Twitter for Support[ing] the *most* predatory of loans in existence, PayDay loans. Designed to prey on the poor.

    Williams denied the charge, which prompted the following exchange:

    Montel is either being disingenuous deliberately not addressing Lamm s point or he just doesn t understand the real-world effect of payday lending. The truth is that a large portion of payday customers end up in dire financial straits because of these seemingly innocuous loans.

    Here s what happens. The average payday loan charges a fee of about $15 for every $100 borrowed. That might sound like an interest rate of 15%, but that s the fee for a two-week loan. On an annualized basis which is how most people think about interest rates, or should that translates into a rate of 391%.

    Montel apparently thinks it s unfair to think about it this way, since borrowers are supposed to pay back their loan in two weeks.

    But here s the thing: Four out of five payday loans are rolled over or renewed within 14 days. That s because borrowers are not able to pay off their debt in such a short time period, so they go back to the payday loan shop and take out another loan to pay off the first one for an additional fee, of course and a cycle of debt begins.

    In fact, according to the CFPB, the median payday customer is in debt for 199 days a year. taking out new payday loans along the way as they struggle to pay down the initial loan amount. That s more than 14 times longer than the period Williams was talking about. As a result, more than half of payday loans are made to borrowers who end up paying more in interest than they borrowed in the first place. The median loan recipient ends up paying $458 in fees and an effective interest rate of 130%.

    A representative for Williams defended the tweet, telling MONEY by phone that Williams was specifically referring to loans that are paid off within two weeks, and not payday loans in general.

    But since that s a only small fraction of payday loans, we re wondering if Montel accepts only that portion of the fees he gets for endorsing this dangerous lending practice.

    The rep also emailed this statement:

    As someone who used short term lending while in College, Mr. Williams understands that a large number of consumers, like he once did, have no access to traditional credit products. His endorsement of Money Mutual which is not itself a lender is reflective of the code of conduct it requires the lenders in its network adhere to and its historically low complaint rate. Certainly we believe consumers should make sure they fully understand the terms of any financial product they may be considering and would note Money Mutual encourages consumers to fully review and understand the terms of any loan, including the cost of any renewals, offered to them via its network of lenders.

    Update: This post initially suggested four out of five borrowers roll over or renew their payday loan within 14 days. In fact, four in five payday loans are renewed within 14 days.



    5 Strategies to Dig Out of Student Loan Debt – US News #loans #for #bad #credit #instant #decision


    #help with student loan debt
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    If you’re struggling to pay off a mountain of debt, here are some solutions.

    Mike Dominguez is the first to admit he should have gotten on top of his student loan debt earlier.

    Looking back, I could have done a lot of things different, says Dominguez, 33, who lives in Austin, Texas, and recently started a business with his father, selling goods and professional services to government entities.

    Dominguez has $71,000 in student loan debt from earning an undergraduate degree at the University of Texas at Austin. He hasn’t paid off a dime of his balance yet and cites living too extravagantly in his 20s and taking on low-paying internships as obstacles. But his credit score is still healthy, and he’s still in good standing with his lenders, who have helped him refinance and consolidate and defer the loans. He feels optimistic that he’ll eventually pay the loans off. Someday.

    But the debt has been stressful, says Dominguez, adding that it has hurt his love life. No one wants to be saddled with that type of debt or even marry someone with that amount of debt, he says.

    Dominguez feels his story is rather common, and unfortunately, he is right. U.S. student loan debt exceeds $1 trillion, according to the Consumer Financial Protection Bureau. And last month, a report from the Government Accountability Office got a lot of attention when it pointed out that between 2005 and 2013, student loan debt among seniors 65 and older climbed more than 600 percent from $2.8 billion to $18 billion.

    Student loans are tricky to get rid of, presumably because we want to make sure our citizens are well-educated, says William Waldner, a bankruptcy attorney in New York City. If they were easily dischargeable, lenders wouldn’t give them out nearly as liberally.

    So if you’re struggling to pay off or manage your mountain of student loan debt, here are some strategies consumers employ, along with the pros and cons of each.

    Deferment

    What it is. With this option, you defer paying your loans for a few months or possibly years. You may already be doing that if you’re missing payment dates, but now you’ll have permission from your lender.

    Pros. You get a break from paying your loans with no hit to your credit score. You can use the extra money to pay off other debts, so you’ll be in better shape when you start paying off the student loans. Even better, the government may (emphasis on may ) pay the interest on some of these loans, according to the Federal Student Aid website (studentaid.ed.gov). Specifically, it may pay the interest during this time on the Federal Perkins Loan, a Direct Subsidized Loan and/or the Subsidized Federal Stafford Loan.

    Cons. If the government doesn’t pay the interest, you will. In that case, Chuck Mattiucci, a financial advisor at Fragasso Financial Advisors in Pittsburgh, has a plan. Most banks and lending institutions will allow interest-only payments while loan principal payments are in deferral, he says. This would be the best option for most because the interest payments are a fraction of what the monthly principal and interest payments would be.

    Forbearance

    What it is. It’s essentially the same as deferment, with one difference: If you are rejected for deferment but are given forbearance, you will definitely be paying the interest that accrues during your break in making payments.

    Pros. As with the deferment, you get a break from paying your loans .

    Cons. As noted, the infernal interest. Usually, the interest you’ve accrued will be added to the principal balance, so you’ve just stretched the length of your loan, and you’ll pay more in the long run.

    Consolidation

    What it is. Consolidation turns multiple loans into one loan, meaning one payment. If you have federal loans, you can apply to consolidate them at StudentLoans.gov. If you have multiple private loans you’d like to consolidate, you can apply to a private lender, like a bank.



    10 Traps to Avoid When Taking out a Personal Unsecured Loan – Lending Club Blog #monthly #car #payment


    #unsecured personal loan
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    10 Traps to Avoid When Taking out a Personal Unsecured Loan

    The following is a guest post by Neil Faulkner, freelance journalist.  This article was originally posted on and adapted for US audiences with permission from lovemoney.com. a popular money management online publication in the UK.

    Taking out a new loan can be a dangerous endeavor. Here are the ten costliest traps to watch out for when taking out an unsecured personal loan.

    Unsecured personal loans are the simplest products there is, but the finance industry still manages to squeeze in a good number of extra ways to make money from you. I ve counted many traps so, before you buy, read here for what I think are the biggest ten:

    1. Small and fleeting

    The temptation with loans, particularly if they re being actively sold to you, is to go for an even bigger sum than you first thought. What s more, the lender will often convince you to drag out the loan for longer to reduce the monthly repayments. They re not being helpful; they re trying to earn more money over a longer time frame. When you pay debt interest, you ll never get it back, so you want to make the loan as short and small as possible to keep down those costs.

    2. Fix it

    Most personal loans have fixed interest rates, but you do have to watch out for the occasional variable rate loan. Look for the word fixed .

    3. Compare the TAR, not the APR.

    The annual percentage rate or APR (e.g. 16% APR ) is meant to be a standard way of comparing the cost of a loan over a year. However, the APR can be manipulated by the lender, so the best way to compare the cost of a loan is to look at the total amount repayable or TAR. This is the total cost including interest and charges that you will pay from your first payment to your last. You should also ensure that you can afford the monthly payment.

    4. It s not all about cost

    It s the total cost – the TAR – that is the most important figure. However, you also want to know if this includes charges other than interest, such as an origination fee.  When comparing loans, make sure you include the origination fees charged by all options you are considering.

    6. Consider alternatives

    You should compare an unsecured loan with your most likely alternatives. The first and best, if possible, is saving up to buy later, but otherwise you can use credit cards to get a short term low interest rate.  If you have good credit scores, you can also score lower rates going to peer-to-peer lending sites like LendingClub.com in the US or Zopa.com in the UK.

    If you use a personal loan to pay off other debts, ensure you cut up any existing credit cards and close the accounts. Avoid the temptation of using your debt-free credit cards and rack up more debts on them.  You will regret it.



    Private Student Loans: What to Watch Out For #college #loan


    #private student loans
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    Private Student Loans: What to Watch Out For

    Turning to a private education loan for help with climbing college costs can be awfully tempting. With an online application and the promise of a low interest rate, a private loan looks so easy and so affordable.

    But there s plenty to be wary about.

    Private education loans, also called alternative loans, exist outside of the federal student loan program. With a federal loan, every borrower is guaranteed a fixed, low interest rate and receives the maximum borrower benefits. That s just not the case with a private loan. Private loans are variable-rate commercial loans that require credit checks. So you ll need a good credit history or a co-signer to land the low rate you saw online. If you have less-than-stellar credit, you could end up paying a much higher rate, as much as 18 percent, and there s nothing affordable about that. And because rates on private loans are variable and fluctuate according to market conditions, whatever interest rate you qualify for could change.

    The repayment terms on a private education loan vary by lender. With some lenders, repayment begins immediately. Other lenders may allow borrowers to defer loan payments while attending classes.

    You also have fewer borrower protections with private loans than you do with more affordable, fixed-rate federal loans such as the Stafford loan.

    Federal loans come with a range of borrower protections that are mandated in the federal Higher Education Act. For example, with a federal Stafford loan, every borrower is entitled to deferment due to economic hardship or unemployment for up to three years as long as the borrower meets eligibility requirements for these deferments. Lenders of Stafford loans may also offer forbearance, a temporary postponement of payments, for up to 12 months at a time. Private education loan lenders are not required to offer forbearance or deferment options. Some lenders charge fees to process forbearance and deferment requests of up to $50, and forbearance may only be available for six months.

    Get a Free Credit.com Account Sign up for Credit.com and get your FREE Credit Score & Personalized Action Plan to help improve it. Free & updated every 30 days.

    A private loan is an option to consider after you ve exhausted your more affordable federal lending options. When borrowing to pay for your college education, put federal loans first and private loans a far, far second. To land a good deal on a private education loan, you ll need to shop carefully. Rates and fees vary widely. Here are some important questions to ask when shopping for a private loan:

    • What are the credit qualifications? All private education loans require a credit check. To get an idea of where you stand before you apply, you can use Credit.com s free credit report card. Private lenders may consider your credit record, assets, debts, income, as well as your college or university and your field of study. If you have limited or flawed credit, like the majority of students, you may be approved for a loan at a higher interest rate or require a co-signer to qualify for a loan.
    • What is the interest rate on the loan and how is the rate calculated? Interest rates on private education loans vary widely, with some lenders charging interest rates between 11 and 18 percent. All private loans come with variable interest rates and may fluctuate due to market conditions. The interest rate on a private education loan is based on a market rate (PRIME or LIBOR or the 91-day Treasury bill) plus a margin. The margin amount, the number of percentage points you pay over and above the market rate, depends on your credit worthiness. If a lender considers you a higher risk, you ll pay a higher margin and a higher interest rate on your loan. If a lender considers you a lower risk, you ll pay a lower margin and a lower interest rate on your loan.
    • Is there an origination fee? Many lenders charge origination fees on private education loans. Those fees range from 3 to 10 percent of the loan amount. There is no cap on origination fees. So shop carefully. A high origination fee could make a pricey private loan even more expensive.
    • When do I begin making payments? Most student loans don t need to be repaid until after you graduate. But some private loans may ask you to start making payments right away. Can you handle making loan payments while attending classes?
    • What is the late fee? Many private lenders charge late fees if your payment arrives 10 or 15 days after the due date. The late fees can be as high as $15 or as much as five percent of the payment amount due.
  • Can I defer or reduce loan payments during tough times? Hardship help varies from lender to lender. Does the lender offer deferment due to economic hardship or unemployment? Does the lender offer forbearance, a temporary postponement in payments? Will I be charged a fee? How long will the forbearance period last?
  • Will a private loan affect my eligibility for other forms of financial aid? It s a good idea to have a private loan checked out by a financial aid official at your college or university. The last thing you want is for a private loan to hurt your eligibility for more affordable forms of financial aid.
  • Weigh your financial options carefully. Federal student loans are the easiest and have the best rates. If you do want to use a private student loan, be sure to get the facts first and only borrow as much as you can eventually afford to repay.

    Comments on articles and responses to those comments are not provided or commissioned by a bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by a bank advertiser. It is not a bank advertiser’s responsibility to ensure all posts and/or questions are answered.

    Please note that our comments are moderated, so it may take a little time before you see them on the page. Thanks for your patience.



    Student Loans: Getting Out of Default #short #term #cash #loans


    #student loan default
    #

    Behind on student loan payments? Learn how to get out of default.

    If you are more than 270 days behind in your student loan payments, you are considered in default.

    Getting out of default is key to dealing with student loans. Many repayment plans and most postponement options require that you not be in default, or that you make three reduced, timely payments to qualify for a postponement or reduced-payment option. In addition, as long as you’re in default, you are not eligible to get new loans or grants. To learn more, see What Happens if You Default on Your Student Loans .

    Here are the various ways to get out of default:

    Cancel Your Student Loan

    You can get out of default if you qualify to have your loan canceled (discharged). This is the best option, because when you cancel the loan, you are no longer obligated to repay it. However, there are limited ways to qualify for loan cancelation, so this option won’t work for many people.

    Get a Consolidation Loan

    You can get out of default by getting a consolidation loan with a repayment plan matched to your income

    With a consolidation loan, you combine one or more of your federal student loans into a single loan with one monthly payment. To learn more, see Student Loan Consolidation .

    Once you get a Direct Consolidation Loan, you will immediately be taken out of default status. You will stay out of default as long as you keep making payments. Loan consolidation is usually a faster way to get out of default than a reasonable and affordable payment plan (see below), so it often makes sense to try this first.

    Get a Reasonable Affordable Payment Plan

    Another way to get out of default is to set up a “reasonable and affordable payment plan” with your loan holder. Borrowers in default have a statutory right to such a payment plan, based on financial circumstances. Be careful in negotiating a plan. By the time you are in default, your loan may be held or serviced by a state guarantee agency or a collection agency under contract with the Department of Education. Some loan servicers, especially collection agencies, may try to make you agree to payments higher than you can afford.

    Eligibility to Apply for New Loans

    If you make six consecutive and timely payments (within 15 days of when due) under a reasonable and affordable payment plan, you become eligible to apply for new federal student loans or grants if you want to return to school. But beware: If you default after you complete the six payments, you cannot enter into another reasonable and affordable payment plan. You can renew eligibility through such a payment plan only once. However, if you are unable to maintain on-time payments for six consecutive months during the first time you get a reasonable and affordable payment plan, you may try another reasonable and affordable payment plan.

    Getting Out of Default

    Six payments are not enough to get you out of default. In order to get out of default, you must make at least nine timely payments (within 20 days of when due) in a period of ten consecutive months. Perkins rehabilitation does not specify that the payments must be reasonable and affordable, only that the nine required payment amounts are to be set by the school. If you have a Perkins loan, you should negotiate for reasonable and affordable payments.

    Loan Rehabilitation

    After you make the qualifying number of payments, the guaranty agency or Department of Education can usually sell your loan to a new lender. This is called loan rehabilitation. Once your loan is rehabilitated, you will be put on a standard ten-year repayment plan or you should request one of the more flexible options. (To learn more, see Student Loan Repayment Options .)  However, you can only one get one loan rehabilitation after August 13, 2008, so be sure the plan is something you can handle before you agree to it. You will not have a second chance. Loan rehabilitation also wipes out the default notation on your credit report.

    The option to rehabilitate (bring current) a loan is not automatically available if the creditor has already gone to court and obtained a judgment against you for the debt. Lenders have the choice to rehabilitate these loans but are no longer required to do so.

    To learn more about default, student loan repayment options, ways to cancel your loans, and more, see Nolo’s Student Loan Debt area.

    This is an excerpt from Nolo’s  Solve Your Money Troubles: Debt, Credit Bankruptcy , by Margaret Reiter and Robin Leonard.