Friday, August 31, 2012

Jobs and Payday Loans are in High Demand These Days

Jobs are in high demand these days as the unemployment rate is still on the rise. Those looking for a payday loan or cash advance to supplement their bank account must be gainfully employed in order to get one of these short-term loans. Although there are all sorts of viable incomes such as an annuities, retirement, SSI and even unemployment benefits, the borrower needs to show a steady income as a good way to prove repayment liability.

Whether you have a job or another source of income, times can still be tough. That's why payday lenders make securing a cash advance easy and quick. Online lending has proven to be the easiest and quickest way to find anything including a payday lender. The cash advance or payday loan process is simple due to the fact that the cash you need will be in your bank account within 24 hours as a result of a simple and timely application and approval process.

Most online payday lenders have an easy one page application. The requirements are minimal and include your name, current income source, or monthly income verification and an active bank account. No document faxing is necessary and there are no credit checks. After this simple application process and approval of the information, the borrower will be granted a short-term, temporary loan in the amount of anywhere from to ,000 depending on their income. The repayment date will be pre-set based on the borrower's payday.

Just as there are many different kinds of income, there are many lenders to choose from. Lenders' terms, interest rates and fees vary from state to state and lender to lender. When you are searching through the various choices, take note of fees, interest and terms of the lender. Payday lenders are regulated by the state as to the amount they can charge on a loan, as well as the amount of money borrowed. After you choose a few lenders and tell them your situation, offers will be sent to your email inbox for you to decide on. Choose wisely and then submit your application form and wait for approval. Most payday loans are approved quickly.

The repayment date is another consideration for one of these loans. The borrower has a date when they receive his/her income which is the basis for repayment. The repayment date can vary as does the amount borrowed. The repayment date will be pre-set and chosen to suit both the borrower and the lender.

Friday, August 17, 2012

Avoiding Bankruptcy With a Scottish Protected Trust Deed

A Scottish protected trust deed is a means in Scots law for you to pay your creditors what you owe them through a trustee. It is basically a means of avoiding bankruptcy by placing all your assets into the hands of a trustee who will realize them when necessaery and pay your creditors according to the value of the assets.

In a regular Trust deed, you agree to tranbsfer your assets to a trustee, who then communicates with your creditors and arranges your payments. These payments can be made from money you agree to pay to the trust and also by selling your assets, though essential household items cannot be sold. It is fundamentally a way to avoid bankruptcy (or sequestration). However, any creditors objecting to the trust deed can take their own steps to recover what you owe them. A Protected Trust Deed differs in that even creditors that object cannot undertake further legal steps to recover what they are owed. They are obligated to adhere to the terms of the protected trust deed.

In order for a trust deed to become 'protected' the following steps are necessary:

1. Your trustee must place a notice in the Edinburgh Gazette, 2. Inform each of your creditors in writing that you are petitioning for a Protected Trust Deed, and 3. Each creditor must be sent a copy of the notice placed in the Edinburgh Gazette.

Each creditor then has five weeks in which to object, commencing on the date of publication of your notice in the Edinburgh Gazette. The trust deed will then become protected if:

a) Fewer than one third of your creditors object, OR b) Fewer than those representing a third of your total debts object.

If either of these groups do object, then you may be able to petition for sequestration yourself, but only if you owe more than £3,000 and you have never been declared bankrupt over the past 5 years.

A protected trust deed should only be used where you have no other means of repaying your debts and do not wish to be declared bankrupt. Credit references agencies will be informed of your insolvency through your notice in the Edinburgh Gazette, and your trustee must be provided with all of your assets (everything you own). You should also pay the trustee as much of your income as you can afford after paying your essential household bills.

Obviously, the more you can afford to pay yourself, the less likely it will be that your house will be sold. You could also think of arranging a loan secured on your home and pay your debts that way. The trustee can sell your property to raise the cash needed to meet the terms of the protected trust deed, and even if your house is co-owned a sale can be forced in court with the trust receiving your part of the proceeds.

It is thefore the last chance saloon, and should be regarded as your last chance to avoid bankruptcy. Your creditors are obligated not to contact you any more, but with the trustee, even if they had objected. The trust normally runs three years after which remaining debts are written off and any remaining funds and property still in the trust are returned to you.

Thease are the main reasons why you should consider a protected trust deed apart from the fact that it will enable you to avoid bankruptcy:

• You no longer have the pressure of continual telephone calls from creditors
• All interest charges and costs are stopped when the protected trust is set up
• It cost less to set up than bankruptcy
• You will normally be able to serve as a company director
• You will normally be able to remain self-employed
• You will normally still be able to hold public office
• All remaining debt after three years will be written off
• Information about the protected trust deed is not published in the press like bankruptcy is

However, you must take no further credit during the period of the trust deed, pay the agreed monthly contribution and cooperate fully with the requirements of the trustee. If your financial situation improves in any way, such as from a legacy or even a lottery win then you must inform the trustee.

The Protected Trust Deed is entirely a Scots law arrangement and is fairly easy to form. You first have to complete a form that will determine whether or not you qualify for this method of arranging debt repayment, and if so you are put in touch with a company that specializes in trust deeds. They will then take over the process for you from the information with which you provide them.

Monday, August 13, 2012

Senior Citizen In Need Of Stair Chair Lift - Is Medicare The Only Real Choice?

Stairlifts for senior citizens have turned into a hot topic these days. 3 factors. First, home sweet home. Just who wants to move out of their house, even if they've trouble navigating the stairs?! Next, there are huge numbers of seniors retiring each year, far more than before. Lastly, a lot of US home owners are trapped in their own houses, possibly because of their home mortgages under water, or unable to obtain funding for a brand new home.

Might your stairway lift be insured by Medicare health insurance? Stairlift price is not all that modest, it can cost as much as ,000 or more depending on your house. Therefore the question about stair lifts Medicare coverage makes much sense.

Of course, you might have really been having to pay in to the Medicare system your entire working life, you ought to be permitted to your payout as well. The truth is, there is certainly no published record that says that Medicare won't pay for your stairlift.

In terms of Medicare stair lifts for seniors, there are many caveats and road blocks on the way of finding as much coverage from Medicare health insurance as you possibly can. They're: Medical need, locating the right Medicare accredited provider of stair lifts, navigating the Medicare documents, persistance, and paying attention to for any possible alterations in Medicare program.

Health Need - Ensure You Get Your Medical Practitioner's Written Request To Insurance (Medicare) For The Stairlift

To enable you to be eligible for a a stairlift paid by Medicare insurance, you absolutely want to have a healthcare practitioner's written notice to Medicare asking for approval for repayment. It really is a type of an insurance claim. It is going to be very good to create the outline of your circumstance in your home for your physician so they can have a better notion as of the reasons why a stairlift will likely be the most advantageous. Medicare will almost certainly need to be sure that nothing else much less costly option is going to be sufficient to ensure movability.

Locating The Medicare Recognized Supplier Of Stairlifts

Medicare will exclusively work with the stairlift distributors which agree to the Medicare insurance schedule, either on an continuing basis, or on the case-by-case basis. Ensure that the stairlift company you select will be alright with the Medicare schedule. This is called a Medicare participating service provider.

Keeping Up With the Medicare Paperwork

From the initial gathering up of the supporting docs for the case, to the potential first denial letters, to your conversations with doctors and stairlift providers, keep comprehensive paperwork of all conversations, including the phone calls.


It is most likely that the initial Medicare insurance claim for home stairlift is going to be turned down. Tenaciousness pays in such a case. Examine any given reasons for the rejection and reapply with further documents, as reasonable.

Potential Adjustments Inside The Medicare Program

If you are in a need of a stairlift, at this time may be the ideal time to get it if you are signed up for Medicare insurance. However, the Medicare benefits are in danger of being decreased within the USA, which might affect your prospects of obtaining the maximal Medicare reimbursement on your stairlift. So be on a lookout for modifications within the Medicare law, and respond swiftly.

Thursday, August 9, 2012

Amortization Mortgage Information

If you were to seek a definition from a financial professional such as an independent advisor, they would probably describe an amortization mortgage as being in effect a systematic payment plan for the repayment of a mortgage, in most cases this takes the form of a regular monthly payment ensuring that your loan is paid off over an agreed and specified loan period. This definition of course then leads us to the conclusion that an amortization mortgage is simply the name given to the amount of money that is to be paid off by a certain date. Most times when you hear about amortization it refers to the schedule and amount that someone will be required to pay. The way that the amortization mortgage is usually repaid is through equal monthly installments over the period of the loan.

A mortgage can be repaid in various ways, depending upon the form and agreement the lender has agreed with the home owner. For example with an amortization mortgage the repayments are generally divided into two portions, where the first is a proportion of the principal amount of the loan itself, and the second is the interest on the loan. The repayment includes both added together on a monthly basis. The interest portion is the percent growth of the money over time, the amount that the lender is going to receive as their payment, in effect, for having loaned you the money. The interest on the mortgage is calculated based on the current amount owed, and this of means that the longer you take to repay the mortgage, the lower the interest becomes.

There are many advantages and disadvantages in Amortization Mortgage loans. The way in which such mortgages are calculated tends to be based on how an adjustable rate payment loan is calculated. This means that such an amortization mortgage is a loan where the amount you pay every month and over the length of the loan depends by and large on the rise or fall of interest rates over the period, and of course you are susceptible to large interest rate rises. You are also going to have lower payments when rates are low.

There do exist some forms of adjustable rate mortgages which offer payment caps, and the purpose of this is to limit the increased amount of your monthly payment on your mortgage, thereby making your loan negatively amortized as it is called. Where the interest rate increases to the level where the interest you have to pay cannot be covered by your monthly payment, it will particularly be the case that the unpaid amount will be added into the loan balance which of course pushes the loan up or back in terms of repayment over time.

The situation where you may end up with a negative amortization mortgage will hopefully never happen, and it can be stopped if you choose to pay the additional amount at the time rather than allowing it to be pushed back to the end of the repayment period. One of the reasons that negative amortization mortgages can be useful is that your cash flow can be more easy to control and organise, with less variability upwards every month. And keep in mind that the interest rates may well go down with an adjustable rate amortization mortgage, rather than always in an upward direction. It is frequent for many adjustable rate amortization mortgage lenders to use interest rates that adjust once in a set period, for example every six months or a year, sometimes longer periods. But the case with a negative amortization mortgage is different, they can change on a monthly basis.

Tuesday, August 7, 2012

Can Debt Collectors Repossess My Assets If I Don't Pay?

Many debtors that are delinquent repay the collection agencies based solely on the threat of repossession if the debtor cannot or will not pay the debt. This is a shame. According to the
Federal Debt Collection Practices Act (FDCPA), debt collectors cannot make false claims. If they do so, they may be sued for up to ,000 by the debtor. Therefore, if a debt collector threatens that they will take away your assets if you don't pay, that is illegal.

Keep in mind that credit card and other types of debt are unsecured. This means that the creditor has no collateral for the loan. They cannot come to your home unannounced and take away everything you own. Even if they were to sue you and win, they still cannot claim any assets. The collection agency will be awarded a judgment, the courts may freeze your bank accounts and/or order that your wages be garnished, but no assets can be seized.

Debt collectors only have claims to the unpaid debt. That's the only thing they have against you. The threat of repossession is just that-a threat. The primary reason they threaten you is because they know that most Americans don't know the laws pertaining to debt collection. They know that most people will get scared and pay-up.

The only scenario for a debtor to lose a portion, or most of their assets is through a Chapter 7 bankruptcy. This chapter allows most or all unsecured debt to be forgiven. Also, the judge will analyze the debtor's assets, income, liabilities and a few more variables and conclude whether or not a portion of the debtor's assets will be sold. The court will appoint a trustee to sell the assets, and use the funds to pay-off the debtors creditors.

If you are experiencing financial hardship and you are having difficulties paying your debts, I strongly recommend that you familiarize yourself with the FDCPA. It's amazing some of the stories the debt collectors make up in order to collect a debt.

I once had a client that was hysterical. She called me and informed me that the debt collector spoke to her 8 year old daughter and threatened that if her mother didn't pay her debt in the next 10 minutes, the police would take her and her mother to jail. He told her that her mother will lose the house and told the poor little girl that she would be sleeping on the street!

If you own a home, or other real estate, and you default, the government is first in line to claim equity (if there is any) pertaining to defaulted debt. The lender for the first mortgage stands second in line. Next, lenders of second mortgages and HELOCS can minimize their losses if there is any equity left. Last in line are personal loans and creditors of unsecured debt.

Try not to worry so much by creditor threats. Unpaid debts almost always get settled out of court. The collection agencies usually don't want to end up in court. The costs of suing someone are too high. If you cannot repay the debt now, simply inform them. If they continue to bother you, change your number or get caller ID. You have rights. Good luck!

Friday, August 3, 2012

Tax Saving Strategy for Real Estate Agent Accountant Mississauga

Tax Savings Strategy for Real Estate Agents Accountant Mississauga

This article discusses a unique tax saving strategy for real estate agents. If you are a real estate agent, then it is very important that you read this article.

As a real estate agent in the top income tax bracket in the province of Ontario, you are paying tax at a rate of 46.4%. Now, wouldn't it be nice if you could incorporate and pay tax at a rate of only 16.5%?

"16.5% is the corporate income tax rate for small business corporations in Canada. Unfortunately, the Real Estate Council of Ontario (RECO) does not permit real estate agents to incorporate," says Allan Madan, Accountant Mississauga, Toronto, Canada.

So how do we solve this dilemma? It involves a series of steps, including the use of a management company. This article will walk you through those steps.

Create a New Corporation - Tax Savings Strategy for Real Estate Agents Accountant Mississauga

Step 1 Create a New Corporation Tax Savings Strategy for Real Estate Agents

The first step entails creating a new corporation that is owned by your spouse. The new corporation will perform managerial services including marketing, administration, accounting and other functions on behalf of you, the real estate agent.

The new corporation will charge a fee to you for performing managerial services.

Determine Expenses to Charge

Step 2 Determine Expenses to Charge Tax Savings Strategy for Real Estate Agents

The second step is to identify the types of expenses that the managerial company will pay for and charge back to you. The expenses that you would ordinarily pay for as a real estate agent and that would now be paid by the management company include:

Advertising, Marketing & Promotion
Computer charges and internet
General overheads

The above expenses should be charged back to you by your spouse's corporation at cost plus a mark-up of 15 to 25 %. An invoice must be prepared detailing the expenses and mark-up.

Charge for Labour Hours - Tax Savings Strategy for Real Estate Agents Accountant Mississauga

Step 3 Charge for Labour Hours Tax Savings Strategy for Real Estate Agents

The third step is for your spouse's corporation to bill you for time spent (on an hourly basis) by the corporation's staff on administering the marketing, administration and other functions on your behalf. The time spent by your spouse should also be billed back to you.

Write Monthly Cheques to Management Company

Step 4 Write Monthly Cheques to Management Corporation

The fourth step is for you (real estate agent) to write a monthly cheque to your spouse's management corporation for the services performed that month.

For example, assume that the invoice totals ,000 for the month. You (real estate agent) would receive a deduction for the ,000 paid at a tax rate of 46.4% (marginal tax rate). Your spouse's corporation will pay income tax on ,000 received at a tax rate of only 16.5%. So you can see how we saved 30% of income taxes by simply using a management company structure.

It is very important that you have a management agreement in place that is drafted by a business lawyer and reviewed by a Chartered Accountant in Mississauga / Toronto / Oakville. The management agreement must comply with the Canada Revenue Agency's guidelines and it must be able to withstand an audit by the Canada Revenue Agency, if an audit occurs.

Please do not attempt to create a management company and management agreement on your own.

Wednesday, August 1, 2012

An Introduction To Home Loan Interest Rates

A lot of people cringe at the very mention of interest because of the common image that is another venue for expending money. But this intimidation in turn results into the little knowledge about interest rates that most people have.

To conquer the fear of something, one should know more about it. Here is a little some useful information about home loan interest rates that could help one get acquainted with home loans in general:

What are the two types of home loan interest rates?

There are two major types of home loan interest rates available for people who are planning to borrow money to buy a house. The first is the fixed rate home loan, in which there is a fixed interest rate as well as monthly dues extended over a fixed period of time, such as 15 years or 30 years. The second type is the adjustable rate home loan, where the interest rates vary up or down according to the fluctuation of the interest rates in the market.

Fixed Rate Home Loan Interest

Fixed-rate home loans are generally the more popular type of interest rate scheme among the two. They are very popular mainly because people are quite adamant about the image of their home payments falling down or rising up because of varying interest rates. People usually get fixed-rate home loans whenever the rates offered for a particular time are quite low, making the mortgages quite affordable for them.

Fixed-rate home loans are generally divided into two types according to the duration of loan 15 or 30 years. Some people believe that 30 years is quite reasonable, while other think that 15 years is more so. Here are the advantages and disadvantages of each type of fixed-rate home loans:

30-year Home Loan

This type of fixed rate loan provides the borrower a chance to loan money for a long time without being bothered by fluctuating payments and interest rates. Many people believe that this type of loan is more affordable because the monthly payment rates are significantly lower that those involved in a 15-year loan since the interest rate is distributed over a wider period of time. The smaller increments of monthly payments allow the borrower to allocate their resources to other investments, which may help them maintain their houses better.

The disadvantage of a 30-year home loan is that it takes very long for borrowers to develop equity since the payments made during the early portions of the loan term just go mostly to the interest instead of the principal. When computing the overall interest rates, they are significantly higher than that of a shorter-term loan since the term for amortization is much longer. The interest rates for this type of loan are also significantly higher than for the 15-year home loan.

15-year Home Loan

This type of home loan is good for others because they allow the borrowers to develop equity significantly faster because the amortization schedule is shorter. When computing for the overall interest, the borrower would get a significantly lower total than those who are on a longer term. Interest rates for this type of loan are also significantly lower than for the 30-year home loan.

However, some people cannot afford this type of loan because the monthly payments may be very much higher than with the 30-year home loan. Typically, buyers could only acquire houses of smaller value than what they may be able to afford with a loan of a longer term.

Adjustable-rate Home Loans

Despite the idea of fluctuating interest rates, some people prefer adjustable-rate home loans. Those who do generally understand that the interest rates do not really rise or fall like a seesaw. Adjustable-rate home loans actually start with fixed rates for a particular, longer period and then followed by a significantly shorter period of adjustable interest rates.

What is good about adjustable-rate home loans is that the fixed interest rates for the initial period are very much lower than that of fixed-rate home loans. And this fixed-rate portion of the loan is very much longer than the adjustable part. For instance, the fixed-rate term might be 10 years long, while the adjustable rate term would be just a year. Some people actually get to save more in such scenario.

However, people still have to be careful when getting adjustable-rate home loans. Careful study must be made to ensure that interest rates in the adjustable part of the loan do not rise dramatically.
Knowing about the types of interest rates for home loans is an important factor when planning to borrow money to buy a house. To know more about home loan interest rates, it is best to consult with loan experts.