Business And Finance

Understanding the Need For an Expert Witness

2009-09-01T12:39:00.000-07:00

The information that is offered by one is much difference than the information offered by the other.The factual witness The factual witness is an individual who knows facts about the case. For example, someone may be a witness to a murder, so they know facts about the case. They saw things and they know things that no one else has seen or knows. They have to give this information to those inthe courtroom in order to be admitted as a type of evidence for the case.
What they do is they take an oath to tell the whole truth about what they know. They then give
this information. It is the lawyer or prosecutor's job to find discrepancies in the witness's
statement. If they do, that can indicate that the individual is lying or they just need help clarifying some things. Once things are clarified and the jury has a clear picture of that witness, they are able to have more data to help the make an informed decision about the case.

The expert witness

The expert witness is a completely different entity. For example, the expert witness will be a
doctor, a scientist, or someone who is a professional. They are an expert in a particular field.
And there is no limit to the number of fields that individuals can be experts in when it comes to
expert witnesses. Even a Botanist may be called to the stand if a certain kind of flower was
found at the crime scene.

Murder trials and other crimes committed against another human being are frequently cases
where an expert witness is needed. Perhaps the coroner needs to testify about an autopsy.
They'll talk about what it is that led them to come to the cause of death conclusion. An expert
witness may also give their expert opinion about something, such as something being possible
or not. Forensic scientists and even dentists can be called up to the stand regarding crime
scene evidence and such things as dental records.

The importance of the witnessEither way, these are very important witnesses. In a trial, it is important that all of the possibilities, impossibilities, evidence, eyewitnesses, and expert witnesses are laid out in front of the jury. This is important to ensure that someone who is innocent is not sent to prison for a crime that they didn't do. The opposite is true as well. Not having sufficient evidence or witnesses can result in a guilty individual being let go, which means they could commit the crime again.

So if you are an expert in a particular field, you could become an expert witness. You never
know when your expertise is needed. And if you find that you have been witness to a crime, you
may be called to the witness stand to go over what you have seen or heard. All of this
information is very important in order for the jury to establish innocence or guilt. This can make a huge difference in many lives and a difference in the world. When the guilty party is put away,
the world is a safer place.
Find more info on how to get an - L clipboardForensic Accounting or an expert opinion from a certified Forensic Accounting toxicologist or visit Aquinaught Legal Services blog for more interesting articles.

Tips For Forensic Accounting

2009-07-20T05:29:00.001-07:00

Forensic accountants are specially trained to apply the knowledge in auditing, accounting and finance as well as utilizing the investigative skills to uncover the truth in illegal financial activities, assist in investigating potential crimes and form legal opinions.

Here are some tips and advice on forensic accounting for those who are interested to get involved:

1. Avoid yourself from getting involved in any scandal by improving your internal controls

In today business world, there are many business owners who allocate budget to hire forensic accountants to assist them in analyzing their existing business practices and processes, making recommendations for improvement, helping them to minimize fraudulent activities in the company. As a result, as a forensic accountant, you must always provide your service in a professional and effective manner.

2. Equip yourself with good public speaking skill and effective presentation skill

A forensic accountant sometimes needs to provide assistance in legal proceeding, including testifying in court as an expert witness. Therefore, a forensic accountant must have good public speaking skills and they must have full exposure in doing presentation.

3. Always find opportunities to upgrade yourself with necessary skills and knowledge

Forensic accountants should always upgrade themselves by attending extra academic courses, trainings, seminars and forums in the related field to make themselves more marketable in this specific field.

4. Forensic accountants have to possess multiple skills by combining the skills required as professional record keeper, a paralegal and an investigator.

Forensic accounting requires one to possess the ability to interpret facts, analyze data, think logically and he or she must have the sensitivity of figures. A capable forensic accountant must possess the personal characteristics as follows - calm, curious, persistent, organized, confident, creative, fair, strict, determined, and so on and so forth.

A bad credit problem

2008-04-24T10:07:00.001-07:00

A bad credit problem may have an effect on future borrowing, insurance premiums, and even acquiring employment. Debt counseling is available on the Internet for the consumer with bad credit problems. Look for a debt counseling agency who is accredited by the National Foundation for Consumer Credit (NFCC) when seeking answers. Find out the fees charged by a credit-counseling agency before enlisting their services. Some agencies offer a debt repayment plan which may only include unsecured debt such as card debt and other high interest loans. Financial issues may have some resolution through a debt counseling agency but make sure the agency is reputable. Find out how their program is tailored for a bad credit problem and if they will be able to eliminate or lower interest rates with current creditors.

Financial trouble won’t go away with the enlistment of a debt-counseling agency. A plan will need to be set in motion to try and repair a bad credit problem. The consumer has options online through various companies to get help with financial repair or choose to tackle this themselves. Some institutions online offer help with financial repair for bad credit problems. Do some research and check out various types of organizations. Many will charge fees for these services. If the consumer uses a company who specializes in debt consolidation loans they may have staff that can offer needed assistance. Learning to live on a budget and not use high interest cards for purchases are a good place to start. With any plan of action reform is needed along with that plan. Understand the reason for the bad credit problems and don’t make the same choices the next time around.

Some useful tips regarding a financial issue might include avoid impulsive spending, stop using high interest cards for purchases, make up a budget and stick to it, don’t make high-risk investments, don’t co-sign for someone who has questionable financial habits, and don’t buy on cards when it is unnecessary. Consumers with for bad credit problems can find assistance with their financial issues online and locally. The local phone book is a good place to start searching. Being a good steward with money is essential when trying to overcome a bad credit problem. There is a lot to be said for learning to live within one’s means. “Thou oughtest therefore to have put my money to the exchangers, and then at my coming I should have received mine own with usury.” (Matthew 25:27)

Consolidate Credit Card Debt - Eliminate Credit Card Bills Without Bankruptcy

2008-04-24T10:06:00.002-07:00

If you are tired of running around with several credit card balances, loan repayments with various interest rates, or you simply want something more convenient, a credit card debt consolidation loan may be the best program for you.

All Loan Repayments in One Easy to Manage Monthly Bill

A debt integration loan will permit you to have simply one loan refund per month that will wrap all of your new loan repayments that qualifies. Your recognition cards and your medical bills are better examples of some of the unsecured loans that will qualify for reporting with a debt integration loan.

Unsecured or Secured Consolidation Loans

Interest rates shall be lower with a secured efficient debt integration loan than it will be for an unsecured one. You can opt to acquire additional financing on a secured loan because you will get collateral in your home. It’s known that unsecured integration loan are seen as a high danger for the loan party, which means you will get higher interest rates and a shorter repayment scheme at a lower whole price compared to the secured integration loan.

Even if your financial character grade is low, you will yet be considered for a locked integration loan. Your current financial status and the loan terms will determine if a secured or unsecured plan is the correct one for you. You might get to ratify your home over as collateral if you have a terrible financial grade.

Learn about Different Types of Consolidation Loans Available Online

One of the best ways to discover about distinct debt integration loans is to look online for data about prospective loan integration lenders. Request quotes from lenders and hold course of each party’s interest rates, the terms being laid down and what sort of loan payments will be qualified for coverage.

Add Up Your Bills and Determine Your Repayment Amount

You can calculate the overall refund sum for all qualified loan bills. This financial information will be needed before you can request a secured debt integration loan. You might want to check the difference between the refund total you are presently paying with the overall refund sum for each one of the quotes you will receive. To find the best consolidation loan, you must be able to study and cross-reference the different terms of the loans being offered at hand from each individual financial institution.

Crushing Credit Card Debt

2008-04-24T10:06:00.001-07:00

The average American family is now over $7000 in debt just on their credit cards. That debt generates an interest charge of over $105 each month if your card charges the average 18%. If you have missed a payment or made a late payment (even by one day!), you may be paying up to 27% interest or over $157 each month.

Most credit card companies require a modest payment towards the card balance. Modest meaning from $10 to $20 a month. To pay off a $7000 debt at $20 a month you will not pay off this debt for 29 years.

And what about those interest charges? Paying off a $7000 credit card debt charging an interest rate of 18% and paying $20 a month towards the debt, you will pay over $18,400, more than TWICE the original debt, just in interest.

What if you have more than one card? What if your debt is over $7000? What can you do? How can you get out of this hole?

There are some techniques that can help you pay off your debt and do not require expensive loans, invasive credit checks, or expensive financial planners and accountants. You can also save on interest charges by paying off your debts in a certain order.

The most effective technique is sometimes called the “snowball” method. The snowball method suggests that when you pay off one debt you apply that payment amount to the next debt. Thus the amount you pay on a debt grows like a snowball rolling down a hill.

For example, you have three credit cards with debts of $5000, $4000, and $3000 which are charging you 18%, 27%, and 12%, respectively, and you are paying $150, $125 and $100 each month. By paying these required monthly amounts you will pay off your $3000 credit card first.

Now that the $3000 card is paid off you have an extra $100 a month. Put that extra $100 toward paying off your next credit card debt. Now you are paying $225 a month on the $4000 card and the $150 on the $5000 card. With this accelerated payment on the $4000 card you will pay off the card earlier and save some money on interest charges.

Then apply the $225 payment to the $5000 card for a monthly payment total of $375. Soon this card will be paid off and you will have $375 extra each month to pay off other debts or better yet, INVEST!

So, which debts should get paid off first?

Generally, you want to pay off the debts that are charging you the highest interest rates first. In the above example you could have added the $100 payment to the $5000 credit card rather than the $4000 credit card. But the $4000 credit card is charging you 27% where the $5000 credit card is charging 18%. By paying off the card charging the higher interest rate first, you will save some money on interest charges.

If this sounds too confusing, you can enlist your computer. You can search the Internet for the keywords “debt reduction calculator” or you can visit http://www.simplejoe.com/debteraser/index2.htm and review a product named Simple Joe’s Debt Eraser.

Simple Joe’s Debt Eraser helps you create a Rapid Debt Reduction Plan that is customized to your debts and your situation. Just enter your debts and the amount you can afford to pay each month. The software will create a plan telling you how much to pay towards each debt each month until they are all paid off.

You CAN pay off your debts. The trick is to stop charging purchases to your credit cards and develop a debt reduction plan. Your plan should include “snowballing” your payments and prioritizing the debts by high interest rate.

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© Simple Joe, Inc.
David Berky is president of Simple Joe, Inc. which sells the Simple Joe’s Debt Eraser PC software. Debt Eraser can help anyone get out of debt quickly and inexpensively by creating a Rapid Debt Reduction Plan. This article may be freely distributed as long as the copyright, author’s information and an active link (where possible) are included.

50 good things about being debt-free

2008-04-24T10:05:00.002-07:00

I had a song running through my head when I was thinking about debt and then had an epiphany: Not since Paul Simon advised couples on “50 Ways to Leave Your Lover” has there been such a need for a new list.

I’m always telling people that they should deal with debt, and not “slip out the back, Jack,” but maybe I don’t dwell often enough on the sugar that comes after you take your medicine by paying off those bills.

Frequently Asked Questions About Debt Collection

2008-04-24T10:05:00.001-07:00

Can a debt collector call me late at night? No, collectors can only contact you by telephone between the hours of 8:00 a.m. and 9:00 p.m. Early morning and late night calls are prohibited under the Fair Credit Collection Practices Act. A debt collector is charged with knowing what time it is in every region of the country so as not to call someone outside the allowable hours.

Can a debt collector leave messages on my answering machine? A debt collector can leave messages on your personal answering machine until you tell him to stop. A collector cannot discuss your debt with third parties, which means that he cannot leave messages regarding your debt on your employer’s answering machine or a relative’s answering machine. He can leave is name and number though, at least until he is asked to stop.

Is a verbal payment agreement with a collector enforceable? Probably not. You should get all agreements in writing, particularly since the collection industry has a high-turnover rate. Another collector might take over your account or your account might be sold to a third party. Be aware that even a written agreement might not be enforceable if your account is sold to another collection agency. But you should get all agreements in writing anyway as to protect yourself later on if you’re sued. A good written agreement (1) sets forth all material terms and conditions; and (2) is signed by both parties; and (3) is dated.

Does the collector have to accept my partial payments? No, they do not and many of them will claim that they won’t accept a partial payment. Collectors want you to send them a lump sum payment and they don’t care if you have to borrow it from a relative, skip your car payment or take a cash advance from your credit card. So they use very aggressive tactics to scare you in to paying the debt in full as quickly as possible. But the smarter thing to do is to pay them only what you can afford to pay them. Keep paying your house and car payments, don’t borrow money from relatives or your credit card and pay them only what you can afford each month. Send it in every month even if they keep sending it back. Keep proof that you’ve been trying to send them money. This will significantly reduce your odds of being sued, as most collection attorneys know that a judge, when presented with evidence that you tried to pay the debt, will yell at the plaintiff for wasting his time with an unnecessary suit when the defendant was trying to pay the debt. Eventually, most collectors will give in and accept the partial payments.

Is my agreement enforceable against a new collection agency? It isn’t that uncommon to find yourself dealing with a new collector or new collection agency when you owe a debt. For example, if the original creditor fires the old collection agency and hires a new one, you might suddenly find yourself receiving collection calls and letters despite the fact that you have a payment agreement with the old collection service. The agreement is not enforceable against the new company unless they choose to accept it; however, sending them a copy of it would help you tremendously in establishing a payment schedule with the new collection agency.

A collection agency keeps harassing me about a debt I don’t believe I owe. What can I do? Send them a certified letter asking that they verify the debt. (Sample letters are included in our debt kit.) Verifying the debt requires that they send you copies of documented proof that you owe the debt. There is a statutory period governing them, so you need to act as quickly as possible after that make initial contact with you. You can also ask them to stop contacting you since you don’t believe you owe the debt. Once you have told them this, they are barred under the Fair Debt Collection Practices Act from contacting you to try and collect the debt or putting negative information on your credit report. They can contact you to tell you they’re giving up all collection activity or they’re going to sue you.

A collector told me that he was going to call my employer and have my wages garnished. Can he do this? Not without a judge’s signature. The Constitution of the United States guarantees you “due process.” This means that a collector must sue you and the matter must be heard before a judge before your wages can be garnished. Your employer will not garnish your wages until he receives an official document from the court ordering him to do so. Remember that most threats of this nature are bluffs; however, if you think the collector will carry out the threat, then work out a payment agreement before you get sued. Don’t let the matter proceed to this point because a
wage garnishment is hard to reverse.

Does the Fair Debt Collection Practices Act apply to major credit card banks? No, it applies only to the collection attorneys and professional debt collection companies they might hire. Original creditors are regulated by state law; however, the major credit card companies follow policies that closely mirror those of the FDCPA and will comply with your request to stop phoning you at home and work, etc., just as if you were dealing with a collection service. If you believe you have been harassed by an original creditor, or that the original creditor has done something illegal or threatening towards you, then research your state laws on the subject and contact the proper authorities to file a formal complaint. Typically, the Attorney General in your state is the proper authority to contact.

Debt Problems: Can a Debt Collector Contact My Employer?

2008-04-24T10:04:00.003-07:00

A debt collection agency may contact your employer to verify your employment, your work location, to find out whether you have medical insurance to cover a specific debt, or to garnish your wages. In order to garnish your wages, the debt collector must first sue you and obtain a judgment against you. Most states require debt collectors to make such inquiries of your employer in writing; however, they may allow the collector to contact the employer by telephone if no response is received within a few weeks of the written inquiry.

Can a debt collector call me at work about a debt?

Yes, a collection agency can contact you at work by phone or mail unless the debt collector knows or has reason to know that your employer prohibits you from receiving such communications. Any written communication sent to you at work must me marked “Personal and Confidential” and a debt collector may not reveal the reason for the call to your supervisor or any co-workers. If he does, he has violated the Fair Debt Collection Practices Act and you might have the right to sue him.

If you don’t want to be contacted at work, write the debt collector a letter asking him not to call you at work or send you notices at work because your boss forbids such activity.

Our downloadable debt kit will help you effectively deal with debt collectors and settle the delinquent account for significantly less than you owe.

State Statutes of Limitation on Debt Collection

2008-04-24T10:04:00.001-07:00

Are you being hounded by a debt collector for an old debt you thought was written off years ago? If so, it is likely you are being contacted by a scavenger debt collector, which is a company that purchases older, mostly uncollectible debt for a tiny fraction of its value. Scavenger debt collectors are notorious for using illegal and unethical methods to collect “time-barred” debt.

You do not have to pay debt that is considered too old by your state. Every state has laws governing the time in which a person or entity can file suit to collect a debt. Generally, a creditor or debt collector gives up his right to file suit to collect a debt after a period of six years from the time the debt was written off (or the date of last activity on your credit report), but various states allow anywhere from 2 to 15 years to collect delinquent debt (see statutes of limitation table below).

The purpose of these statutes of limitation is to bring some measure of fairness to the debtor so that he / she (1) will not have to worry about being sued for the rest of their lives; and (2) so that the debtor can properly defend himself with fresh evidence and witnesses, if any.

This doesn’t mean that a creditor cannot file suit against you after the statute of limitations has expired; however, if a creditor or debt collector does file suit, you can ask the judge to dismiss the suit on the grounds that the statute of limitations has expired. In fact, if the statute of limitations is about to run on debt you owe, don’t be surprised if you suddenly hear from a collection agency threatening to sue if you don’t pay immediately.

If a debt collector contacts you regarding an old debt, do not admit that you owe the debt and do not agree to make any payments. Simply tell them that the “statute of limitations has run on this debt and do not contact me again”. If they continue contacting you, send them a certified letter, return receipt requested, telling them not to contact you about the debt again. Remember — DO NOT ADMIT THAT YOU OWE THE DEBT, DO NOT AGREE TO PAY THE DEBT, AND DO NOT AGREE TO SEND ANY MONEY TO THEM. If you do, then the statute of limitations might start running all over again, giving them the legal right to sue you.
How long can a debt collector collect on a judgment?
Can a debt collector garnish your wages?
What property is exempt if you file bankruptcy?
See also:
Debt Kit — Settle unsecured debts for less than half of amount owed
Credit Kit — Improve your credit rating and reduce monthly payments by $200+

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Debt Collection: Frequently Asked Questions
What are time-barred debts?
Federal Law Regulating Wage Garnishments
How to Handle Abusive Debt Collectors
Recording Conversations with Debt Collectors
How to Get a Collector to Stop Calling You at Work
State Statutes on Debt Collection
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How Long Does a Creditor Have to Collect a Debt from You?

The table below lists the number of years a creditor or debt collector has to collect debt in each of the 50 states and D.C. The statute of limitation usually begins running on an unpaid debt from the date of last activity or the delinquent account was written off as a bad debt by the original creditor. If you do not know what this date was, order your free credit report and check it out. The original creditor should list the date the account was written off or the date of last activity on your credit report.

Debt Advice for Trade Union Members

2008-04-24T10:03:00.003-07:00

Trade Unions and their members can get access free advice to rid themselves of financial worries.

Debt-Help-UK.org.uk provides a range of information on different debt solutions, plus a debt wizard and access to trained advisors.

On contacting an advisor, trade union members can work with them to figure out income and expenditure and list debts owed. Various solutions to debt will then be discussed to uncover the best solution to suit each individual situation before prioritizing debts effectively.

From debt repayment programmes and IVAs to bankruptcy, the site contains information, FAQ and news articles on all areas of debt; including how to manage debt effectively.

How Much Car Insurance Should You Buy?

2008-04-24T10:03:00.001-07:00

How much insurance should you buy? Any insurance agent worthy of their salt will tell you that you should buy as much as you can afford. While this is a good rule of thumb, it’s about as useful as a stock broker’s tip to buy low and sell high. It might be sound logic but it doesn’t get you any closer to an educated decision. There are a few filters that need consideration in order to make that educated decision. First, what is the state required minimum coverage where you live? Second, what does the minimum cover? Third, what other coverage is available and can you afford it? And fourthly, what are you protecting?

What is the minimum for your state?

Life Insurance to Meet Your Very Specific Needs

2008-04-24T10:02:00.000-07:00

When most people set out to buy life insurance, they choose either a term or cash-value policy. But policy choices and strategies are much, much more diverse today. Here are some strategies to consider..

L0WERING THE COST OF INSURANCE

*Combination of term and cash-value policies. Buying both types of policies is ideal when an individual or family wants a large amount of coverage and the savings benefit of a cash-value policy, but can’t afford the high premiums.

Owning two types of insurance can work for first-time insurance buyers - or when owners of an existing cash-value policy want more coverage, but at an affordable price.

*First-to-die policy. Dual-career couples save 20% in premiums by buying one first-to-die policy, rather than two separate policies.

How it works: Death benefits are paid upon the death of the first spouse.

First-to-die policies can be cash-value or blended policies. Be sure the savings feature is worthwhile for your needs and that the policy’s interest rate is favorable.

ESTATE PLANING

Life insurance can protect heirs in the event of death of the breadwinner and can help them pay estate taxes.

*Second-to-die policy. When one spouse dies, federal estate taxes are avoided because of the unlimited marital deduction. The death of the second spouse is another matter, and estate taxes can run as high as 55%. A second-to-die policy is indirectly used to pay the estate taxes due when the second spouse dies.

Important: Neither spouse can own this policy, or enjoy any of the powers of ownership, such as the right to change beneficiaries, The policy must be in the name of an heir or trust, which must also pay the policy’s premiums.

*Credit shelter trust. This is to protect the lifetime exclusion of the first spouse to die, which is $1,000,000. A credit shelter trust is often used when an estate exceeds the exclusion.

Strategy: Name the credit shelter trust under your will as the beneficiary of your life insurance, or the surviving spouse may be able to disclaim proceeds into the credit shelter trust. Assets avoid taxes in both spouses’ estates and are still available to survivors.

OTHER SITUATIONS

*Cash-value insurance policies offer protection against creditors in many states. Check with your lawyer or accountant. Another way to protect assets from creditors is to have a trust own your cash-value insurance policy. Trusts are untouchable when creditors seek assets.

*Funding divorce commitments. A spouse negotiating for alimony may want to have that covered by a term life insurance policy on the paying spouse. The beneficiary should own the policy to maintain control.

Personal Finance

2008-04-24T10:01:00.002-07:00

Personal finance is the application of the principles of finance to the monetary decisions of an individual or family unit. It addresses the ways in which individuals or families obtain, budget, save and spend monetary resources over time, taking into account various financial risks and future life events. Components of personal finance might include checking and savings accounts, credit cards and consumer loans, investments in the stock market, retirement plans, social security benefits, insurance policies, and income tax management.

1 Personal financial planning
2 Popular Tools
3 See also
4 References

Personal financial planning

A key component of personal finance is financial planning, a dynamic process that requires regular monitoring and reevaluation. In general, it has five steps:

Assessment: One’s personal financial situation can be assessed by compiling simplified versions of financial balance sheets and income statements. A personal balance sheet lists the values of personal assets (e.g., car, house, clothes, stocks, bank account), along with personal liabilities (e.g., credit card debt, bank loan, mortgage). A personal income statement lists personal income and expenses.
Setting goals: Two examples are “retire at age 65 with a personal net worth of $200,000 American” and “buy a house in 3 years paying a monthly mortgage servicing cost that is no more than 25% of my gross income”. It is not uncommon to have several goals, some short term and some long term. Setting financial goals helps direct financial planning.
Creating a plan: The financial plan details how to accomplish your goals. It could include, for example, reducing unnecessary expenses, increasing one’s employment income, or investing in the stock market.
Execution: Execution of one’s personal financial plan often requires discipline and perseverance. Many people obtain assistance from professionals such as accountants, financial planners, investment advisers, and lawyers.
Monitoring and reassessment: As time passes, one’s personal financial plan must be monitored for possible adjustments or reassessments.

Typical goals most adults have are paying off credit card and or student loan debt, retirement, college costs for children, medical expenses, and estate planning.

Insurance

2008-04-24T10:01:00.001-07:00

economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium. Insurer, in economics, is the company that sells the insurance. Insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice.

Home Improvement Loan

2008-04-24T10:00:00.000-07:00

Home improvement loans are home loans used to finance improvements on your house or property. These loans are used to maintain or increase the value of your home. This can include repairs, a new kitchen, a new bathroom, an extension or general property improvements. Landscape improvements and swimming pools can also in many cases be considered home improvement. Generally, all actions that can be considered to increase the value of the property in such a way that it increases the expected sales value of the home or the property are to be considered home improvements.

Questions to ask yourself when evaluating your home improvement loan options

Are the improvements you plan to undertake increasing the value of your home more than the loan you apply for?
What will the monthly payments be?
What are the tax implications? Possible tax deductions?

First mortgage loans

Typically home improvement loans are given against your first mortgage by your current lender. Discuss the terms and conditions with the lender you already have, but be sure to get other quotes and to make a detailed comparison of your different options. Most commonly the loan is extended for the remaining period of the original mortgage, but you will have to discuss the terms in detail with your mortgage lender. Home improvement loans are usually paid out in payments in proportion to the work that is being carried out and the contractor may be paid directly from the lender. In other cases the borrower may receive the money or the loan only upon proving the payments to the contractor.

Second loans

You may have substantial equity in your home that you can tap, but you should evaluate and compare the different alternatives in detail.

Finance

2008-04-24T09:59:00.002-07:00

L0WERING THE COST OF INSURANCE

Owning two types of insurance can work for first-time insurance buyers - or when owners of an existing cash-value policy want more coverage, but at an affordable price.

*First-to-die policy. Dual-career couples save 20% in premiums by buying one first-to-die policy, rather than two separate policies.

How it works: Death benefits are paid upon the death of the first spouse.

First-to-die policies can be cash-value or blended policies. Be sure the savings feature is worthwhile for your needs and that the policy’s interest rate is favorable.

ESTATE PLANING

Life insurance can protect heirs in the event of death of the breadwinner and can help them pay estate taxes.

*Credit shelter trust. This is to protect the lifetime exclusion of the first spouse to die, which is $1,000,000. A credit shelter trust is often used when an estate exceeds the exclusion.

OTHER SITUATIONS

Debt Consolidation

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Debt consolidation entails taking out one loan to pay off many others. This is often done to secure a lower interest rate, secure a fixed interest rate or for the convenience of servicing only one loan.Debt consolidation can simply be from a number of unsecured loans into another unsecured loan, but more often it involves a secured loan against an asset that serves as collateral, most commonly a house. In this case, a mortgage is secured against the house. The collateralization of the loan allows a lower interest rate than without it, because by collateralizing, the asset owner agrees to allow the forced sale (foreclosure) of the asset to pay back the loan. The risk to the lender is reduced so the interest rate offered is lower.Sometimes, debt consolidation companies can discount the amount of the loan. When the debtor is in danger of bankruptcy, the debt consolidator will buy the loan at a discount. A prudent debtor can shop around for consolidators who will pass along some of the savings. Consolidation can affect the ability of the debtor to discharge debts in bankruptcy, so the decision to consolidate must be weighed carefully.Debt consolidation is often advisable in theory when someone is paying credit card debt. Credit cards can carry a much larger interest rate than even an unsecured loan from a bank. Debtors with property such as a home or car may get a lower rate through a secured loan using their property as collateral. Then the total interest and the total cash flow paid towards the debt is lower allowing the debt to be paid off sooner, incurring less interest.Because of the theoretical advantage that debt consolidation offers a consumer that has high interest debt balances, companies can take advantage of that benefit of refinancing to charge very high fees in the debt consolidation loan. Sometimes these fees are near the state maximum for mortgage fees. In addition, some unscrupulous companies will knowingly wait until a client has backed themselves into a corner and must refinance in order to consolidate and pay off bills that they are behind on the payments. If the client does not refinance they may lose their house, so they are willing to pay any allowable fee to complete the debt consolidation. In some cases the situation is that the client does not have enough time to shop for another lender with lower fees and may not even be fully aware of them. This practice is known as predatory lending. Certainly many, if not most, debt consolidation transactions do not involve predatory lending.

Credit Card

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credit card is a system of payment named after the small plastic card issued to users of the system. A credit card is different from a debit card in that it does not remove money from the user’s account after every transaction. In the case of credit cards, the issuer lends money to the consumer (or the user) to be paid to the merchant. It is also different from a charge card (though this name is sometimes used by the public to describe credit cards), which requires the balance to be paid in full each month. In contrast, a credit card allows the consumer to ‘revolve’ their balance, at the cost of having interest charged. Most credit cards are the same shape and size, as specified by the ISO 7810 standard.

How credit cards work

An example of the front of a typical credit card:

Issuing bank logo
EMV chip
Hologram
Card number
Card brand logo
Expiry Date
Cardholder’s name

An example of the reverse side of a typical credit card:

Magnetic Stripe
Signature Strip
Card Security Code

A user is issued credit after an account has been approved by the credit provider, and is given a credit card, with which the user will be able to make purchases from merchants accepting that credit card up to a pre-established credit limit. Often a general bank issues the credit, but sometimes a captive bank created to issue a particular brand of credit card, such as Chase, Wells Fargo or Bank of America, issues the credit.

When a purchase is made, the credit card user agrees to pay the card issuer. The cardholder indicates their consent to pay, by signing a receipt with a record of the card details and indicating the amount to be paid or by entering a Personal identification number (PIN). Also, many merchants now accept verbal authorizations via telephone and electronic authorization using the Internet, known as a Card not present (CNP) transaction.

Electronic verification systems allow merchants to verify that the card is valid and the credit card customer has sufficient credit to cover the purchase in a few seconds, allowing the verification to happen at time of purchase. The verification is performed using a credit card payment terminal or Point of Sale (POS) system with a communications link to the merchant’s acquiring bank. Data from the card is obtained from a magnetic stripe or chip on the card; the latter system is in the United Kingdom commonly known as Chip and PIN, but is more technically an EMV card.

Other variations of verification systems are used by eCommerce merchants to determine if the user’s account is valid and able to accept the charge. These will typically involve the cardholder providing additional information, such as the security code printed on the back of the card, or the address of the cardholder.

Each month, the credit card user is sent a statement indicating the purchases undertaken with the card, any outstanding fees, and the total amount owed. After receiving the statement, the cardholder may dispute any charges that he or she thinks are incorrect (see Fair Credit Billing Act for details of the US regulations). Otherwise, the cardholder must pay a defined minimum proportion of the bill by a due date, or may choose to pay a higher amount up to the entire amount owed. The credit provider charges interest on the amount owed (typically at a much higher rate than most other forms of debt). Some financial institutions can arrange for automatic payments to be deducted from the user’s bank accounts, thus avoiding late payment altogether as long as the cardholder has sufficient funds.

Credit card issuers usually waive interest charges if the balance is paid in full each month, but typically will charge full interest on the entire outstanding balance from the date of each purchase if the total balance is not paid.

For example, if a user had a $1,000 outstanding balance and pays it in full, there would be no interest charged. If, however, even $1.00 of the total balance remained unpaid, interest would be charged on the $1,000 from the date of purchase until the payment is received. The precise manner in which interest is charged is usually detailed in a cardholder agreement which may be summarized on the back of the monthly statement. The general calculation formula most financial institutions use to determine the amount of interest to be charged is APR/100 x ADB/365 x number of days revolved. Take the Annual percentage rate (APR) and divide by 100 then multiply to the amount of the average daily balance(ADB) divided by 365 and then take this total and multiply by the total number of days the amount revolved before payment was made on the account. Financial institutions refer to interest charged back to the original time of the transaction and up to the time a payment was made, if not in full, as RRFC or residual retail finance charge. Thus after an amount has revolved and a payment has been made that the user of the card will still receive interest charges on their statement after paying the next statement in full (in fact the statement may only have a charge for interest that collected up until the date the full balance was paid…i.e. when the balance stopped revolving).^[1]

The credit card may simply serve as a form of revolving credit, or it may become a complicated financial instrument with multiple balance segments each at a different interest rate, possibly with a single umbrella credit limit, or with separate credit limits applicable to the various balance segments. Usually this compartmentalization is the result of special incentive offers from the issuing bank, either to encourage balance transfers from cards of other issuers, or to encourage more spending on the part of the customer. In the event that several interest rates apply to various balance segments, payment allocation is generally at the discretion of the issuing bank, and payments will therefore usually be allocated towards the lowest rate balances until paid in full before any money is paid towards higher rate balances. Interest rates can vary considerably from card to card, and the interest rate on a particular card may jump dramatically if the card user is late with a payment on that card or any other credit instrument, or even if the issuing bank decides to raise its revenue. As the rates and terms vary, services have been set up allowing users to calculate savings available by switching cards, which can be considerable if there is a large outstanding balance (see external links for some on-line services).

Because of intense competition in the credit card industry, credit providers often offer incentives such as frequent flyer points, gift certificates, or cash back (typically up to 1 percent based on total purchases) to try to attract customers to their program.

Low interest credit cards or even 0% interest credit cards are available. The only downside to consumers is that the period of low interest credit cards is limited to a fixed term, usually between 6 and 12 months after which a higher rate is charged. However, services are available which alert credit card holders when their low interest period is due to expire. Most such services charge a monthly or annual fee.

business and finance

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This may or may not surprise you, but I have learned that regardless of age, it usually isn’t lack of skill, time or money that gets in the way of starting or growing your business.

Most of the entrepreneurs I work with are between 40 to 65 years young, and when they hit a wall or spin their wheels, it’s rarely associated to lack of ability, desire, physical or monetary means.

Physically, they have what it takes, but mentally — there’s a lifetime of baggage blocking access to real progress.

Many have raised children, have been supervisors at work, devoted and hardworking employees, and creative geniuses, and despite their lifetime of accomplishments, something seems to come up when they begin the journey from employee to entrepreneur.

Some of it is tied to the transition into the business world, but much of it also comes from reaching a certain point in life where you can start putting your needs ahead of others. You have raised your children, supported your spouse in his or her career, served as a loyal employee to your boss and now, it’s time to focus on following your dream.

The problem is the dream is clouded by old programming.

How many times in the past did you do or say things you didn’t want to simply to please your parents, teachers, spouse, church leaders or children?

Did you take courses you didn’t want to take or jobs you hated because someone told you it was best for you? Did you marry someone you shouldn’t have because you were told it was the “right” thing to do?

How many times were you told you had dumb ideas, weren’t smart, pretty or strong enough?

Banking

2008-04-24T09:55:00.000-07:00

A banker or bank is a financial institution that acts as a payment agent for customers, and borrows and lends money. In some countries such as Germany and Japan banks are the primary owners of industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies.

The first modern bank was founded in Italy in Genoa in 1406, its name was Banco di San Giorgio (Bank of St. George).

Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM.

Banks borrow money by accepting funds deposited on current account, accepting term deposits and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current account, by making instalment loans, and by investing in marketable debt securities and other forms of lending.

Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non-banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account.

Banks borrow most funds borrowed from households and non-financial businesses, and lend most funds lent to households and non-financial businesses, but non-bank lenders provide a significant and in many cases adequate substitute for bank loans, and money market funds, cash management trusts and other non-bank financial institutions in many cases provide an adequate substitute to banks for lending savings to.

Bad Credit Home Equity Loans

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Compare Bad Credit Home Equity Loan Rates

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Bad Credit Home Equity Loans
Bad Credit Equity Home Loan Refinancing Comparison Facts
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