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Questions and Answers

Bertie Ahern and his Loans?

Q) Anybody i know(including myself) needs to pay back a loan with interest, normaly starting withhin 4 weeks of receiving the money and payable by rates.(i.e.every month a bit with interest) well, he takes out a number of Loans and they do not get paid back for a long time till publicized. question?? now, were would i get a loan like that.please

A) All politicians are complete and utter thieves. Or they love little boys. (American politics). The only non thieving politician is one who hasn't been caught.

Loans to the Labour Government in the UK?

Q) Have the loans given to the Labour government been repayed and if so what was the interest rate?

A) The loans are actually to the Labour Party. The rules governing the so called "secret loans" are that they must be loaned at commercial rates. Many of the political parties rely on loans and donations from supporters, but few release the full details of how they pay them back or at what rates. The BBC has a good FAQ here: Also: to be written of if u live in are personal?

Q) the loans total 40,000 pounds are are from credit cards and personal bank loans

A) When loans are written off they do not disappear. You still have to pay them. For example. American Express gives you a 20,000 Pounds Credit Card and you decide to never pay them their money back. After a while they decide to write off your loan. This means your loan was a bad business for them and they are now cutting their losses and sending the problem to a really mean and ruthless company. They sell your debt for just 10,000 Pounds or less. In their books they have a loan of 20,000 Pounds and they have a loss of 10,000 Pounds and that's it for them. sometimes businesses are good and you make profits and sometimes businesses are bad and you lose money (Like in your case) However, the company that boughts your debt will get try to get their money back. At first they will try to cut a deal with you and offer your debt (which is 20,000) for just 15,000 (they will still make money with you) if you agree then they move on to the next "customer" but if you don't pay them they will come after you hard. (Take away your car, your house, even your wages from your work) Trust me you don't want to fool around with those companies. I suggest you to pay your debts back before your debt is sold.

How can my ex get loans and credit when he doesnt live here anymore?

Q) We jointly own my house, we separated nearly two yrs ago. Only morg and council tax had his name on everything else was in my name. Yet he has been able to get cards and loans. How is this possible? If he has got loans on my house (i really hope not) wouldnt my signature be needed? Also if he gets made bankrupt does it affect me? My children and i dont want to move, i,m paying mortgage myself. What shall i do?

A) If your ex partner moved out of your home 2 years ago, your solicitor should have advised you to get his name removed from the property deeds and all loans secured on your home moved into your sole name. If this hasn't happened and you're living in a house that's registered in the name of your ex, then you are at risk. You can't sell your home, re-mortgage, pay off the mortgage etc. unless your ex agrees to cooperate with you. It's normal for the mortgage to be in the same names as the property title deeds. If you're both on the deeds, you should both be on the mortgage, although you don't need to. There are two types of loan. Secured (mortgage) and unsecured (credit cards, hire purchase, standard bank loan etc.) The secured loan basically states that your home isn't your property until it's paid off. It remains the property of the mortgage provider until you've cleared the last repayment. If your ex has the original mortgage in his name & the mortgage has been paid off each month, then he can probably extend the loan amount without you knowing. If there's enough equity on your home, he could borrow tens of thousands. If he has done this, you will need to find the extra funds or you'll be at risk. By risk, I mean possible future eviction & an auction of your home to pay the bank off. This would ruin his credit rating too. Unsecured loans are different. He might have registered a credit card to your home address by showing a few recent bank statements with your address on. Your home is not at risk here, but your credit rating will be. If he defaults on loan repayments, he'll get a number of black marks put against his name. This will swiftly lead to a county court judgement marked against his name & your property address. This will certainly affect your chance of future credit. On the other hand, if you did change the mortgage over & take his name off the deeds, then he's either committed fraud, identity theft, or both. He can't use your address to obtain credit or secure a loan if it's all in your name. If he has done this, he's a very silly man & responsible for a pretty serious crime. Whatever the situation is, you need to act now to limit your risk. Get onto the citizens advice bureau right away and speak to their finance and debt experts. You need to get your ex-partners name removed from any council tax records, electoral register, mortgage loans etc. If he has mobile phone bills, credit card statements, bank account statements or anything else coming to your address, I'd contact these people and put them straight. Any other mail should be returned to sender with a message that the name is unknown at your address. Don't panic though - you should be able to fix this without too much hassle if you act now. Get professional advice before speaking to any mortgage lender / bank. If credit card companies hassle you, then give them his new address and tell them to remove your address from their records. It's their tough luck if the cards are not paid. If they still apply pressure, speak to a supervisor & threaten to expose them to the media for their flawed background checking procedures. You might want to consider paying a solicitor £50 to write to your ex and scare him. Give him 14 days to unlink any personal debt from your address and settle any new secured debt taken out since your separation. Say that failure to do so will force you to proceed with legal action and criminal proceedings for fraud and financial deception. He'll see that this could lead to a criminal record, a ruined credit rating and he'll still have to repay any debt plus a load more new debt in legal costs. If you do speak to your ex, just calmly tell him that you've be put in-touch with a legal expert and that it's in his interest to fix this financial mess. Just act in total confidence and be calm. He needs to feel that his two options are to fix all the debt linked to your home, or be dragged into a legal mess for fraud and then fix the debt linked to your home. Good luck!

looking for Vanquish Loans, please help?

Q) The compaany does private loans

A) here you answer please?? "We specialise with adverse credit problems including No proof of income, Self certification, CCJs, Arrears, IVAs and more"

...know any genuine company that gives loans to tenants with a poor credit...

Q) i am looking for 1500 loan for a holiday but i am a tenant with poor credit score mainly coz i made too many application in a short time and didnt know it affects the credit rating.i found a few companys called citifianance,wentworth finance and few more tenant loans company through moneysupermarket but dont know if it is scam or not worried i be paying back all my life maybe.does any one have experience with any of these companys or has got a loans PLEASE let me know.

A) The above companies you named I have heard of and will charge the highest APR possible. If you have a bank account and regular money coming in you'd be better going to a high street bank - or provindent credit will lend you money without any credit checks, but for the first time you borrow you can only have around £100, so would need to build your credit up with them.

... £20,000 in debt with unsecured loans. I cant pay it back and dont think I ever...

Q) I am £20,000 in debt with unsecured loans, I am 20 years old. I cant afford to pay it back and dont think I ever will. What can I do? Whats the worst that can happen?

A) it's a little late to realize you spent money you can't repay get a job working evenings and use it to pay the loan or if your married send your wife to work

Why doesn't the government issue interest free loans and money?

Q) Do away with the banking system that holds so many people in debt for years, the government should issue interest free loans and mortgages for all the people. It would also stop the influence that the financial institutions have over the whole country. You lend people money that doesn't exist and charge them interest on it. Everything over and above that is a smoke-screen which is built on the foundations of lending people money that doesn't exist and charging interest on it. Without that global conjuring trick, it all comes tumbling down. And yet when we hear predictions that this system will collapse there is enormous fear among those who are enslaved by it.

A) isnt it interesting to note how few people know how the economic system works in this country ... the fact of the matter is the economic system was turned over to the federal reserve board in 1913 ... its a private "for profit" company ... they have a monopoly on printing the money and controlling the amount in circulation as well as interest rates and being almost the sole creditor of the united states govt ... what almost is universally not known, is that congress could take back the money powers from this illegal "bank" and print money itself to finance its programs ..release enough into circulation to facilitate commerce for the good of all ... and there would be no "income tax" (which is nothing more than the federal reserve board lining their filthy pockets with the ordinary mans wealth) ... KILL THE BANK ...its THE cause of the financial problems in this country ...andrew jackson killed the bank and was the only president to pay off the national debt ever ... believe this next info if you want .. but you will see its true if you research it ...presdent kennedy wanted to kill the federal reserve and started printing out "silver certificates" as a competeing currency to the federal reserves "notes" (he signed executive order 11110 to implement this plan) ... unfortunately he was assasinated and the fed moved quickly to undo what kennedy tried to accomplish .... yes, give congress back the money powers, kill the bank ... get some honest people in the whitehouse and the sky is the limit to how wealthy and successful we could all be .... there should be some fees to cover risk of a loan i think but not interest per-se ... maybe interest and fee-free loans to those with excellent credit from govt loans though ... it could be done ... demand the federal reserve be audited and killed ... DEMAND IT

...door collecter how has got loans for herself at my add and ohter adds...

Q) she used different names and has about 10 loans

A) Sounds like ID theft problems. Maybe? If so check this link: Yes, your writing skills are shameful... :( Try :) to run for election without taking on giant loans & debts ?

Q) Are guaranteed loans (secret or otherwise) a currupting influence or just a means to an end. ie a way to help get you into power !

A) yes, have good words to say and good promsies that keep ! and good ideas for the world of difference and problem then a good spam/mail/chat/irc/p2pnewsgroup bot to do some pretty much needed damage limitating message spreading.... talk to yahoo about it LOLLLL

Student loans, grants, etc. Please help!?

Q) I just got my award info from my school. Here it is: Financial Aid Award Fund Status Amount Fdrl Direct Subsidized Loan Offered $5,500.00 Fdrl Direct Unsubsidized Loan Offered $5,000.00 Ohio Instructional Grant Accepted $1,290.00 Ohio Leader Scholarship Accepted $6,230.00 Ohio Resident Scholarship Accepted $4,850.00 Federal Pell Grant Accepted $4,050.00 Federal Perkins Loan Offered $2,500.00 Fed. Supp. Ed. Opp. Grant Accepted $1,000.00 Total $30,420.00 My question is, what's the difference between the unsubsidized and subsidized loans? What about the grant? What is so good about the Federal Perkins Loan? Should I take the loans that they are offering, or go through Sallie Mae (I already have several loans with them)? Thanks alot for answering. prtybrwnskin, i'm married and legally on my own. I'm in school and work, so I only make so much. I guess the government finally decided I was worth something. :)

A) Subsidized loans are loans that the government pays the interest on while you are in school. These are a good thing, if you need a loan. You have to pay the interest on any unsubsidized loans during school, though you don't have to start paying on the actual loan until you are out of school. Grants are great, because they don't have to be paid back. Think of them as government sponsored scholarships. If you need the money, I would take whatever subsidized loans you can get first. The Perkins loan is subsidized, and also has a fixed interest rate. Sallie Mae is just a servicer of the government loans, so I would definitely go through your financial aid office. I would not try to secure loans on your own unless $30,000 is not going to cover your expenses.

... my Stafford loans in June and I have 3 Sallie Mae...

Q) So my Stafford loans were consolidated before July 1 and I got the 4.75% for my new loan. This consolidated loan totals $19,000. But I have nearly $60,000 in Sallie Mae loan debt. Am I able to consolidate those loans after already consolidating my Stafford loans? Is there some type of rule restricting this or do I have to wait a certain amount of time before consolidating again? It's because the rates on the Sallie Mae loans are ridiculously high, each being over 12%. I want to consolidate those Sallie Mae loans with my already consolidated loan to get a lower rate across what amounts to nearly $80,000 in debt. Any insight will be greatly appreciated.

A) Yes you can. You cannot 're-consolidate' an existing consolidation in order to get a better interest rate, but if you have additional loans that are not presently consolidated you can add those as a new consolidation at any time. However, if your Sallie Mae loans are at a variable rate, I would recommend waiting until next year before doing this. There is a Very good chance that the rates will go down again next June. They have increased the last 3-years and everyone in the industry I have spoken too says they are almost guaranteed to go down next June. In the meantime, you can request a income contingent rate from Sallie Mae for 12-months that should bring your payment down on those loans. Then consolidate next June at the lower interest rate. If you consolidate now, you will see a huge increase in the interest rates of your consolidated loans as the overall rate is determined through a weighted system, which means the $60K at 12% will be weighted higher than the $19K at 4.75% and likely bring you overall interest rate to around 8.5%. Check out this site to calculate estimations:

Loans versus pulling money out of a Roth IRA or 529 for College?

Q) I have two children, 9 and 11, whom I am planning to put through college. I am debating whether to put money into a 529 investment fund or putting it into a Roth IRA and pulling out the money needed to pay for their college when the time comes. What I would rather do is pay for most of their college expenses by having them get student loans. I would be able to keep my money in a compounding interest account and make money against the interest rate of the student loan. I could then pay their loans off over five years after they graduate. This would not only net me more interest earned, but would also establish their credit for when they need to acquire more serious loans such as a new car loan or mortgage. One of the reasons that I am leary of putting money into 529 (which I know would work better than a Roth IRA) is that they will tally that in when putting together a student loan package. As far as I know, retirement accounts cannot be touched.

A) The thing is that the tax laws could change in 10 years when your oldest graduates from college in regards to the tax deductions. Also, with the loan interest rate trends going up with a strong chance of more interest rate hikes, odds are depending on the investment that it might not match the loan interest rate. The best thing is to consult an accountant before you make your final decision. However, it is an idea also to encourage your kids to keep their grades up because it will lead to possible merrit based help from the college and the state in some cases. Good luck!

Paying off loans.. is confusingg?

Q) OK, I'm stupid at money, and I realize the banks have this warped system of how interest is applied to a loan. It seems all the interest is paid in the beginning of the loan, then by the time you have enough money to pay off the loan, there is no reason to since you are then only paying principal. OK so my question is, how is this legal? It seems totally fucked. The real reason I'm asking for help is, I have 2 loans: a school loan and a house mortgage. The school loan is 7.0% interest, and the house is only 5.25%. BUTTT... the school loan is halfway paid, and the mortgage is new, so I'm paying a much larger proportion of interest on the house payment. So, I have extra money now, which do I pay toward first?

A) Ok, first, what you are doing is having a traditional loan that makes it seem like you are paying more in interest. What you are actually doing by having a traditional loan is paying the interest as it accrues and what ever is left over is applied to the housing loan. For your main question, all of the financial advisers that I have read about all agree that you pay off your highest loans first than your lower loans next. The best way is to send in two checks. The first for the normal payment for your student loan than a principle only check that is applied directly towards your principle. My suggestion is to see if you can not apply the extra money towards your retirement if you are not doing so already.

Who invented payday advance loans???

Q) The loans people get before there paydate and are supposed to be used for emergencies only, are used for long periods of time(more then a year). Sometimes people default on these loans becuase they get to many, maybe around 3 or 4 the problem is that based on there pay the loans are issued. People's paychecks are altered even bank statements or they go to 3 or 4 different payday places and apply, get the loan and since the system that is used will report but not until later that day, and some companies do not report the issuence of a loan at all. Eventually they dfualt then poeple are sued 3 times the amount of the loan, wages are garnished and a report is sent to the credit agencies. Mainly its to much work on a $300 dollar loan and its frustrating when we have to call for collections, people get upset all of the time, but you took out the loan you where not forced now pay it!!

A) The government I guess who would thought huh

foreign currency loans and forward contracts, how to exploit dollar weakness?

Q) here is my scenario: i live in the US. I have both US and EU citizen ship. i have a residence here in the US and also one in Europe. i have a student loan at a US bank denominated in US Dollars. my goal: i believe that the us dollar will gain in strength over a foreign currency, and having the debt payable in foreign dollars will lower my real cost eventually. here is my question: i would like to take out a new loan in EU or other foreign currency to replace the old loan. Otherwise, I would like to sell a forward contract in foreign currency for the time the loan runs off. does anyone know a major bank offering loans in foreign currencies? since the loan is already in US dollars, how do i instead make a forward contract in selling the foreign currency? i am now set to make monthly payments in dollars for the next 15 years. do i sell a contract for one year and next year sell another? or are there 15 year contracts? sell this contract like equity options when one "writes a call"?

A) I've put a page below where there are ad type links to firms specialising in FX. One of these may prove to be a good starting point..

Loans - What to do next?

Q) We have now decided where our daughter will go to college. The loans are Fed. Perkins Loan, Fed sub Stafford Loan and Fed. Plus Loan. We have just received this info. Tried to phone college today to find out what next but no reply, may be too late, office closed. Just wondering can anyone tell us do we go through the college or do we have to find the lenders ourselves. Thanks for any info. Feel sort of stupid to ask this but!!! Got in touch with college today. They were great. Daughter is off on vacation in europe, lucky child! We were worried about the loans as the interest rate increases as of July 1 but they told us as we had already info. sent to the college we were ok. Daughter doesn't know yet that she is going to her college of choice. Will tell her Thursday.

A) It's not a stupid question. In fact, your daughter's school is probably getting a constant stream of similar questions, which may be why they couldn't answer your call (it may be summer for the students, but it's quite busy for us). The school that offered you the loans will probably already have a process in place that they want you to follow. Feel free to do some research, but don't go contacting lenders just yet. Most schools wil have a list of several "preferred" lenders that they work with (some schools, in fact, work exclusively with one lender). Generally, by forming relationships with these lenders, schools are able to negotiate top-notch borrower benefits (interest rate breaks, reduced/eliminated fees, repayment incentives, etc.) *and* arrange faster processing for themselves so that you get your money on schedule. So, unless you have a really good reason for wanting to work with another company, stick to the school's list. Did your daughter sign her award letter to let the school know she wanted the loans? At many schools, loan processes are school-initiated, meaning that once the student accepts the loan, the school will "originate" the loan (transmitting your information to a loan servicer or guarantor and informing them of your loan amount). This will take care most of the process and only require that you (a) select a lender and (b) sign a Master Promissory Note. Truth be told, if your daughter is starting in September, it is a bit early in the season for loan processing. Your school will probably notify you (in the coming month or so) when they need you to complete paperwork.

Ontario provincial student loans?

Q) A few years ago I defaulted on my students loans. It was not due to negligence. Financially I had a very hard time due to an accident and periodic layoffs. At the time it was hard to even keep food on the table for my son. When the loans went into default our finacial situation improved and since then I have been making consistant payments to the collection agencies. I pay more now than what the oringinal payments were. The Canadian students loans have agreed to bring me out of default, but the provincial will not budge. It is frustrating because it is difficult to get a bank loan to pay it off due to being a young family and not having any assets to put against a loan. Also I don't have anyone who can co-sign for me. So my question is has anyone been in this situation and how did they get the loan in good standing again? Thanks in advance for serious answers only and sorry it was so long. even though I am making consistent monthly payments the collection agency demands full payment. i am tired of the harassment

A) Hi, When you left school and couldn't pay you should have applied for interest relief. Many people are on interest relief for 5 years continuously after they finish school. Even then if you couldn't make payments the government often takes it from your income tax and doesn't put your name in the bureau. You may need the help of credit counselling to negotiate this situation. Hope this helps.

Car Loans! Help!?

Q) I am in the process of looking for a car loan. The car I have now is not reliable and its time for a new one. I don't have great credit (basically not enough credit). I don't want to start applying for all these loans and mess up my credit period. So does anyone have loan companies that are relevantly easy to get a car loan with no/bad credit? People with personal experience would be helpful! Thanks a lot!!

A) several factors involve here. cash down is king,if you don't have alot of credit you need to buy your credit with cash/trade in down. by the sound of your car it sounds like you have a wholesale car,(something worth about $1000 OR LESS) If you have good job time, good residing(one year or more on both) and make at least 1800 gross per month some high risk loan company should pick you up, unfortunately you'll be 18-21 percent interest. My advice large cash down, strong co-signer, or go to your local bank and talk face to face with a loan officer. I've been in the car business fifteen years. P.S. If you can avoid it stay away from buy-here, pay here lots

STUDENT LOAN QUESTION: I was curious... on student loans?

Q) I have over $100,000 in student loans and am not making very much money at all. I'm barely able to pay my bills and there is no way that I can manage $1100 a month. I'm wondering what would happen if I just send in $100 a month until I start to make more money. I can't even afford HALF of what I'm supposed to pay! All of this college did not lead to a very high paying job. FYI: These are FEDERAL loans and have already been consolodated. I still have a year of unemployment deferment left and will use it if I have to. DOES ANYONE KNOW IF YOU CAN BE PUT IN JAIL FOR NON (OR SLOW) PAYMENT OF STUDENT LOANS? I know they can take tax returns, bank accounts, and even prevent you from getting certain kinds of government jobs. If I work as a public school teacher can they take my teaching certificate? I'm not trying to get out of paying these debts, it's just that I can't do it on their schedule!!!! I would be dying at $200 a month, and they want more than I can pay. Any REAL asnwers please!

A) You cannot be put in jail for defaulting on your loans because there is no debtor's prison in the U.S. Also, you cannot have your education revoked because of bad debt. However, your Alma Mater may withhold your educational records if you are in default, which could make getting a job in education difficult. The minimum monthly payment allowable under the federal student loan program is $50.00. If you are making a payment of at least $50.00 per month, you are making payments and should not be reported to the credit bureaus for non-payment. Default means you have not made any payments and have not been in either forbearance or deferment status for 270 days. The monthly payment you stated is probably for a Standard Repayment plan. U.S. Federal Student Loans have four possible payment plans: Standard, Extended, Graduated, and Income-Contingent. The Standard Payment plan is for a repayment period of 10 years (or 120 months). The payment is the same for the entire repayment period of the loan. So, if you owe $100,000 at 7% interest and repay for 10 years, your monthly payment would be $1161.00. (Over the life of the loan, you will pay $40,000 in interest). The Extended Payment plan is for a repayment period of up to 30 years (360 months). The payment is the same over the entire repayment period of the loan, but tends to be less than the standard because you are paying over a longer period of time. So, if you owe $100,000 at 7% interest and repay over 30 years, your monthly payment would be $665.00. (Over the life of the loan, you will pay $140,000 in interest). The Graduated Payment plan is for a repayment period of 12 to 30 years. The payment starts low and increases at regular intervals. The initial payment is either the monthly accumulated interest or half of the standard payment, whichever is greater. The payment will never be greater than 1.5 times the standard payment. The initial payment in a Graduate Payment plan if you owe $100,000 at 7% interest is $583.00. (The total interest paid will be more than with a Standard Payment plan and will depend on how long you choose to repay the loan). You may be eligible for an Income Contingent Repayment plan (ICR). This plan has a repayment period of up to 25 years. It is based on your Adjusted Gross Income (AGI), family size, interest rate and total amount of student loans. The payment is calculated annually based on the above information. This payment may be less than the amount of accumulated monthly interest. So, with the above assumptions, your payment could be less than $580.00 per month. Hopefully, the payment could be less than $200/mo. You need to call the servicer of your loans or at the very least go to their website. Look on the Promissory note you signed for your loan consolidation to determine who owns your loans. If you are a public school teacher in a critical need area, you may qualify to have some of your debt paid by your state or school district. Talk to your school district's personnel office.

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