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Monthly Archives: January 2019

Find Grants to Pay Off College Loans

Working at a place like Children’s Hospital of Philadelphia (CHOP) or facilities like CHOP does not come without a cost. Thomas Jefferson University has an amazing nursing program. Having said that, many of the young college students need a sugar daddy to help pay for their student loans. Every student’s first goal is to advance in life and get a successful education. Many never give thought to all of the costs that are associated with life at the university. This is where having a sugar daddy can help. A sugar daddy is someone who is willing to adopt a student, often called a sugar baby. This whole relationship between a sugar baby and her sugar daddy is a special one. This relationship is beneficial for both the sugar daddy and the sugar baby. As the student furthers their education, there are many costs. Things like tuition, housing, entertainment, food and the cost of books goes up every year. As a college student trying to find all of these funds and repaying student loans becomes stressful. A sugar daddy can provide an allowance that will help to pay the bills and keep food on the table while the student does their homework. Everyone knows that student debt can remain for years after graduation.

It’s a shame that so many people work hard to graduate from the university and once they do, they are surrounded with massive debt that will follow them for many years to come. The good news is that many sugar daddy, father figure types are stepping up to the plate and helping payoff student loans.

Think of it like a catalog shopping, scholarship program if you will, with one major difference. The customer service that the sugar baby offers to the sugar daddy, combine with the incentive and customer rewards programs are amazing. Being a sugar daddy has some major perks. First, the relationship between the two people who are seeking arrangements, puts everything on level ground. This is a relationship where the terms can be outlined at the start and followed through. This leaves both parties without expectations because they already understand what their terms are. This takes away all the stress and allows both people to enjoy the relationship.

Just like any relationship, when stress is taken out of the picture, the relationship flourishes. It is like when you take the stress out of any situation, things get better. For example, when the sugar daddy enters the life of the sugar baby and starts to pay off the student loans, the stress goes away and the university student can concentrate on getting good grades.

The cost of living both during your university years and after you find a good paying job are staggering. One of the greatest things you can do to help a college student is to take away some of their financial pain. Being able to help a student with their student loans is a great feeling. As you might know, so many university students struggle with their bills each and every month. Often they have to pay for books and supplies and food goes on the back burner. As a student there are many things being accomplished and the help and support of a sugar daddy is very helpful to the over all well being of the student.

Living in the dorm or near by the college is not always what it is cracked up to be and having an older uncle or daddy figure to spend time with can be a blessing. This relationship is drama free and there is the feeling of no strings being attached because everything is outlined upfront.

The possibilities are endless, just like the imagination of the inner child. The terms of the relationship are open to discussion between the two people who are seeking arrangements. This is one thing that both people seem to enjoy, the freedom to be in control of their own relationship. This is how all adults should live. The relationship established between a sugar daddy and a sugar baby helps the university student to learn many life lessons. Things like time management, being on a budget and more are all part of the relationship. In the modern world, everyone is doing their best to maintain a beneficial relationship that is mutually rewarding.

There are many times when the bond between a sugar daddy and a sugar baby is formed so strong that these two people stay close friends for life, doing things with one another, long after university life is over and the student loans have been paid. Again, this relationship is free from the drama and stress associated with other types of relationships and the two people can work on the relationship itself.

Arrangements of this type are able to offer something for everyone. Together the people who are seeking arrangements, once established, can have fun and make the most of life. As with every relationship, communication is the heart and soul, the very bloodline of this relationship. Together the sugar couple share every aspect if their life or, as many as they are comfortable with. It’s whatever the relationship allows for and in most cases, it’s a lot. Let’s face it, no sugar daddy starts a relationship with a sugar baby just because he wants to pay her bills, however, he doesn’t mind giving her money to pay her student loans and other things she needs. He understands that it feels good to be able to help and there are many benefits to being her sugar daddy.

Business Loans

Obtaining finance is central for starting a new business or making business grow. Financing a business through business loans can be a formidable task. But a good preparation can easily sort out any matter detrimental to getting your business loans approved. Taking a loan for business is an important decision. A business loans borrower must understand that while taking loans can help a business grow, a wrong decision will mean debt and actually damage financial stability of a business. Determine how much loan amount you require as business loans. There are different business loans products to decide from.

A well thought out business plan is the most significant part of getting a business loans approved. The business plan should have projection. Don’t go into details, a concise to the point executive summary which answers all the queries of a business loans, will gain easy acceptance. If you have an established business – financial statement, cash flow for the past three years will be required.

Business Loans application is reviewed, some of the following questions might come up in one version or the other.

  • How much loan do you require?
  • What about business profits, does it have enough cash flow, to service the debt?
  • Is there collateral to cover the loan?
  • Is there a reasonable balance between debt and equity?

Business loans lender would pay much emphasis on your repayment ability. He would like to know if you have invested your own money in the business. He would not be very interested in taking risk in a venture where the business owner has not.

For business loans it is important to know your credit history. The business loans lender will undeniably go through your credit history. Go through your recent credit history and find out faults and recent credit discrepancies. If there are inconsistencies, get them removed. A credit history that is questionable will most likely not get business loans. However, if you attach a letter explaining your credit conduct can evoke a favourable response. The worst mistake will be to hiding your faults. This will most certainly reject an otherwise encouraging business loans application.

Few people realize it but locating a good business loans lender is integral to finding business loans. It is not easy to find business loans lender that abides by your needs. In fact it is an investment in itself. Look for business loans lender who is willing to work with you and for you.

Business loans also depend on your character and your ability to be present yourself, your business details and your confidence. They also count in getting your business loans accepted. In case business loans application is rejected – make sure you know the reason why this happened. This will enable you to rectify mistakes next time you make attempt to get business loans.

Get Quick Cash With a Payday Loan

While this may sound reasonable enough there are some disadvantages. Many of these payday loans are a short two weeks or so. Interest rates usually apply as well so depending on the interest amount, the loan may not be worth it.

The primary people that use payday loans are lower and lower middle class people. This can be a burden to some because of the rates that apply. Many people with bad credit use payday loans because they see that as their only option.

If you get a payday loan, you want to try and keep yourself from becoming trapped. If high interest rates are applied to your loan, you could end up repeating your borrowing of money; being unable to repay in time or even having your check held because you couldn’t pay in time. You want to steer of these risks if possible.

There are many ways to keep from having to use a payday loan. While sometimes you may not have any other options, there are ways to not end up in that situation. A great way to keep this from happening is to build an emergency fund.

Some people may find this unreasonable because they already do not have enough money. If you can set aside at least ten dollars a paycheck, over time you will have money to use for emergencies instead of having to get a payday loan. Open a savings account if you think you might spend it if you can access it easier. Yes this will require discipline on your part but it can be done.

Every household needs a budget. Having a budget can help ensure you will have the funds available for emergencies so you don’t have to rely on payday loans. Or should you happen to get a payday loan, you might be able to repay the loan easier using your emergency fund if needed.

Picking up extra work for extra money or selling something you no longer use of value can also keep you from having to get a payday loan. You might have a problem spending all your money at once because of all your bills. Get credit counseling or meet with a financial advisor that could help you set your budget, etc.

Alternatives to payday loans would be better such as borrowing from a close friend or family member. Put in writing the terms of the loan; what you borrowed, when you will pay it back by, etc. This can save any hard feelings or complications further down the road should something happen.

If you have high credit card balances, etc, consider transferring them to a different card with a lower interest rate. This will help you pay them off faster and have more extra money for those emergencies, further avoiding having to get a payday loan.

Always use common sense when signing something pertaining to money. Did you buy a new car? Did you make sure you got the best deal you could find, etc.? Many people do not think about little things that might happen in the future that their present purchases could have an effect on.

If you have no other option than getting a payday loan, find a place that has the best interest rates and policies. Some companies will take money out of your paycheck to repay your loan if you are unable to pay it back in time. Try to avoid this if possible.

Personal Bankruptcy

The purpose of a bankruptcy is for the debtor to get relief from their creditor(s). An individual files a voluntary petition to initiate the bankruptcy process. The bankruptcy process includes filing for bankruptcy status and eventual discharge of debts. After filing for bankruptcy, there is typically a waiting period for discharge of debts. During this waiting period the court could order an assessment of the financial abilities of the household or entity. Financial education courses may also be required by the court. This may be required to minimize the risk of a future bankruptcy.

The United States Bankruptcy Code includes 2 types of personal bankruptcies. The following is a brief description of each bankruptcy type:

Chapter 7 is the most common type of bankruptcy in the United States. An individual filing for a Chapter 7 bankruptcy must meet the requirements of the “means test for eligibility”. Eligibility for the chapter 7 bankruptcy allows the creditor to repossess any property used as collateral on debt that will be discharged in the bankruptcy. The bankruptcy trustee may also liquidate any non-exempt property and distribute the proceeds to any unsecured creditors. Exempt property typically includes: (1) clothes, and (2) household goods. Other assets such as: (1) social security payments, (2) unemployment compensation, (3) older automobile with little value, (4) tools used for work, and (5) books are also excluded from liquidation (may vary by state). Some debt may not be discharged by the courts. These include: (1) federal debt, (2) tax liens, (3) student loans, and (4) alimony and child support. Each state sets the limit for how much property can be exempted in a bankruptcy. The Chapter 7 bankruptcy can only be used by an individual every 8 years.

The Chapter 13 bankruptcy allows the debtor to keep all their possessions and assets, but they must accept a payment plan (based on their income) to repay their creditors. The repayment amount is based on the debtor’s income, expenses, value of property, and debt being discharged. The repayment plans usually are for 3 to 5 years but can be paid off earlier if the debtor is able. The Chapter 13 bankruptcy requires proof of regular income and has income limitations. Payments under this bankruptcy type are made to a trustee. The trustee is responsible for payments to the creditors. Chapter 13 bankruptcy does not require repayment to unsecured debt and medical bills.

Function of Credit

Good Credit vs. Bad Credit

How important is it to have clean or good credit? It’s very important because the worse off your credit is the harder it will be for you to secure a loan of any sort. It is important to keep on top of your credit finances and make sure that every payment is made on time and always make sure that you pay at least the minimum amount but always try and pay more if you can.

If you currently have bad credit, you shouldn’t worry too much as there are ways to still secure a loan such as having a cosigner. If you choose to go this route, remember that you are both responsible for the loan as it will be taken out in your names. Also, there are many institutions that work with people with bad credit and they will assist you with the repair of your credit file. Here’s a list of a few companies to assist you:

CreditAxis.com, DebtAdvocates.cc, Lexington Law Firm and more. Simply go to your favourite search engine and type in “Credit Repair” and see how many companies show up in your search.
Warning: Be wary of those companies that promise to repair your credit promptly – ie “3 months or less”. Credit repair takes time, so do your homework before you commit to one company to assist you.

Your Credit File

If you have bad credit, the first step to repairing it is to pay off all of your bad debts. This is debt that is overdue and not up to date. You may not know this, but this information may stay on your file for up to 7 years. To assist you in this, I suggest that you get a copy of your credit report from one of the credit reporting agencies such as Equifax. Look it over thoroughly because you may find some mistakes which can be easily corrected with either a simple phone call or with supporting documentation.

Financial Aid for Students

Great

The great thing about this type of aid is that it is there so as to allow those financially disadvantages students the opportunity to be educated. As long as the student continues to remain eligible on a yearly basis, then the aid is always there for them.

It is also true that any aid you may be granted is only intended to help supplement any other financial support you may have from other sources.

Available

It is available from Government, state, Educational institutions and private companies. The purpose of this aid is to help with the educational expenses which include many things such as fees, school books, accommodation, transportation costs and other expenses the student may incur.

Provide that the student qualifies with the conditions of the loan provider and also as long as the student is capable of meeting the financial needs to service the loan on a monthly basis then financial aid can be obtained.

Many

Monetary aid can be obtained from many different sources and if you are a doctoral student, then you may be eligible for a full scholarship.

As mentioned above this aid can be It is usually provided by private companies, Government both Federal and State., and by the educational institutions themselves.

Research

It is always important of course that you conduct your own research into the types of financial aid that your require because no-one knows your situation as good as you.

One of the best places to gain more useful information is the educational facility itself, these places always have councilors who are armed with the latest information about what financial aid is available.

The last place you can go to is the internet, why go here last? The reason is so that once you have received the information from your educational institute, you can then use the internet as a ‘double check’.

Get a Low Interest Credit Card

With interest rates on some credit cards rising to over 23%, even low balance credit card debt can be crippling. One of the first research elements a prospective borrower should look at is the interest rate on transferred debt. This interest rate is often lower than the usual interest rate for the credit card, and can be an especially good deal for borrowers who have debt already. Another element to consider is the interest rate on new purchases – this rate will be the main concern in the years to come, as this new credit card will probably become the most heavily used. Borrowers often worry about annual fees, but these are often temporary. Getting a credit card with low interest rates will save a borrower significant sums, usually much more than the annual fee. Plus, once good credit is established, the annual fee may later be waived.

Another interest rate will usually apply, as well – the rate for cash advances. Cash advances are usually limited to a couple hundred dollars, but credit card companies often insist that when paying back the balance, the credit portion must be paid back first, then the portion that the cash advance applies to. So if you are going to keep a balance on your credit card, be aware that cash advance interest rates are higher than the regular interest rates. Cash advances can be incredibly helpful in emergencies, though, when a credit card cannot be used.

Visa and MasterCard are by far the most commonly accepted credit cards, so less commonly used cards such as American Express and Discover often offer special rates for new customers. These rates are worth attention, even if you think that you may not be able to use the card as easily as your previous credit cards, because transferring the balance to these new cards to obtain the lower interest rate may significantly lower your payments. While your AmEx or Discover Card may not be accepted as often, they can be a good tool to achieving your financial goals.

Even less commonly used are credit cards that are store specific, such as gas cards or department store cards, but these cards can offer incredible deals on interest rates. They rely on the fact that consumers will often switch their spending patterns to the new gas station or store, and this increased revenue makes up for the lower interest rates. A slight change in your habits, such as consistently using the new credit card at the new gas station, can lower payments and improve credit scores.

Pay Back Student Loans

  1. Have a Plan. Work out a strategy that will allow you to pay off your debt well before you graduate.
  2. Have a Savings Plan. It might be an advantage for you to either get a part time job to help you or look at other methods of raising passive income. Some methods to raise extra needed cash include setting up a crowdfunding campaign, start an online business or even write some eBooks about something you are passionate about
  3. Double Think about Consolidation. This is the method of pulling all of your existing loans into just one loan. The advantage of this is that you will only have one payment to worry about and you will also probably get a discount from the finance company
  4. Debt Reduction Through Work. There are several things that you could do to help reduce your level of debt, you might like to try your hand at self-publishing on the Kindle platform, you might like to set up some sort of internet venture or one of the quickest ways to make money online these days is to set up a crowdfunding campaign. This is my favorite because it means that you can get money quickly, you can either use one of the more popular crowdfunding sites or even use your own software (there are low cost plug ins that can get you set up within minutes).
  5. Earn as you Learn. Enquire at your campus office to find out more details about their work to study programs. There are many different programs available, you just have to ask the right questions.

Can Avoid Bankruptcy

You didn’t plan to get laid off or the insurance company not to pay your claim. That’s not your way; you have always been self-reliant and independent and paid your way. You have been slammed and knocked down, but you know that you will get back on your feet given some time.

There is the stress of constant phone calls from banks and finance companies and the simple lack of money. There is seems to be no way out but to chuck it all in and declare bankruptcy. At least that will get everyone off your back.

Bankruptcy will stop the creditors in their tracks. It will stop them calling and harassing you. It will allow you to re-group and get things back on track. And sometimes there is no other alternative if you debts are too big and too overwhelming.

BUT Bankruptcy is no walk in the park. Bankruptcy is like financial nakedness. You are stripped of all but the bare essentials and made to parade around wearing that burden in public. Bankruptcy sure isn’t for the modest. Your name is put on a public register and remains there for 7 years, You need to hand over to your creditors all that you have of value save for a very very basic car and some tools of trade.

Not only that but you also have a person, called your trustee in bankruptcy, looking over your shoulder to ensure that you are handing over your excess pay and haven’t tried to hide anything. The same trustee can call you to court and grill you over your assets and what you do. You also need to hand over your passport to the trustee. Sure the trustee, most times, will let you travel, but who could afford to in these circumstances. Sure you will have not debts, but bankruptcy is 3 years of penury.

There are ways to avoid bankruptcy and get out of debt without putting your life on hold.

Debt Agreement

There is now an official way that you can do a deal with your unsecured creditors, called a Debt Agreement. Basically using a government licensed Debt Administrator, who is working on your side, you cut a deal with the creditors to take a lesser amount and freeze interest, fees and charges. Instead of lots of payments to all of your different finance companies and credit cards, you make a single payment to the Administrator. The Administrator looks after the creditors and they can no long chase the debts from you.

A Debt Agreement only deals with debts that are not secured. If you have finance on a car you need to keep paying that, but you can keep your car and home. You have more options and you can save a lot of money doing a Debt Agreement.

Informal Agreement

Debt Agreements will only cover unsecured debts up to $107,307 and where your after tax income is less than $80,480. These amounts are indexed and increase slightly every year. If you fall outside those amounts you can’t do a Debt Agreement.

Even if you fall within the Debt Agreement limits this may not be the best option for you. Most Debt Agreements need to be wrapped up over a term of around 4 years. This restricts even further the availability of this option. The sweet spot for Debt Agreements is where your debts are under $35,000. The average Debt Agreement is for $23,000 in total debts.

Informal agreements are agreements struck with creditors to payout debts. These have a lot more flexibility than Debt Agreements. There are no restrictions on the amount of debt or income or the term of any agreement struck. In addition agreements do not need to be uniform with all creditors.

Effects of Bankruptcy on Credit

Debt Resolution Companies and Your Credit.

Many people try to do whatever they can to avoid bankruptcy, for some people this includes entering into agreements with companies that promise a lower payment by consolidating their debt. These companies come in a variety of flavors. That is a topic for another time though. What many of them will do is enter into an arrangement with you where you make a monthly payment to them, then they either hold the money until they have enough to make an offer on any one particular debt, or they make small monthly payments to all of the creditors at once. The problem is, this doesn’t stop those creditors from negatively reporting to the credit bureaus. It also doesn’t necessarily stop the creditors from suing you in state court, obtaining a judgment, and garnishing your wages. Another problem is that if they do settle, it will show up as settled for less than full amount which hurts your score. On top of that, if you settle, you will likely get a 1099 from the company and likely will have to claim the forgiven amount as income on your taxes. That will either mean you will have a smaller refund or will owe.

How long does it stay on your report and what does that mean to you?

First of all, if you are in a tough financial spot and are having trouble paying your rent or making your house payment, this should not be a factor in your decision to file. That said, how long it stays on your report and how long the bankruptcy notation negatively affect you are two very different things. If you file a Chapter 7 bankruptcy, it is generally going to stay on your report for 10 years. If you file a Chapter 13 bankruptcy, that will stay on your report for 7 years after the case is discharged. Seven to ten years seems like a long time. It is a long time, but within that seven to ten year period you can still buy cars, houses, and get credit. The general rule is about two years after a chapter 7 you can get a home loan (sometimes only one year), almost immediately after the case you can get car loan and credit cards. Not too bad right? You should tread lightly here. Look at the offers you are receiving and only accept the best, it isn’t going to help you if you start applying for many cards at once, limit it to one or two at the most. When you can get credit is going to be dependent on your income, and on your credit score. I have seen clients with scores in the 500s prior to filing a Chapter 7 have scores in the 700s one year after the case discharged. On the other hand, I have seen other clients with low scores come back a few years later and they still had low scores. So what is going on there?

How to improve your score after bankruptcy.

If you do as you did and nothing else has changed, your credit score is probably not going to change much. The lowest that your score could possibly be is between 300 and 403 depending on the type of FICO score. The highest that it can be is about 850 but that too depends on the type of score. If you use no credit your score isn’t going anywhere. So what can you do? The first thing that I recommend is going tohttp://www.annualcreditreport.com and getting all three reports for free. This is something you are able to do once a year. Once you have these, you will want to review them, possibly with the help of your attorney to determine if the credit reporting agencies are properly reporting your debts as discharged in bankruptcy. If they aren’t accurate and they refuse to fix the errors, you may have remedies either through your old bankruptcy case, or a cause of action under the Fair Credit Reporting Act (FCRA). Once your report is in order, you can start rebuilding. A good idea is to start with a secured credit card or with a store brand card. With a secured card, the creditor generally has you put down $300.00 to $500.00 and that becomes your credit limit. There is very little risk to the card holder because they have the security of your deposit, but the benefit to you is that they will report to the credit bureaus. If you are in need of a car, a car loan with a reasonable payment is another great way to improve your credit score so long as you are able to and actually do make your payments on time. My secret credit score repair weapon is IBR. If you have federal student loans and you are low income or living paycheck to paycheck, you should at least look into this program. IBR stands for Income Based Repayment, you can apply for it at the following site. https://studentaid.ed.gov/sa/repay-loans/understand/plans/income-driven. The great benefit of this plan is that many people who had filed bankruptcy may be eligible for $0.00 payments. If you are eligible and you sign up for, and are approved for a $0.00 or whatever payment, each month that passes where you make that payment (yes, even the zero dollar payment, if you are eligible) is a month that your lender reflects as an on time payment to the credit bureaus. The more on time payments you have, the better your credit score will become.