I got approved for a hardship forbearance on my student loan.Can the government still hold my tax refund to go towards my balance due on my loans or will i get my refund because i didn’t default on my loan
No. The government will only take refunds when the loan is in default. Since you were very smart and applied for a forbearance instead of not paying the loans, your refund will not be taken.
The federal government took my tax refund for repayment of a student loan that was in default. I made a repayment agreement with the lender and have met that obligation. Is there any way to get my money? I really, really need it. Thanks!
If you are under extreme financial hardship, you may be able to get your refund back. It is a difficult process and there are no guarantees.
Try this website:
http://www.ed.gov/offices/OSFAP/DCS/disputes.html#Hardship-IRS
I started an LLC and looking for financing but keep meeting raod blocks because of my personal credit. I am trying to establish business credit separate from my personal. I know if I can get initial financing I can make the business work.
A true business credit card is a line of credit that is taken in the name of the business, under the business’ credit. Activity, whether good or bad, is reflected on your business’ credit report through D&B and other financial institutions, and the liability for any debts incurred and bills owed is with the business.However, some companies out there offer "business" credit cards which they require a person guarantee for. These institutions will often ask for a personal guarantee, and will almost always ask for a social security number from the person applying for the card. If this is the case, the credit card is not a business credit card, but is simply a personal credit card which is used for the business. The business is not liable for bills and debts – you are.When applying for a credit card for your business, watch out for areas asking for your SSN (and not your TaxID or EIN) and be wary of any credit card that asks for a personal guarantee. By ensuring that your credit card is in the name of your business, you can help to build your business’ credit, while avoiding creating problems with your own.
Many companies offer a list of credit cards that are issued under the business name only. Those lists typically run $300-$900, depending on the quality of the information inquiring. I would suggest starting your search online via google or yahoo. Search for "strong business credit" (just like that in quotes) to find services that sell the information.
Good luck,
Ilya Bodner
Small Business
Owner Initial Underwriting Group
I need a business line of credit for my startup business. Can someone point me in the right direction?
go to your bank and speak to a Business Banker, he should be happy to inform you of the details on getting a loan. If not, change banks.
I would like to know a few things:
1) Is most paper money in our economy based on debt (from the fractional reserve system)
2) When debt is paid off, does the money suppy contract, and how and why does this happen
3) Why is fractional reserve lending inflationary, since the same physical quantity of money is continually being redistributed, isnt it just the same as the inital saver spending the money but each time the spend becomes smaller due to reserve requirements. The broader money supply surely is just the value of the assets, or future assets backed against the loan. So why is it inflationary? And also if it is, dosent the additional money reduce purchasing power and thus the loan fails to match new prices requiring more loans.
4) Is the broader money supply created by fractional reserve banking simply the value of current or future assets
5) Is it true that if a borrower borrows on the fractional reserve system and creates the asset that is equivalent to the loan, then this represents economic growth as this new asset has added new value to society- in that society is willing to trade something for this new asset.
6 If the loan is paid off in full is the initial inflationary effect mitigated.
7) If the interest earned on bank loans is not redistributed in the economy does the banks earn a greater proportion of a nations wealth
Is our need for exponential economic growth (2% per year) needed to mitigate the exponential growth in the money supply
9) What happens when debts cannot be repaid, is the money supply permanently inflated?
1) yes
2) yes. It happens by design. When bank issues a loan, it creates money: borrower has money added to his checking account, while all of bank depositors have same checking accounts as before. When you repay the loan, money disappears.
3) Fractional reserve limits creation of money through lending, precisely to ensure that money does not grow faster than output of goods.
4) yes
5) yes
6) yes
7) yes. it is unlikely though, given that banks compete with each other both for borrowers and depositors, forcing banks to minimize the share of interest that they keep.
no, it is needed to mitigate exponential growth of population.
9) Doubts about ability to repay the debt lead to increased interest rates demanded from borrower, or if things get really bad, default. Both of which reduce lending returning things to equilibrium.
You are right in thinking that fiat money system is based entirely on trust, and will collapse if the trust disappears. But that is property of the economy in general.
When you chose to specialize on something (like writing opinion pieces on economics), you trust somebody else to make food and clothes for you, and trust yet another somebody to give you money to buy food and closes in exchange for your writing. All that exchange system could collapse, and we would be reduced to growing our own food and knitting our own clothing.
Most personal loans begin with repayment of principal on the very first payment date, 30 days after closing. But as a corporate lender having structured many different kinds of loans for big companies, I know they can be tailor-made, based on the situation and the need. Ideally, I’m looking for a "reducing revolving credit" that starts with an open revolving loan for some period of time allowing the borrower to draw down, repay, and reborrow, but then either begins to reduce in total credit availability after some period, or converts to a term loan with principal installments thereafter, due all at once (a bullet payment) or over time according to a pre-established schedule.
This may be too sophisticated for the average consumer or retail bank, but I believe there are lenders out there who may provide a more creative structure. And I am not talking about a "sub prime loan" that would lend too much money based on ability to repay, or with escalation clauses that kick in and lead to outrageous and ruinous rates. This is a PERSONAL loan with the need upfront to put the capital into an earning asset and to use that asset to repay the loan, once it is fully operational and throwing off cash as planned.
Do you know of a source where such financing might be found at the consumer or retail level? And this would not qualify as a Small Business Administration loan so please don’t suggest that angle.
You are exactly right on stating that loans can be structured. The only people I know that can do this are Private bankers. And they have a different criteria on who can become their clients.You know exactly what you want. Hit them up. All headquarters of banks have them.
China’s national government offers a tempting variety of financial incentives designed to lure inbound foreign investment, some of which were introduced by this author in the article “Investing in China: Tax Incentives”. However, additional incentives offered by provincial and local governments significantly sweeten the investor’s overall incentive package. These incentives tend to become more generous as one moves westward from the investment-saturated coastal provinces to China’s heavily populated interior, allowing the investor to cash in on China’s fierce domestic competition.
Central China’s Henan province, for example, offers manufacturing-oriented Foreign Invested Enterprises (FIEs) 100% waivers of business tax and a variety of local administrative fees. Furthermore, FIEs engaged in technology transfer, development work, and related consulting may apply for a full refund of business tax already paid.
Municipal governments, however, are often even more generous than provincial governments. Although various incentives are offered by Chinese municipal governments, the city of Zhengzhou (a metropolis of about 4.4 million people in central China) makes a good case study, if for no reason other than that the author is more familiar with its policies.
Zhengzhou rewards local FIEs in various ways:
Tax Breaks for Local Reinvestment of Profits Local FIEs that reinvest their profits within Zhengzhou will receive a 30% refund of the locally retained portion of corporate income tax actually paid on these reinvested profits (the national government offers an even bigger tax refund applicable to the nationally retained portion).
Investment in “Pillar” Industries and State-owned Enterprises Zhengzhou offers a three-year, 50% refund of the locally retained portion of corporate income tax paid on FIE funds invested in certain designated “pillar industries”. It also offers a financial incentive for investing in and reorganizing provincially administrated state-owned enterprises, and this incentive is magnified if the FIE retains a certain percentage of the enterprise’s original employees after reorganization.
Inward Remittance of Export Earnings Zhengzhou offers export incentives in the form of cash payouts of approximately 0.2% to 0.5% of every dollar of hard currency export earnings remitted inward (the highest payouts are reserved for the export of technologically advanced products).
Matching Funds The Zhengzhou municipal finance administration will provide one-to-one matching funds for the international market development funds of small and medium-sized export enterprises that are supervised at the provincial level (whether an enterprise is supervised at the provincial level or the national level depends on how much money has been invested in the enterprise, i.e., its “Registered Capital”).
Anti-Dumping Insurance Zhengzhou will assist FIEs in responding to anti-dumping initiatives, and will also subsidize expenses arising from participation by exporting enterprises in anti-dumping responses, as long as these initiatives are not otherwise subsidized by national and provincial authorities (which they often are). It may seem strange for an American company to establish a subsidiary in China, be sued for dumping by the United States, and then receive subsidies from the Chinese government for the expenses necessary to defend against the suit, but it’s possible.
Interest Subsidies for Loans Secured by Tax Refund Accounts. Zhengzhou will subsidize an amount equal to 70% of the interest due on loans secured by a tax refund account. If the FIE has no such loans, Zhengzhou will grant a subsidy equal to 50% of the interest that would have been paid on such a loan had it been taken out – the Zhengzhou municipal government will even provide the fund from which the interest is subsidized. Enterprises with an export volume of five million US dollars or more in the previous year that are verified by the National Tax Bureau to have increased tax refunds due for the current year will enjoy a 100% interest subsidy.
Export Incentives An export enterprise with either (i) a yearly export volume of at least ten million US dollars or more and actual export growth of more than 25% over the previous year, or (ii) a yearly export volume of at least five million US dollars, actual export growth of more than 40% over the previous year, and inward remittances from exports of at least 80%, will be designated a “Zhengzhou City Advanced Foreign Exchange Generating Export Enterprise” and awarded 30,000 RMB (roughly $3,500 US dollars) as long as it has not committed any serious regulatory violations during the same year.
Although a few of the foregoing incentives represent relatively small payouts, they are numerous and can make a significant difference when combined with the broad range of incentives offered by the national government.
David Carnes
http://www.articlesbase.com/affiliate-programs-articles/investing-in-china-incentives-offered-by-local-governments-62701.html
The Raw Truth on Loan Modifications
A loan modification is what lenders are searching for to save their clients from their current economic hardship. The lender is searching for a way to keep their clients in their homes; lenders don’t want to go through the burden of a foreclosure. A foreclosure, in the eyes of the lender, isn’t helping either the client or themselves. With the economy being as it is today, lenders are being more open minded about assisting clients in doing a loan modification.
The process of a loan modification can take some time. All the documentation that is collected from the client is basically the same as applying for the original home loan. Here is a list of documentation that you are going to need for the loan modification, but all lenders are different and the documentation maybe different with your lender. This required documentation is if you are going to utilize a loan modification company, and not taking care of the negotiation yourself.
Mortgage statement- This is the statement that you receive every month from the mortgage lender. The mortgage statement is to verify that the loan is delinquent and to verify the account number. Also this is used to verify the signers on the current contract.
Mortgage statement 2nd (if applicable) – This is the statement that you receive every month from the mortgage lender. The mortgage statement is to verify that the loan is delinquent and to verify the account number. Also this is used to verify the signers on the current contract.
Authorization to Release Information- This is a form that is required from the lender stating the modification company you’re working with has the ability to speak on your behalf.
Hardship letter (signed) – This is a letter that will be required by the lender for the reason why you’re interested in a loan modification. I suggest that you describe your hardship in great detail. Good hardship reasons are death in the family and a family member has recently lost their employment due to a lay off or termination.
Last two years W2’s (if self employed need tax returns all pages) – This is going to be a requirement from the lender. This will show where your financial situation has changed.
Wage-earners – 2 current paycheck stubs- This is going to be required by the lender. If your wage has changed from the original loan this will show that you are unable to satisfy the current contact; solidifying the hardship letter.
Bank statements (last three months) – This is needed to show your liquid assets. This will also show that the deposits in the account have changed, and also the average daily balance has changed. If the deposits and the average daily balance have decreased, this will verify that you need a loan modification.
Business bank statements (last three months if self employed) – This is needed to show your liquid assets. This will also show that the deposits in the account have changed, and also the average daily balance has changed. If the deposits and the average daily balance have decreased, this will verify that you need a loan modification.
A loan modification can be a process that you might not want to be part of; if you can find a loan modification company that will take the stress of getting into contact with the lender for you that is what I strongly suggest you do. I would also suggest that you work with a loan modification company that will guarantee a return of the cost; there will be a cost to do the loan modification for you. If the company can’t get your loan modified, then they will refund that cost back to you. Make sure that it is a company that is creditable, since the rise of loan modification there are companies that are stating that they can do the loan modification for you. Just make sure that are doing what they say they are going to do.
If you are feeling the pinch of a delinquent home loan and stressed bout losing your home to foreclosure, we are here to assist you. We offer a money back guarantee if we can’t get your delinquent home loan modified.
For further details on how to obtain a loan modification please visit http://www.swdebtrelief.com
George Tucker
http://www.articlesbase.com/mortgage-articles/the-raw-truth-on-home-loan-modifications-672956.html
With a very limited target market, the business credit cards seem to be left behind in this ever growing & already flourished market of the credit cards.
While some perceive that it is quite complicated to use them, some are of the opinion that the business credit cards can not meet with all the requirements of the modern market needs. Another basic fact for their being infamous is that they are have a higher rate of interest as compared to the other cards and also there legal requirements are more precise and long in comparison to the other options available.
Yet, what the users fail to understand is that they can make the best of purposes solved with a business credit card in case they use it in a planned & pre-defined manner.
Let us first understand as to what exactly the business credit card is.
1. This card is exclusively meant for the business people.
2. It has a higher credit limit as compared to the other cards.
3. Also it has a very low rate of interest.
4. Varying with the scheme you enroll in to and the way you use your business credit card, this card automatically generates several benefits for you.
5. As we now completely understand that the business credit cards are targeted solely towards business heads and those who aim at standing a business, this card reaps major benefits to the small & newly established businessmen.
The functions that this card avails for the small businesses are as follows:
1. This card improves their cash flow.
2. It makes the extending of payments quite much faster and easier.
3. This card establishes a dependable image of your business among the people.
4. As a user, it is quite dependable mode of handling the finances.
5. This credit card also features detailed reports.
6. They offer good quality customer services and hold that as their trademark.
7. For small businesses, this card features quite high credit limits along with very low interest rate.
8. The card comes along with various credit options.
9. This card is also beneficial to those big corporation houses that are set up to help the small businesses flourish big. In such cases the business credit card helps the big corporation to closely monitor the credit baseline.
Getting a Business Credit Card
While getting any other credit card seems almost like a job with questionnaire of the bank, and the long queue waiting to meet the bank representative, getting a business credit card is as easy as the click of a the mouse. Here is the means to do it.
1. The bankers do understand that business credit cards are meant for the businessmen who are always on the run.
2. So, instead of you going to the bank you can look for a suitable business credit card for yourself on the internet that is the World Wide Web itself.
3. Once you know which card or scheme you want to get, you can also enquire the same on the phone call.
4. Then finally fill out the simple application form given online.
5. This way, the bank not only offers the business credit card but also ensures safe, simple and secured processes of getting the drill completed.
6. Further, while using the card, you can also benefit from the additional features like online payments and reporting.
7. These websites also offer customized company logos & access to some instant cash on line.
8. The other business credit cards offer detailed reports online for easy access & monitoring.
Some exclusive features of business credit cards are as follows:
1. Many applications of the business credit cards offer zero or no fee for the initail year.
2. They also offer no preset spending limits or finance charges.
3. Sometimes the business credit cards also offer viable programs of membership rewards enabling the members to earn points that they can use for traveling, merchandising and in their business in forms of other related rewards.
4. In terms of statistics, the business credit cards also do offer the small businesses a credit line up to $ 100,000 @ competitive APR that is as low as the prime + 1.99% on both check and/or cash purchases; with no collateral required, line’s 100% is also available as cash.
5. The clients in some cases also receive checks that are fee-free. Alongside they enjoy cards to access their account.
6. some other great offers are as follows:
i. Everyday savings and/or exclusive savings
ii. Express approvals
iii. No annual fee
iv. Up to 5% rebates against all qualified purchases
v. 0% introductory APR on purchases for the first half year of membership
Yet, before purchasing a business credit card, one should keep the following point son mind:
1. While the card issuers attract you with great value deals, one must research first as to what your business needs exactly.
2. Some businesses require a business credit card for investing towards inventory and some require it for the payroll. So, you should look for a very flexible business credit card in order to handle almost anything.
3. Whether you choose to visit the bank directly, or apply the business credit card on the internet, there are various premier business credit cards available with the suppliers who are all willing to help you make the right choice and make the usage of the same as simple as possible.
Abhishek Agarwal
http://www.articlesbase.com/credit-articles/understanding-business-credit-cards-31-points-to-enlighten-you-703497.html
There are specific and measurable strategies and benefits to using business credit to build your business faster and cheaper than without business credit. The old adage is, “the banks will only give it to you if you don’t need it.” The key is to maintain at least twice as much business credit as you need to hedge against any slow times or to be liquid enough to take advantage of once-in-a-lifetime opportunities. It’s not easy for most people to raise $250,000 or more for a small business to expand but if you understand the options available and take the steps necessary it can easily be realized.
The most important thing about obtaining large amounts of business credit is to have an officer of the company, with impeccable credit, personally guarantee the loans. If this isn’t possible, you will still be able to access a significant amount of credit but the process it will not happen overnight. For those small business owners with no credit or bad personal credit there are still options to access quick financing, one being bringing on a silent partner to do nothing but guarantee the financing. Make sure and run this by professional counsel before trying to implement.
The easiest business credit to obtain is business credit cards and the majority of which have phenomenal promotional deals such as 0% for 12 months or 2.9% for life, just for example and it is very possible to have access to $50,000 to $150,000 in revolving business credit in within a short period of time. There are even cards that will easily hand out $25,000 and allow you to balance transfer that amount into your business checking account so during the promotional period you have free access to these additional funds.
Traditional banks also offer two other widely used business credit options, the line of credit and equipment financing. A line of credit is similar to a credit card with the only difference being that you have cash access to 100% of your available credit. The best part of having at least one line of credit is that you can write yourself checks and not pay the fees that are typically associated with credit cards. Depending on the age and financial state of your business you can qualify for anywhere from $10,000 up to $1,000,000 in a cash access line of credit, think of the possibilities. These are typically thought of as unsecured financing because there is typically no collateral or equity that secures the financing.
The second type of bank financing is called equipment financing, which is can be thought of as secured financing for things that a business needs to operate. The best thing about this type of financing is that banks are much more lenient as to the amount of funds they will approve your business because the funds are secured by the equipment you purchase. So whether you need a printing press, a new lawnmower or in some cases a new company car this financing option might be for you.
No matter what, you need to have good personal credit in order to secure the highest form of business credit. If you are building business credit to obtain this same financing without a personal guarantee I suggest you work on perfecting your personal credit at the same time. You will be happy you did when you are trying for those $1MM lines of credit.
Shane Stone
http://www.articlesbase.com/entrepreneurship-articles/strategies-for-using-business-credit-to-finance-your-business-252062.html