Asset Based Loan

do they offer the same courtesy when you owe them?

Absolutely right. I get very annoyed when I hear people getting all excited about their tax refunds. How do they not realize it was their money to begin with!? If they had been allowed to keep it in the first place, their lives would have been that much easier!

Instead, we all line up like orphans looking for an extra bowl of porridge and be ever so grateful to government for all this "free money."

People as a rule are fairly stupid. That’s how big government gets big.

Last year my tax return was taken to pay off part of a student loan. In the spring I contacted the company that holds the loan and set up a re-payment plan to get out of a default status. It’s a nine payment plan and my last payment is due on January 31st. How do I find out if I am still in the status that my return would get taken?

Dear chas: An installment agreement with the IRS abates all offset actions as long as you are current with the arrangement. I would call the offset number and also the company that holds the loan. If your last payment is Jan 31 2009 it is unlikely they will offset your debt if you have been current with all payments.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor

I have a construction business that is 6 yrs old. With current conditions I am finding that I need more capital to run the company. Can anybody suggest a source for a $150,000.00 line of credit?

yes,ask Bill Gates to loan you some.

I have good but limited credit. I need to get a line of credit for ongoing use. How do I get my bank to step up?

The best way it to meet them. If you have a proposal, especially cash flow analysis make one & discuss with them. With your good historical records & a reasonable not too optimistic cashflow projection, certainly you can get something.

7. In some countries, financial institutions operate under Shariah, which also gives guidance about accounting practice in these companies. What is “Shariah?”a) Shariah is the financial accounting standards board in Saudi Arabia.B) Shariah is the law governing human conduct that is derived from the Koran.C) Shariah is the codification of banking regulations in the European Union.D) Shariah is a political system used in South American countries.

8. Assets are commonly shown in order of their liquidity, or in reverse order of their liquidity. What does “liquidity” mean?
Liquidity refers to how easily the assets are converted to cash.
Liquidity means that assets are inflation-adjusted.
Liquidity refers to whether the asset is depreciable or not.
Liquidity means that the assets are closely matched to specific liabilities.

9. Individualism, power distance, uncertainty avoidance, and masculinity are examples of: a) accounting values B) ecological factors C) cultural dimensions D) external forces

13. According to Sir Bryan Carsberg, former IASC Secretary-General, what is the most significant cost of accounting diversity?
The time expended by accountants to create multiple sets of financial statements conforming to different national standards.
The cost of the IASB to regulate compliance with many national accounting standards.
The reduction in effectiveness of the international markets for capital.
The resources used by countries in legislating different sets of accounting standards.

15. Of the 14 members of the International Accounting Standards Board (IASB), how many work for the board on a full-time basis?
14
12
10
0

16. The IASB’s Framework for Preparation and Presentation of Financial Statements (1989) implies that the most important group of users is:
government.
general public.
creditors.
investors.

22. Camerata Construction borrowed 19,000,000 for 10 years at 6% specifically to modernize its operations with new equipment. The average rate of interest on Camerata’s debt after considering the most recent loan was 5.5%. What rate of interest should be used for capitalizing the borrowing costs on the new equipment under IAS 23?
5.5%
6%
5.75%
Some other amount

23. The IASB standard on stock options (IFRS 2) is substantially the same as U.S. GAAP. How should stock options be accounted for?
Since their value is not determinable until a future date, they are not recorded, but only disclosed in the notes to the financial statements.
A compensation expense is recorded based on the value of the options expected to vest as of the date the options are granted.
An expense is recorded only if a market value for the options exists on the date the options are granted.
The options are recorded as a liability for the value of the stock at the exercise date.

24. What functional area dominates the accounting profession in Germany?
Taxation
Auditing
Financial reporting
Managerial Accounting

26. What is the main source of corporate financing in the United Kingdom?
banks
capital markets
government grants
royal family

27. What is the greatest difference between Mexican accounting practice and American accounting practice?
The method of calculating earnings per share
The lack of conservatism in Mexican accounting standards
The treatment of inflation effects on financial statements
The accounting for exchange rate gains and losses

28. In what year was the Shanghai Stock Exchange reactivated?
1949
1956
1990
1995

29. According to the World Trade Organization, what was the size of international trade in 2003?
$7,000,000,000 (7 billion dollars)
$70,000,000,000 (70 billion dollars)
$37,000,000,000 (37 billion dollars)
$7,000,000,000,000 (7 trillion dollars)

31. What is a foreign currency transaction?
It is another name for an international transaction.
It is a transaction that involves payment at a date sometime in the future.
It is an economic event measured in a currency other than U.S. dollars.
It is a business deal denominated in a currency other than a company’s domestic currency.

32. Under U.S. GAAP, foreign exchange losses should be recorded by:
debiting “Foreign Exchange Loss”
crediting “Foreign Exchange Loss”
debiting “Retained Earnings”
debiting “Sales Revenue”

33. Under U.S. GAAP, to qualify for hedge accounting which of the following conditions must be met?
There must be for

Please do your own work. You learn better that way./

JPMorgan Chase said it was not acquiring any senior unsecured debt, subordinated debt, and preferred stock of WaMu’s banks, or any assets or liabilities of the holding company, Washington Mutual Inc. JPMorgan also said it will not take on the lawsuits facing the holding company.

Now, if there is no signed credit card agreement between me and I also loss stock in WM, can I dispute my credit card debt? The problem is WAMU screwed up my account and gave me a card over the phone based on an equity loan that had been closed for over a year. When they found out the mistake, they demanded payment in full. I disputed and asked them to simply transfer to a new account and send me a credit card agreement at the same interest rate. They refused and rather then work to resolve the issue, they threatened me with fraud.

I had to retain a criminal attorney which cost almost 10K to prove the error on their part, which they eventually admitted to. However, the stress was so much that I had a heart attack and was hospitalized. So we where in the process of filing a lawsuite against WAMU for what happened and what I have suffered as they refuse to remove the dispute from my credit report.

Since then I had to retain a credit attorney (who is off today – but I did leave his office a voice mail ) and I want to know if whoever holds the new debt, if they can’t prove the debt was agreed upon or there was no valid contract, can they uphold the debt and if so, can I then take the legal action against them for what I suffered?

You question is unclear, but any loss you suffer investing in WAMU stock is a completely separate issue from a credit card dispute.

Many people believe that the banks will turn their request down due to their lack of credit history, which is possible for small businesses and new start-ups. But one can get a credit card if he has a steady source of income. Most people stumble into the same kind of problem when it comes to using and managing their credit card. Most banks ask for prior credit history or some kind of guarantee so that it could be proved that the applicants business will be a good payer. But most of the time people lack this. It is true that building a credit card history is not easy but it’s possible.

Banks are hesitant to issue a credit card to users who are unable to show their credit history. This may involve young people and those who are applying for a credit card for the first time. They will always face this problem. If your business has a good credit history and you don’t, or even vice versa, then consider applying through the most reliable source.

This problem has many solutions. Some banks routinely offer visa and master cards to first time applicants. It’s true that at first you will not have a credit history, but you may have to make a credit history some where down the line. Making mortgage payments, either through your business or otherwise, is a good indication that you intend to pay on time every time.

What if the applicant doesn’t have a credit history at all? Then he has some other alternatives. Go and buy a shopping card from your departmental store or a gas station. They offer store and gas station specific cards, and they will most likely give you their card. Use that card wisely and mange and properly to build your credit history. Buy something from the store and then pay it off on time when the statement arrives. You may do this for several months and then re-apply for a visa or a master card. The bank will then have a proof of your steady income and this credit history as basis upon which they will decide whether or not to assign a card to the applicant.

Another way of establishing a credit is to get your self a debit card. Debit cards work like credit cards but they are issued when a bank account holder applies for it. They are issued easily. They are secure in the sense that the user can not exceed the amount he has in his bank account. This is a good option for those who are having problems in establishing their credit history and getting a credit card for the first time.

Remember that it is extremely important that you pay off in time if you are using gas station or departmental store’s card because that will be the credit history you will show to the bank. As long as you pay on time and do not carry a large balance from month to month, you have got yourself in the list of likely candidates for a credit card.

Devin Gilliland
http://www.articlesbase.com/credit-articles/getting-your-first-business-credit-card-110323.html

Small-business owners have a lot more things to think about than what to do if they don’t have enough cash flow to cover their business expenses, and OPEN from American Express appears to be the solution for small business owners’ problems. OPEN offers several credit card options in order to take some of the pressure off the small-business owner as they try to make the transactions and business moves necessary in order to generate revenues and increase profits. The Business Gold Reward Card from OPEN is just one of the solutions that American Express offers to make it that much easier to turn your small business into a financial giant.

To begin with, the Business Gold Reward Card asks for no collateral to be put down during the application process either for a loan or for a line of credit. After receiving approval, you’ll be charged no annual fee for the introduction period of the first 12 months. After the first year, there is a $125 annual fee on the primary card. Additional cards are also available for the use of your employees in order to consolidate and control your business spending. These additional cards (a total of nine available) also have the annual fee waived for the first year, with a $45 fee incurred each year thereafter. There is no APR on purchases.

There is no preset spending limit on your Gold Reward Card. Instead, purchases are approved based on a variety of factors including account history, credit card history, and personal resources. The Card requires payment in full each month, but cardholders are encouraged to enroll in the extended payment option, which is available upon credit card review.

Of course, when you’re talking about the American Express family, you’re talking about membership rewards. The Business Gold Reward Card automatically credits your account with a welcome bonus of 5000 points on your first purchase using the card. Thereafter, you can expect to receive one point for every dollar spent on your card. There are additional bonuses available as you use your card, including 5000 points when you reach $20,000 in spending, 20,000 bonus points for reaching $50,000 in spending, 10,000 points upon the renewal of your card after one year, and 60,000 points available if you spent an average of $5,000 a month upon your credit card.

As you can see, Reward Card holders have the advantage of seeing their points accumulate very quickly. Use your points to team up with other participating members in the membership rewards program including AT&T and Hertz. There are literally dozens of other hotels, airlines, and entertainment businesses that redeem membership reward points.

Finally, the Business Gold Reward Card will allow you access to all the American Express customer care options available. These options include the 24-hour, seven-day-a week helpline should you have any concerns with your credit card, insurance protection for your card, and the opportunity to interact with other small-business experts in order to pose questions and gain insight into running a small business. The emergency services program offers speedy help in the event you need a card replaced, a check cashed, and to assist with hotel check-in.

Anthony Samuel
http://www.articlesbase.com/finance-articles/the-business-gold-rewards-card-from-american-express-getting-business-credit-with-rewards-57620.html

Mortgage loan is the money that the lender gives to the borrower; sometimes these loans need a guarantee. A mortgage is what one gets as a certification once the asset is used as a pledge for security. There were times when availing mortgage loan was very difficult but with the growing competition it has become very simple to get mortgage loan. The loan amount can be used for various purposes such as purchasing a property, wedding, vacation, medical purposes etc.

As a security is attached with the loan therefore the loan amount is very high. Every individual has his own requirement as a result one should choose the right kind of loan that would solve his purpose. In mortgage loan the time of repayment is very long it may extend unto 25 years or more. Since the repayment tenure is so long therefore the monthly installment that the borrower has to pay is not much and does not disturb his monthly finances.

Mortgage loan can be generally divided into two types:

1. Fixed rate mortgage loan
2. Adjustable rate mortgage loan

In case of fixed rate mortgage loan the interest rate remains the same throughout the tenure of the loan. In this kind of loan the borrower is more relaxed because he knows the amount that he has to pay every month and accordingly plans his budget. Therefore the borrower will not be affected by the change in the interest rates as his mortgage amount will not change.

In adjustable rate mortgage loan or variable rate mortgage loan the interest rate is adjusted from time to time based on an index. By taking this kind of mortgage loan the borrower can lower his payments as he is ready to take the risk of change in the interest rates.

Apart from these two there are various kinds of mortgage loan such as interest only mortgage loan, graduated payment mortgage loan, negative amortization mortgage loan, conventional loan, extendible balloons and many more. It is for the borrower to decide on the kind of loan that would fulfill his requisite.

Mortgage loan is a kind of loan that would continue for years, therefore the borrower would want the best and the most reasonable rate as he has to pay the interest for many years. There are certain things that affect the mortgage loan interest rate such as loan amount, loan tenure, down payment, income of the borrower, whether or not the loan is adjustable etc.

There are certain points that the borrower must keep in mind before availing mortgage loan.

Firstly, the borrower should decide on the loan amount after assessing his income and the pay back capacity so that the loan does not hamper his budget.

Secondly, one should do complete market study before availing mortgage loan, and then choose the best deal as per his need.

Thirdly, mortgage loans are of various kinds, so the borrower should decide on the type of mortgage loan according to his constraint.

Fourthly, the borrower must have a clear idea about the rate of interest, the monthly installment that he has to pay, the terms and conditions and the tenure of the loan. One should calculate the interest rate and the monthly installments beforehand so that he does not end up paying more to the lender.

Fifthly, the borrower must check the means and standing of the mortgage loan lender.

Micheal Coley
http://www.articlesbase.com/finance-articles/mortgage-loan-for-you-282382.html

There are many people in UK who go through the harrowing experience of facing harassing calls from their creditors pestering (and sometimes threatening) them to clear off the outstanding due. This unpleasant situation comes in life when one tries to ride on too many ‘debt boats’.

And what is the result?

The person falls and starts drowning in the sea of debts!

But then every problem has a solution.

There are a number of companies in UK that offer debt consolidation services to people in financial distress. These companies hire debt counsellors who work upon to streamline the debt situation of such people. They try to identify which aspect of the debt is causing the problem to the borrower. For example, if a creditor is charging excessive fees, the counsellor tries to negotiate with the creditor to cut down on the fees.

If the interest rate is too high, the debt counsellors try to convince the creditors to settle with a new agreement based on a reduced interest rate that in turn lowers the monthly instalments.

Another effective means available for managing debts is a debt consolidation loan that can be used to replace the pending debts with a single loan. However, it is not easy to receive financial aid from lenders when you need to pay off the heavy debts that you owe to different creditors. Most of the lenders demand suitable collateral security to cover such a substantial loan amount.

A secured debt consolidation loan quite suitable for consolidating heavy debts, such as pending credit card balances, unsecured loans, etc. As like any other secured loan, secured debt consolidation loans are offered against collateral security, which may be any valuable asset, such as your home, land, farm, car and so on. Select the asset depending upon the amount of money you need to borrow to pay off your debts.

A secured debt consolidation loan proves to be effective in reducing the debt burden, especially when a person is entangled in a number of high-interest debts. Presence of collateral in the secured form of a consolidation loan allows the lender to offer the loan at a reasonably low APR. This helps the borrower to save a significant amount of money every month that in turn eases out the debt burden considerably.

Jake Nathan
http://www.articlesbase.com/debt-consolidation-articles/keep-your-pestering-creditors-at-bay-with-secured-debt-consolidation-loan-109245.html