Posted in Loans and Debt

Professional Athletes With Tax Debt Problems

Darryl Strawberry
Dodgers star, Darryl Strawberry first got in to trouble with the IRS in 1994 when he was put under investigation for tax fraud. The IRS tacked him with tax evasion, and he had to pay back $350,000 in back taxes, serve 3 years of probation, six years of home confinement, and complete 100 hours of community service.

2. Lawrence Taylor
Former Giants linebacker, Lawrence Taylor filed an incorrect federal income tax return back in 1990. Taylor pleaded guilty to the tax charges in 1997, and was punished with three months house arrest, five years probation and 500 hours of community service for income tax evasion.

3. Pete Rose
Baseball favorite, Pete Rose, also got in to some trouble with the government in 1990, when he filed a false income tax return. Despite his celebrity status, Rose was sentenced to five months in a correctional facility, three months in a community treatment center, 1,000 hours of community service and a $50,000 fine.

4. Helio Castroneves
The recent controversy around Indy 500 racer Helio Castroneves and his supposed $5 million tax debt has shed light on the tax problems sports stars can get in to. He is currently being tried for evading taxes on a licensing deal that he claims to never have received a dime from. Only time will tell whether the Indy 500 and dancing with the stars celebrity actually committed the tax crime.

5. Willie McCovey
Hall of Famer Willie McCovey, like many other athletes who ran in to tax trouble, did so by forgetting to claim cash made during autograph signing. While McCovey pleaded guilty to the crime, he also claimed to have committed it unknowingly, since he had a professional handle his accounting. He was sentenced to two years of probation and fined $5,000.

6. O.J. Simpson
Although infamous for more than his athletic abilities, O.J. Simpson upset the IRS enough to be put on the California tax shame list. His tax debt was over $1.5 million, and he stayed on the list for more than a year.

7. Jesse Owens
The late 1930s Olympic winner Jesse Owens got himself into trouble with the IRS. After the Olympics, Owens tried multiple business ventures in the United States to profit off his newly found fame. However, one of his ventures lost Owens a fortune and rendered him unable to pay his full tax liability. As a result, Owens was forced to declare bankruptcy.

8. Boris Becker
Famed tennis player and bad boy, Boris Becker, ran right in to tax trouble when it was discovered his apartment was not his priority residence, as previously claimed. As a result, he was given two years probation, fined $500,000, and ordered to pay expensive court fees.

Posted in Loans and Debt

Pay Off Student Loans without Breaking Your Budget

Student loans can rack up to tens of thousands of dollars within the time it takes to get your degree. You may be wondering how you will pay off student loans while working your way up the career ladder. Luckily, there are options.

The first step in managing your student loans is to consolidate. Locate a lending institution that will loan you an amount equal to your student loans. Once you are approved, the institution will be able to pay off student loans for you. You then pay one low monthly amount to one location, and typically at a lower interest rate.

Once you have consolidated your student debt, you will find that you save money by paying less interest and fewer finance charges. Additionally, further options for managing your loans may be available to you at this point. For instance, many institutions have policies that allow you to put your loans on deferment.

When you put your loans on deferment, you are agreeing to pay the debt at a later date. Deferment is granted for a variety of reasons. The most common type is an academic deferment. This is typically automatic while you are attending school. If you leave school, and intend to return, you may need to actively request an academic deferment.

Another common type of deferment is an economic deferment. An economic deferment is allowable and enforceable by The Department of Education. This is allowed when you truly do not have the means to pay off student loans. There is typically a lot of paperwork and verification required for this type of deferment.

The important thing to understand about deferment is that you will not pay off student loans quickly in this manner. In fact, you can easily accumulate further debt because interest continues to accrue throughout the deferment period. You can avoid this pitfall as well to pay off student loans earlier than expected.

Each month throughout the term of the deferment you will receive a statement from the lending institution. This will remind you of your principle amount, the date your first payment on the loan will be expected, and the amount of interest accrued since the date of the deferment. Pay the interest accrued each month throughout the deferment. This will save you money in the long run, and the interest alone is much more manageable than a full payment. You may also opt to pay additional amounts toward your loans as you are financially able.

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Installments payday loans Cash help with easy repayment tenure

If you have a short-term monetary necessity, you can apply for an installments payday loans to get the finance needed to accomplish those needs. These loans are settled for small periods of time. The customary due date is the next payday of the borrower. These borrowing alternatives are a great option for salaried individuals. This loan is perfect for them who get monthly paid. That is the cause when they are punch with an unforeseen but vital expense a week or two before the next payday, they find it very hard to organize for sufficient cash to meet the monetary obligations. These loans offer fast approval and you generally get the much-needed cash directly deposited into your bank account.

Before you go for the loan you must have some basic eligibility and that is you should be an UK citizen and also 18 years old. You must have the permanent income source with the basic salary of atleast 1000. A bank account is also necessary for getting the loan. offer the loan upto 1500 for the time period of 14 to 31 days. You can also pay your loan in 4 installments atleast. But be careful when you choose your installments periods because you might have to pay higher interest rate. It is advisable to choose less number of installments.

The credit check will not be compulsory here to be given. The approval will not be influenced by your credit score. You can get it even if you have adverse credit history. Enjoy the money for yourself with this loan without pledging any collateral. There is no need to provide collateral also. Installments payday loans are risk free for the borrowers. One of the easiest ways to get the loan is to apply through online. You just have to fill out the online application form and approval will be quick.

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Debt Eraser – Simple Debt Reduction And Elimination

People take a variety of loans for a variety of purposes. If you think that you have a huge debt and want to eliminate it, then ask a financial planner to make a debt elimination plan for you. They will look into your revenue streams and the spending pattern. Then they will try to eliminate the smaller debts first.

It’s difficult to eliminate long-term loans; it’s certainly possible to eliminate short-term loans. Stop buying and spending on credit in short term. This will lead to short term debt elimination. For example don’t buy groceries on the credit card. This will automatically lead problems, this advice will be useful for you. Use cash to buy and use coupons for getting a few dollars off on various products. Thus there will be less credit card bill at the end of the month. Use a credit card only when you must.

Get professional help. The best way to know exactly what you need, is to use a professionally recommended debt elimination plan. Contact a quality debt advisor like for example Abacus, which will almost guarantee that you will save yourself money and time.

Consolidate multiple bills. If you have lots of bills to pay each month, you will be amazed if I told you how much extra you are paying unnecessary. The solution is to consolidate all your debt into one loan and pay only one bill a month. This will cause the amount of interest you pay to go down, while at the same time the amount of money in your pocket goes up.

When starting your debt elimination system, be sure to focus on one bill at a time until it’s completely gone. One way is to start with the debt that has the highest interest rate. Another way is to start paying off the one with the lowest balance. Many people have had success paying off the bill with the lowest balance because they can see an immediate reward for their effort. Whichever way you choose, start the process today and you’ll have the debt relief that you deserve!

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Debt Problem Warning Signs

Many Americans have over spent during the last 3 years. It has created a major credit problem for most. Here are some important indicators to help you see if you are on the verge of major debt problems:

You have little or no savings – Very often, people fall into bankruptcy because they have some unexpected expense. If you have no savings built up, it means that any medical emergency, car accident or other unforeseen challenge will have to be paid for on credit.

You only make minimum payments on your credit card debt – When you only pay the minimum balance on your credit card debt, you are practically giving you money away to credit card companies, lenders and banks. You accrue the most interest on your credit card debt making minimum payments, and thus you really are not solving your debt problems.

You continue making credit card purchases, even though you are trying to pay off those same cards – If you were trying to bail the water out of a boat, you wouldn’t put it back into the ocean would you? The same logic applies to credit card debt; if you know you have a debt problem, put the plastic away until you can get the balance down to either zero or at least a manageable number.

You have at least one credit card or line of credit that is near or over its credit limit – A sure sign of a potentially major debt problem is when your lines of credit are all used up. If you do not have enough money in your paycheck to fund your expenses, and you have used up all of your credit lines, what will you turn to in order to make ends meet? Debt problems often begin to become obvious when a consumer has no money left just before rent is due, or a car payment. This is when you have nowhere to turn since all your credit cards are maxed out.

One last sign of debt problems is when you are occasionally late in making payments on your bills, your credit cards and other monthly expenses – Once you are late once, it becomes okay to be late a second time. Part of the snowball effect is when a consumer gets so overwhelmed with their debt problems that paying bills in general becomes too much. Soon enough, all of the mail begins to take on a pink tone (meaning Past Due notices) and potential debt problems become massive debt problems.

If you are wondering if your finances exhibit any warning signs of potential debt problems, check the above five warning signals. If one of more of these sounds familiar, you should immediately take stock of your finances and see where you can cut back, whether you can make more money or if you need some sort of outside assistance.

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The Process of Debt Consolidation

Many people, today, are plagued with financial problems, and they do not know how to solve them. Some of them may have lost their jobs, incurred large amounts of credit card debt, or simply do not make enough money for them to cover unexpected bills. While many people may think that the only solution is bankruptcy, this is not true. There is a process called debt consolidation that can help them rise above their financial troubles and lead a worry-free life, once more.

How Does Debt Consolidation Work?

Bankruptcy is not a solution for every person, as debt consolidation can often solve even the worst-case financial situations. Once people decide to opt for debt consolidation, they will need to attend debt counseling with a qualified professional. They will need to bring such paperwork with them as a list of debts and creditors, a list of assets, income information, and a list of all monthly living expenses. Living expenses may include rent, utilities, medical bills, gas and food.

One of the options with debt consolidation is obtaining a debt consolidation loan. This is terrific for people, whose credit has not been severely damaged, as they can combine all of their debts, such as personal loans and credit card debt, into one convenient payment. Another option is for the debt counselor to negotiate payments with their client’s creditors. In many cases, creditors will lower interest rates and eliminate penalties. Clients will make one payment per month to a trustee, who will then pay each creditor.

Pros and Cons of Debt Consolidation

Just as with any other essential decisions in life, people need to think about all of the advantages and disadvantages of debt consolidation before choosing this plan of action. Some of the pros of choosing a debt consolidation plan is that it relieves people’s stress and gives them peace-of-mind. It also offers them an easy-to-manage payment plan with low interest rates and monthly payments.

There are some cons with debt consolidation, as well, with one being that consolidation loans are typically secured loans. This means that debtors will need to provide some form of collateral, such as their house; and if they do not pay all of their monthly payments timely, they could put their homes at risk. Another disadvantage of debt consolidation is that it may be impossible, afterwards, for people to obtain new lines of credit in the case of emergencies.

In conclusion, while there a couple of disadvantages to debt consolidation, there are many more terrific advantages. While the impact of consolidation on the debtor’s credit report may be negative at first, it will be positive in the long run, if people make their payments on time. With the advantage of having just one manageable payment per month, rather than several payments, and reduced interest rates, debt counseling and consolidation makes perfect sense for anyone in financial difficulty.

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Cash Installment Loans- Easy Repayment No Hassle

Are you looking for a short term loan that you wish to repay in easy installments? Cash Installment Loans can be really helpful in that case. These are short term loans that are issued to you without any hassle. You can apply for these loans through the internet. You just need to fill an online form and the loan will be approved without any delay. These are the quickest form of assistance as you can easily apply for these loans through the internet. Your loan is approved without any paper work or other such documentation.

If you are afraid of your adverse credit score then you should not as the loan will be approved without any credit checks. Your loan will be approved without any hassle. You just need to prove that you can repay the loan in time. The loan will be approved if you can prove that you are employed and are drawing a regular income of at least $1000. The are only available to the salaried class of US citizen. The applicant should be at least 18 years of age.

Repayment is a big issue. Repaying the loan in one installment can be a real trouble. So you may find yourself in trouble of re borrowing, but when it comes to these loans, they don’t put any pressure on your upcoming paychecks. You are required to pay the loan back in easy installments. So it is very easy for you to manage your monthly expenses and the repayment as well.

The interest rates of these loans are very high so it is advisable to you to make sure that you borrow an amount that you can easily repay in time. If you miss the repayment dates you may find yourself under the heavy penalties for the late payments.

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Twelve Benefits of Do-It-Yourself Debt Settlement

Although the tide of bankruptcies receded after the new bankruptcy law went into effect on October 17, 2005, a swelling volume of new personal bankruptcy filings are starting to flow into the court systems. With consumer credit card debt now over $820 billion and 97 percent of consumers seeking pre-bankruptcy credit counseling unable to repay their debts, analysts should not be surprised to see bankruptcy numbers steadily climbing.

In the wake of these developments, debt settlement is becoming a popular bankruptcy alternative for consumers experiencing financial hardships. This trend will likely continue as the economy continues to suffer from sluggish growth, stagnant personal income, a persistent negative personal savings rate and rising gas and energy prices. In tough times, debt settlement often provides the fastest resolution to overwhelming debt outside of bankruptcy.

As debt settlements popularity grows, so do the number of companies offering professional debt settlement programs. These companies offer a valuable service to consumers, especially those who do not have the patience or emotional strength to negotiate directly with aggressive and sometimes intimidating creditors and debt collectors. However, with the right information, you can negotiate your own debt settlements and be debt-free in about two to three years.

Here are twelve benefits to demonstrate the value of the do-it-yourself debt settlement method.

1. Low investment. Do-it-yourself debt settlement guides are much less expensive than the service fees charged by professional debt settlement companies. For example, the popular Do-It-Yourself Debt Settlement Kit, published by the National Financial Awareness Network, costs only about $150 and is available for purchase online at www.nfan.com.

2. High return. If you were able to settle one $6000 account for 50 percent (which is a typical settlement amount), you would save $3000. That is a 200 percent return on your $150.

3. Save money. Hiring a professional debt settlement company will likely cost you thousands of dollars in service fees, compared to about $150 for a do-it-yourself debt settlement kit.

4. Know thyself. Who do you trust more than yourself with your money? Handing your personal, sensitive financial dealings over to a complete stranger can be unnerving, especially if it is unnecessary.

5. You are your best client. Professional debt settlement companies often service thousands of clients. It is nearly impossible for anyone else to provide the level of service and attention that you can provide to yourself.

6. Stay in the know. By managing your own debt settlement program, you will always know what is going on with your accounts. How can you keep yourself in the dark?

7. Record keeping. As a do-it-yourselfer, you only have your records to keep up with. Professional debt settlement companies often have thousands of clients and each client has multiple accounts to keep up with.

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Always have the guidance for manufactured home loans

Today’s manufactured homes are getting to be a favorite investment because of the flexibility, good quality and inexpensive cost. Even so, with the emerging reputation their price is rising somewhat. With manufactured home rates edging way up, it’s vital to find desirable rates with manufactured mortgage loans.

A new manufactured home loan is an exclusive mortgage intended for purchasing this type of housing. Much like typical mortgage programs they come in many forms, with alternatives for a fifteen, twenty, or thirty-year term.

Before purchasing a home, some sort of customer would need to compute the costs on the house loan. You should find the achievable final charges, advance payment, as well as other costs mounted on manufactured mortgage loan. Together with most of these facts along with results involved, it may be extremely hard to be able to pursue that will fantasy residence. The consumer may have to seek a lower price tag along with dimensions assortment. Right after finding out these particular, homeowners can easily research the different types of manufactured mortgages.

The first thing to try and do will be discovering a mortgage loan that fits into your house getting strategy in addition to total economic strategy. This implies comparing prices for just a financial institution that provides loan with all the phrases of which very best in shape your needs. This must figure out simply how much residence you will be able to pay for throughout the pre-approval procedure.

Finding the fundamentals of manufactured home loan and mortgages would have been a benefit to you during your own home buying experience. Check out the right mortgage loan that matches your economic needs will spend some time but it can be well worth the time and effort once you may move into another manufactured residence.

Whenever buying a manufactured household, make sure you get ready before hand what documents you will want when obtaining financing. Acquiring documents to deliver your current loan provider at the same time anyone submit a new credit ratings application usually limit this endorsement practice along with reduce this anxiousness that accompany this status of the application.

You can even do some searching online having a mortgage comparability organization that will distribute your own fundamental information to numerous different providers and have absolutely all of them put together quotations to suit your needs. This is sometimes a great way just to save period and also submit only one preliminary details form.

The obvious way to get manufactured home loans is usually to search by you. As you move to the dealer they can safeguard loans for you, they will often not really give you perfect interest rate and also repayment words. After you consider the job on by yourself there exists a much better possibility you will discover that what you are looking for.

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Will Interest Rates on Direct Loans Rise in the Future

As the interest rate on federal student loans has seen an increase in the past year (starting on July 1, 2014) some are worried that the rise in Direct Loans is going to cause a problem. In the 2013-14 school year, Direct Loans saw a record low in interest rates at just 3.86 percent for undergraduate students and 5.41 percent for graduate students.

For the 2014-15 school year, however, these numbers have rise and now Direct Loans carry a 4.66 percent interest rate for undergraduates and 6.21 percent for graduates. That doesn’t seem like such a large increase, but why is it such a concern.

Some economists believe that instead of trying to raise the interest rate in order to collect more money from the students that are borrowing on these Direct Loans that the interest should be dropped below it’s record point in 2013-14. They have explained that dropping the interest rate even lower will result in lower monthly payments, thus avoiding defaults and delinquencies, which has become a large problem in the United States.

With the student loan debt now topping over $1 trillion in America, there may be a point to that. If every student is able to pay the extra $2 to $3 per month that will result in this interest rate on time, then it will only make a small dent into the national debt. If dropping the interest rate in half would result in saving students an extra $5 or so per month, it wouldn’t make a huge difference for them either.

Learning in college nowadays is usually challenging. The rising price of education is making many Americans find it difficult to manage their money. The U. S. government seeks to address this need of countless American households to supply education for his or her children after high school through a program which offers direct loans to students to cover their college training.

Technically, there has to be an interest rate on Direct Loans or else the Federal Government would not be receiving any money at all in return. However, the problem with debt and defaults has become such a problem that lowering the interest back to its record low points is certainly something to consider.

For more information on student loans and to receive updates about news regarding student loans, log onto www.afbcenter.com to get the scoop from American Financial Benefits Center today!

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