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Personal Finance

~22200 answered questions
Parent Category: Business & Finance
Financial planning for individuals and families including budgeting, credit management and investing
One thing to keep in mind is a lease, most new cars are allowed to finance more than the new car is worth I.E. our dealership can finance 115% of the new cars MSRP note that you can by a car well below MSRP there for hiding your neg balance keep in mind this is carried over into the next loan so you…
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I wouldn't. Contact the bank who you have the loan with before you try selling the car so you can get all of the details about how to handle the pay-off when you sell it.Find out what car dealers don't want you to know at www.dealertricks.com
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Answer No. Home equity loans are revolving credit lines. In simple terms, that means you could pay on that for three years and not even touch the principal. I wouldn't do it. Maybe rolling it into a consolidation loan if you have enough equity in your home, but not a HELOC. Answer No. You want…
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Yes - but before you pay it off in full you can try get the finanance company to change what it says on your credit bureau by holding the payoff money up in their face - I would get any promises in writing.After you pay it off - your credit bureau says Repoed then paid off. It could look to another …
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Answer Mainly, it's like trading in your old car for a new one. You'll have to be approved for a car and they may give you certain choices to choose from. And another thing is that your car note is most likely to go up, but you know what you're able to afford. And remember if you're thinking abou…
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The other person would need to apply for a new loan to pay off your existing loan. You cannot simply switch the names on your loan. But check with your lender for details.   You just simply cannot switch the names on your loan.
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Auto loan The age is 18 and with most dealerships you have to have good credit to buy a car. So if your son has a bill in his name or a credit card, the dealership can pull up his credit, and he must be approved. Also, he must have a job or a document showing that he has a steady income coming in…
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%DETAILS% Answer This happen to me; I went to the car salesman that sold me the car and demaned to talk to the car dealership owner. they told me it would not do any good to talk to him , I told them that they did not own the car but that he did after all it was his car lot, then I said …
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Only if they are also on the title of the car. Call the Bank they will explain you what to do in certain situation. I got a same issue I called a bank and they offered me a back message.
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You can't but your parents can take one out and then you just pay them.
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Arranged payments In my experience they will repo your car, if you dont make other arrangements.
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Keeping a monthly budget is a good way to help a person to save money. Here are steps and ideas for doing so: A. Make a detailed list of all monthly expenses; B. Have at hand monthly income; C. On the monthly expenses list check off items that can be bought for less or not used every month. He…
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Universal life insurance is a type of whole life insurance. Universal life differs from other whole life policies in that it allows the policy owner to vary, with limitations, the amount and timing of premium payments and the death benefit. These changes can be made while the policy is in effect. …
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Reporting Credit Problems? You have two choices: 1) Do something 2) Do nothing I don't mean to be glib about your question, but that is what it comes down to. If you begin informing people for your own protection, which is what you SHOULD do, they will get in trouble. If you don't, you might have is…
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Harper. even though Anne`s stori is something, on sunday I got themselves a Honda from bringing in $6672 this last 5 weeks and just over ten/k last munth. without a doubt it is the nicest job I have ever had. I actually started 5 months ago and practically straight away made myself minimum $78... pe…
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Credit Scores For years, creditors have been using credit scores to determine if you'd be a good risk for credit cards and auto loans. More recently, credit scores have been used to help creditors evaluate your ability to repay home mortgage loans. Here's how scoring works. Scoring is a system cred…
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Many people today are looking for prudent ways to raise their credit score. Are you? You have certainly come to the right place if this is the information you are seeking. In an effort to help anyone improve their credit score, we are going to present several tips that will almost guarantee that you…
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Credit Report - If you've ever applied for a credit card, loan, insurance, or a job, there's a file about you. This file contains information on where you work and live, how you pay your bills, and whether you've been sued, arrested, or filed for bankruptcy. Companies that gather and sell this inf…
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Fair Credit Reporting ActThe Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer credit reports.Recent amendments to the Act expand your rights and place additional requirements on cred…
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Denied Credit If you are denied credit, federal law requires that the creditor give you a notice that tells you the specific reasons your application was rejected or the fact that you have the right to learn the reasons if you ask within 60 days. Indefinite and vague reasons for denial are illegal, …
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Building a Credit History On your first attempt to get a loan or credit card, you may face a common frustration: you don't have a credit history. Some creditors will look only at your salary and job and the other financial information that you put on the application. But most also want to know about…
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FCRA and Consumer Rights Here is info published by the federal government on the topic: The Fair Credit Reporting Act (FCRA), enforced by the Federal Trade Commission, is designed to promote accuracy and ensure the privacy of the information used in consumer credit reports. Recent ame…
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Do not send the credit reporting agencies the same dispute letter if is has already been determined to be correct from the bureaus point of view. You must utilize a different tactic if you wish to have the disputed item corrected. FIRST of all, please understand that the credit bureaus do not work f…
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Yes. Then get a letter stating the debt was satisfied and photocopy it. Get a report from each reporting agency, dispute it saying it should say "satisfied"...attach a copy of the letter from court to your dispute letter. Attach the page of your report (photocopy) and highlight the item disputing. I…
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Finding Payoff AmountsIf you are referring to "how to actually locate the company" who has the collection to obtain the payoff amount, I would suggest obtaining your credit report. Most of the time your credit report will have a list of creditors along with their phone number and/or address of credi…
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%DETAILS% Answer The forms you need are forms that i have or you can get them on each credit bureau's website. the thing about it you would have to send Verizon the form but they would not send it into the bureaus for you. at least to my knowledge, please email me otherwise or if you have any…
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It is unknown how much affect a judgement has against your FICO score versus a collection. I do however, know these things. One, the amount in question does not change your FICO. A $5 judgement is the same drop in FICO as a $5M judgement. Second, the 'clock' for deletion will begin on a judgement a…
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Answer That really depends on the terms of the proposed stipulation. Without adequate protection such as a court-ordered repayment plan, having a judgment against you can negatively impact your credit and give the creditor the ability to garnish your wages and take your property. On other oth…
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%DETAILS% For you the only way will be patience, because you have so many negatives on your credit with no positive credit history. You should apply for a secured credit card, or department store credit(which might be easier to obtain)if you're seriously ready to start cleaning up your credit. R…
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Write to the CRA that has the error on your report (more than likely all three). Giving them the exact details, the name of the company, acct#, amount, etc. And your reason for disputing the charge. Be prepared to have proof however, in the form of a paid off receipt or letter from the creditor sayi…
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The calculation is truly dependent on the type of loan, the compounding period and the duration of the loan. Basic (simple) interest is calculated as follows: I = P * r * t where: I = interest owed P = principal balance (original amount borrowed) r = annual interest rate t = loan duration …
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Answer Some cards with a low APR for on-time payments apply a very high APR if you are late a certain number of times in any specified time period. These rates sometimes exceed 20 percent. Information about a delinquency credit card rate should be disclosed to you in applications or in solicit…
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%DETAILS% Answer It's harder b/c credit cards have a very tough time collecting on bad debts. Car loans usually have a lien on your vehicle, so that's their collateral. Credit card co.'s do, but very rarely, repo goods, but only if they can trace actual goods purchased.
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Transferring balances Transferring the balance doesn't usually affect credit. You actually will be better off doing this for those cards that were closed by the companies, because they will report on your credit as revoked and if you're not paying on the balance, they can still report as delinq…
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Well, this is a good question! Now, if you go to Australia, you are definitely going to have bills and loans to pay off because you want to spend your money on everything you see. It's amazing what they have in the shops over there. If you have already left Australia, you should consider phoning up …
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The Bankruptcy Code used to say that student loans could be discharged if they were more than 7 years old AND some other criteria were met. In the past few years, the Code was changed and now the Bankruptcy Code says (in 11 USC 523): "(a) A discharge ... does not discharge an individual debtor from …
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i think its better you first ask help your friend or relatives before you get loan so you do not have to pay the interest. if you are Looking for legitimate online loans i heard good about it : www.bestpaydayloancompanies.com
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Payday Loans Equal Very Costly Cash: Consumers Urged to Consider the Alternatives "I just need enough cash to tide me over until payday." "GET CASH UNTIL PAYDAY! . . . $100 OR MORE . . . FAST." The ads are on the radio, television, the Internet, even in the mail. They refer to payday lo…
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An installment loan is a good idea,where you don't have to make guesses what payment one has to make every month.
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Check cashers, finance companies and other businesses may offer you small, short-term, high-rate lending known as a cash advance loan. (Also called a check advance, post-dated check, or deferred deposit check, or payday loan.) Usually, a borrower writes a personal check payable to the lender for the…
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Many check cashing businesses offer small sum, short-term, high-rate, unsecured personal loans. These go by many names, including: payday loan cash advance loan post-dated check loans deferred deposit In a payday loan transaction, the borrower will provide to the lender items such as …
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Loan-by-phone companies Yes, but not all of them. *Make sure to see if they're registered with the state, and are with the BBB
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Answer The loan must be repaid however the debtor and the LENDER agree. Negotiate with the lender. Good faith offers in bulk (CASH) are usually very persuasive. You natirally WONT agree to a term that you cannot fulfill, and the lender wont agree to a term that doesnt meet their requirements.…
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Advance-Fee Loan Scams: 'Easy' Cash Offers Teach Hard LessonsLooking for a loan or credit card but don't think you'll qualify? Turned down by a bank because of your poor credit history?You may be tempted by ads and websites that guarantee loans or credit cards, regardless of your credit history. The…
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You can't legally collect on another individual.You can however take them to court: You will need proof that the person took a loan from you, this can be a written and signed document or a verbal agreement with a third party witness. You can then take the person to a small claims court.
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A leased car could not be used as collateral. If the loan amount were larger than that which the lending institution considered a "personal loan" the borrower would need to present property that would secure the debt.
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Here are some tips for saving money on your home loan:Although your monthly payment may be higher, you can save tens of thousands of dollars in interest charges by shopping for the shortest-term mortgage you can afford. On a $100,000 fixed-rate loan at 8% annual percentage rate (APR), for example, y…
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I am a Loan Originator for a Mortgage Company and to answer your question, you must go off the purchase price in a Sale no matter the appraised value, but there are so many different loans in my market you may not have to put a down payment at all. And the seller can pay all of your closing costs. I…
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A co-signer/co-borrower will not overcome your bad credit. You must get your credit straight first. Then, a relative can co-sign with you and help you with the income issue. My husband and I co-signed for our son and his wife two years ago. They were told to give us a copy of each payment. We have …
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You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down
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Yes, you can get approved for a mortgage loan with a FICO score of 587; however you may have to pay a higher interest rate.   You can definitely obtain a loan with a 587 FICO. While its not the best score one could have its not the worst, your rate will be higher since you would be considered…
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A Parent PLUS Loan to meet students' education costs is available through both the FFEL and Direct Stafford Program. Parents who have an acceptable credit history can borrow a Parent PLUS Loan to pay the education expenses of a child who is a dependent student enrolled at least half time in …
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Stafford loans Schools generally participate in one of these Stafford Loan programs: The Federal Family Education Loan (FFEL) Program The William D. Ford Federal Direct Loan Program. Under the Direct Loan Program, the funds come directly from the federal government. Funds for your FFEL will com…
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A Federal Perkins Loan is a low-interest loan for both undergraduate and graduate students with exceptional financial need. A Federal Perkins Loan is made through a school's financial aid office. Your school is your lender, and it is made with government funds. You must repay this loan.Your school w…
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Likewise, I received tons of offers in the mail to consolidate my loans for a lower interest rate. Well, I only had ONE large loan. I was told, NO. I think that's because they take an average of your current loan interest rates to determine your new interest rate...... or it was the lowest interest …
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Student Loans Covering Off-Campus Housing Student loans are to be used for Cost of Attendance, which can include off-campus housing and living expenses. HOWEVER, your financial aid office at your school is the ultimate arbiter of what is legit. Most would agree that off-campus housing is legit. Now,…
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Answer It depends on the type of loan: -Stafford: 6 months after you graduate, withdraw, or drop below half-time. This loan type is eligible for subsequent deferment if you later return to school at least half-time, but there is only 1 six-month grace period. -Perkins: Same as above, but grace …
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First, you can check online whether your income tax refund was applied to the loan by going to https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp. If your refund was applied to an outstanding debt to the government, the refund query will give you a number to call to check on the status of y…
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Absolutely. There are numerous scholarships out there, which are non-restrictive on age, background, education, religion, grades, etc. They are simply out there to promote education across the global community.
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It doesn't matter how long you had the loan, you have to pay it back unless you are disabled, a teacher in low-income schools, part of the peace corps, or the school forged your signature. If you have a federal direct student loan you can go on an income-contingent plan that will forgive loans a…
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yes, the private or federally guaranteed student loans will show up on your credit report. If you are delinquent or in default on your loans, you can get help with consolidating the loans at www.defaultms.com The loans will show up on your credit report, even if they are still designated as defer…
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Provide proof you already paid the loan in full. That means front/back copy of canceled check or paid in full letter from the loan holder.
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You can get help with consolidating defaulted loans at www.defaultms.com . A consolidation loan will allow you to get an income sensitive payment that will fit your budget, or you can file for deferment or forbearance. CALL THE DEPARTMENT OF EDUCATIONS LOAN FINDER LINE. THE NUMBER IS 800 621 3115…
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Well that's a tricky question it depends. There are 5 major types of loans to fund an education. Stafford Loans (sub and unsub) No credit checks are required but they have certain loan limits. 3500 Freshman 4500 2nd year 3rd and beyond $5500 per year. But if your are older than 24, married, in the…
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Any assets you own, including cars, can be seized if they win a judgment against you in court. Since they can garnish wages and offset tax returns without taking you to court, those are the most common methods of collecting.   No, they cannot take your car for college loan payments. They can,…
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Hey, Why dont you go for FAFSA assistance.. they provide good guidance in regards to federal student loan and are legit as well. One of my friend studying at http://www.northclevelandhighschool.com/ applied for loan through their online process and was able to pay it off on time due to the proper gu…
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Eligibility for Federal Stafford loans are not based on your credit so yes, it is possible to get a student loan even with "frightening" credit. The exception to that is if you have previously defaulted or are significantly past due on a previous student loan. Even in this case, there are options to…
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It would be a waste of time and money. The higher education amendment act made student loans non dischargable in Banruptcy Court. You would have to prove a major financial hardship to have it considered. It's next to impossible. A consolidation loan will allow you to get an income sensitive paymen…
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Hi thereIf you have not reached your aggregate loan limit ($23,000 for a dependant undergraduate) and if the school considers that you are still make satisfactory academic progress, then you should be able to take our federal loans for your final year. If your GPA is adequate and you haven't had to …
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The interest weight of a consolidation loan is now the weighted average of the interest rates of the loans being consolidated, rounded up to the nearest .25%. It's not mathmatically possible to get a lower rate with this formula. In addition to that, federal regulations do not allow each borrower …
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You can APPLY until the cows come home. Yes, it is very possible. More so IF you have established some good lines of credit for a length of time and did not go in default previously if you did, then that needs to be clear up first.
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Don't know what kind of student loan you have but I know federal student loans approve you for the amount of living expenses (regardless of where) in addition to your tuition. I would think you would be able to get a private loan to cover this too, as it is a part of your school expenses.   Y…
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If you were a full-time teacher for five consecutive academic years in a "low-income" school, you could qualify for a federal loan forgiveness program. The forgiveness amount is 5k-17.5k.To qualify, you must:have taught full time for five consecutive complete academic years in an elementary or secon…
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Probably, but you are unlikely to be granted a large enough loan to refinance your consolidated loans. Yearly loan amounts are usually capped to your need for the current loan period (a year, usually) and you might not be able to borrow more than your current yearly educational outlay. But that depe…
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Answer Apply for US Banks No Fee Loan. The interest rate is considerably low and many of the fees that other loans include, like the origination fee, are not included with this loan.
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Yes, you would simply accept more loan money than you are going to need for school (I always accept the max). Then your school will send you a check for the amount your lender pays over what is owed to them. Use the money to be a pilot!   i think that previous answer is only valid if the stud…
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Many lenders have a co-signer release option! Just ask them.ADDED: most lenders that offer this option require a history of 2-5 years of consecutive, on-time payments.
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Answer A federal loan does not require a co-signer and the minimum age is 16. Answer The above answer is so incomplete.. Federal loans like Stafford can not fully fund your whole tuition. There are ridiculously low limits (e.g. $2650 for a freshman). I think the question is: How can a en…
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Usually once your application is reviewed and accepted the student loan agency will disburse the money to your school a week or two before you semester starts. However, larger student loan agency´┐Żs have on-line process that the whole process is done within a week or sooner.
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Yes, federal loans can be used for bills but they have to be school related, such as upkeep and gas for your car to get you to and from school, also things such as food and rent are acceptable while you are in school. Ask your financial advisor through your school, or contact the company that holds …
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%DETAILS% Answer Only if you are getting a private loan. If you get a government loan it will not affect it since they will only hold govenment debt against you.
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That's a kind of tricky question. The answer is "some of each". If you're talking about the maximum amount you can get in a year, there is a maximum you can get per student that is modified by the school's cost of attendance. If the cost of attendance for the school is less than the maximum yearly l…
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Like any other debt you are responsible for, it can be reported to credit reporting agencies as a debt you owe. Owing money is and of itself is not necessarily bad, but remember that 1) creditors may look at how much debt you have in deciding whether or not to grant you credit, and 2) if the other b…
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Filing bankruptcy on Federally guaranteed Student Loans will not help you 99% of the time. Consolidate the delinquent or defaulted loans instead at www.defaultms.com . A student loan can be discharged in bankruptcy through an adversary proceeding in which you must prove repayment would cause "un…
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Answer Subsidized means it is need-based and therefore the govenment pays the interest while you are in school, during a six-month grace period after graduation or otherwise separating from school, and during authorized deferment. Unsubsidized is not need-based and therefore the government charge…
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Answer Interests rates for both Subsidized and Unsubsidized Stafford loans as of July 1, 2006, are not at a fixed rate of 6.8%; Parent PLUS loans are also now fixed at 8.5% not matter if you use Direct Lending or FEELP. Hope this helps. Answer For loans borrowed as of this day, Sep…
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Yes, you can get your answer here: www.defaultms.com/loan_forgiveness.html Here's a website that may help you:www.soyouwanna.comThere's a link for paying back student loans.Under some circumstances, your lender may partially or completely forgive your loan if you agree to teach in an area which h…
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Federal loans (such as the Stafford loan) are not based on your credit history. You will not need a co-signer, or good credit. With private loans there is no way around needing a good credit history. Here is more input and advice: If you're in foster care, talk to the people. There is a program whi…
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You can definitely challenge the garnishment if it causes financial hardship to you or your family members. He's right, you'll have to be prepared to show proof of your hardship situation. When providing documents they will have to see monthly and annual income and on top of that, you'll have to pro…
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The IEFC (International Education Financing Corporation offers loans in varying increments with and without a cosignee.Visit them at www.IEFC.com for further details.
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%FOLLOWUPS% Yes, you are responsible If the person you co-signed for is behind in payments and the insurance coverage expires you are responsible to insure the car until it is sold or the person gets the payments caught up and pays the insurance.
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Answer Under federal law, creditors are required to give you a notice that explains your obligations. The cosigner's notice states: You are being asked to guarantee this debt. Think carefully before you do. If the borrower does not pay the debt, you will have to. Be sure you can afford t…
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I am a Realtor in Texas. I have worked with many buyers and they all have different preferences in this area. It always seems to hinge on how much cash you can afford (or want) to come up with at closing.Ideally, I believe it is best to pay the closing costs up front, rather than wrap them into the …
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Most lenders would like to see you season the loan you have for 6 to 12 months however there are others that do not but the rates are or can be higher.The most importaint thing in doing a secound is credit score [middle]. With 800 I can almost do anything.Also the Loan to Value [ the percentage of t…
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Yes, you can obtain a home equity loan or line of credit through the Bank of New York. They also offer mortgage loans on cooperatives. Yes, you can obtain a home equity loan or a line of credit on co-ops through the Bank of NY.   It's true that Bank of New York offers home equity loans or l…
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Bond Rating A credit rating is an independent assessment of the creditworthiness of a bond (note or any security of indebtedness) by a credit rating agency. It measures the probability of the timely repayment of principal and interest of a bond. Generally, a higher credit rating would lead to a mor…
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Student Loans and Credit They do not help you establish credit. You have borrowed, but don't owe, so there's no information about the way you'll handle payments over time.
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Yes, depending on which state you live in. For most states, payday lenders have put into place mechanisms to extend loans up to the maximum number of times the state allows.When extending a payday loan, keep in mind that you will pay an extension fee (which will be the same as the origination/applic…
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If you can find a lender who will accept your signature, sure. Unlikely.
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