Debt Managment Program Site

How to Settle Debt With a Collection Agency?

Admin — Thu, 23 Feb 2012 06:26:07 +0000

Question by Dennis M: how to settle debt with a collection agency?

My wife has some hospital bills from a car accident a year ago that were overlooked at the time and ended up being sent to collections. I have been in contact with the collection agency, I made the mistake of talking to them over the phone before doing my homework.

As it stands right now, they have offered me a settlement of about 51% of the total. Some time passed as I’m trying to get the insurance company to pay the tab (thats a whole different story) and now they have given me a settlement that is 70% of the total, they went up. While talking to them on the phone I asked them why they number went up, and they offered me the original number provided I could pay it today… So I think they are still willing to negotiate.

My question is how should I do this. I have read online about how I should do all negations in writing, I wish I would have read that earlier, but I didn’t. Should I use an agreement to compromise debt form I have found online and just put in the value I want to pay, say 25-30%, and let them counter offer? Or should I negotiate a price over the phone and then request paperwork before sending any money? That seems to be a much more efficient way to do thing to me, as the mail back and forth could take weeks or months.

The other concern I have is the value of this debt. I don’t want to give any exact figures, mainly because that’s my business… the original value is over $ 10,000, so they could be inclined to pursue legal action as it could be cost effective for them. Given that, I don’t want to push too hard and get burned.

Does anyone have any suggestions as to how I should deal with this?

Best answer:

Answer by CatDad
First, you cannot force them to take any settlement amount. However, the older the debt is, the greater the chance you have of getting a good deal.
The way to do this is to have the cash up front to where you pay them in a one time payment. Money talks with debt collectors…
Negotiation tactic: Start with a low ball settlement of $ 2,500. When they inevitably counter for more money, pretend like you’re broke and that you might be able to settle for $ 4,000 if you can borrow from your family. You don’t have to keep all negotiations in writing….you can do this over the phone. Just get the final settlement deal in writing once you’ve agreed to a settlement. Once you get this, pay with a money order or cashier’s check. Don’t give them your bank account #’s.
How to pay collection accounts: http://tinyurl.com/4y9fv2y

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Why Do People Assume That All Debt Reduction Companies Are Bad?

Admin — Thu, 23 Feb 2012 03:24:46 +0000

Question by : Why do people assume that all debt reduction companies are bad?

I know some of them ARE scams. In fact, I have experienced a couple of those in the past. However, I have recently signed up with a company that is helping me pay down my credit cards, and I have been very happy with them so far. But I have heard from people that ALL those companies are bad news. Why do people just assume that?
Yes, McThyme,I see what you are saying-but there is a difference. One credit card I had was charging me so much for the minimum payment that I ended up not being able to pay it for a couple of months. So they raised the minimum payment to $ 1,000.00 a month. I tried to get them to lower it, but they refused. However, they were willing to work with the debt reduction company. So now, my monthly payment–which includes payments for TWO cards, plus a monthly fee–is actually lower than my monhly payment was just for the ONE card. That kind of situation is usually the reason people go thorough these companies.
Beth, I’m sorry about what happened to your mom-and I know that happens alot. I just got lucky, I guess that I found a good one. They did charge me a fee upfromt, but it was only 25 dollars. And like I said, I am actually paying less now than I was with payng the cards upfront, even with the monthly fee.
doctor deth, you are missing my point.
Others: this company I am working with has been very clear on how much of my monthly payment goes to them for fees, and my monthly fee is less than 5% of the total bill-the rest goes to the creditors. The creditors have already agreed to work with them. And they will still get the full amount they are due.

Best answer:

Answer by MarcThyme
ALL debt reduction companies are simply doing something you could do yourself and charging you a fee (openly or surreptitiously)…

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President Obama on Deficit Reduction

Admin — Thu, 23 Feb 2012 00:43:02 +0000

President Obama delivers brief remarks on the status of efforts to find a balanced approach to deficit reduction from the Brady Press Briefing Room at the White House. July, 5, 2011.
Video Rating: 3 / 5

Are You Good in STATISTICS? Can You PLEASE HELP ME With These Questions? Can You Help Me Answer These ASAP?

Admin — Thu, 23 Feb 2012 00:25:01 +0000

Question by Kwin: Are you good in STATISTICS? Can you PLEASE HELP ME with these questions? Can you help me answer these ASAP?

Thanks for your help!!
1) Which of the following categories of owners have limited liability?
A. General partners
B. Sole proprietors
C. Shareholders of a corporation
D. Both a and b
2) The true owners of the corporation are the:
A. board of directors of the firm.
B. preferred stockholders.
C. common stockholders.
D. holders of debt issues of the firm.
3) Which of the following best describes the goal of the firm?
A. The maximization of the total market value of the firm’s common stock]
B. Profit maximization
C. Risk minimization
D. None of the above
4) Which of the following would increase the need for external equity?
A. A reduction in corporate profits
B. A slow-down in economic growth
C. A seasonal reduction in sales revenues
D. Inadequate investment opportunities
5) Which of the following does NOT involve underwriting by an investment banker?
A. Syndicated purchases
B. Negotiated purchases
C. Commission basis purchases
D. Competitive bid purchases
6) __________ is a method of offering securities to a limited number of investors.
A. Public offering
B. Private placement
C. Syndicated underwriting
D. Initial public offering
7) Difficulty in finding profitable projects is due to:
A. ethical dilemmas.
B. social responsibility.
C. opportunity costs.
D. competitive markets. Which of the following is NOT a principle of basic financial management?
A. Efficient capital markets
B. Risk/return tradeoff
C. Profit is king
D. Incremental cash flow counts
9) According to the agency problem, _________ represent the principals of a corporation.
A. employees
B. shareholders
C. suppliers
D. managers
10) Marshall Networks, Inc. has a total asset turnover of 2.5% and a net profit margin of 3.5%. The firm has a return on equity of 17.5%. Calculate Marshall’s debt ratio.
A. 50%
B. 30%
C. 60%
D. 40%
11) Which of the following financial ratios is the best measure of the operating effectiveness of a firm’s management?
A. Quick ratio
B. Current ratio
C. Return on investment
D. Gross profit margin
12) The accounting rate of return on stockholders’ investments is measured by:
A. operating income return on investment.
B. return on assets.
C. realized rate of inflation.
D. return on equity.
13) Edward Johnson decided to open up a Roth IRA. He will invest $ 1,800 per year for the next 35 years. Deposits to the Roth IRA will be made via a $ 150 payroll deduction at the end of each month. Assume that Edward will earn 8.75% over the life of the IRA. How much will he have at the end of 35 years?
A. $ 363,000
B. $ 125,250
C. $ 414,405
D. $ 250,321
14) Northwest Bank pays a quoted annual (nominal) interest rate of 4.75%. However, it pays interest (compouned) daily using a 365-day year. What is the effective annual rate of return (APY)?
A. 3.61%
B. 4.75%
C. 4.86%
D. 5.02%
15) You have $ 10,000 to invest. You do not want to take any risk, so you will put the funds in a savings account at the local bank. Of the following choices, which one will produce the largest sum at the end of 22 years?
A. An account that compounds interest quarterly
B. An account that compounds interest annually
C. An account that compounds interest monthly
D. An account that compounds interest daily
16) Which of the following statements about the percent-of-sales method of financial forecasting is true?
A. It involves estimating the level of an expense, asset, or liability for a future period as a percent of the forecast for sales revenues.
B. It is the least commonly used method of financial forecasting.
C. It projects all liabilities as a fixed percentage of sales.
D. It is a much more precise method of financial forecasting than a cash budget would be.
17) The primary purpose of a cash budget is to:
A. provide a detailed plan of future cash flows.
B. determine the level of investment in current and fixed assets.
C. determine the estimated income tax for the year.
D. determine accounts payable.
18) All of the following are found in the cash budget EXCEPT:
A. cash disbursements.
B. a net change in cash for the period.
C. new financing needed.
D. inventory.
19) The break-even model enables the manager of a firm to:
A. determine the quantity of output that must be sold to cover all operating costs.
B. determine the optimal amount of debt financing to use.
C. set appropriate equilibrium thresholds.
D. calculate the minimum price of common stock for certain situations.
20) A plant can remain operating when sales are depressed:
A. in an effort to cover
21) Which of the following is a non-cash expense?
A. Packaging costs
B. Administrative salaries
C. Interest expense
D. Depreciation expenses

Best answer:

Answer by RAF
Please pick one question and the community will answer the question. Yahoo answers is not a place for the community to do your homework for you.

Give your answer to this question below!

Does Debt Consolidation Help Your Credit?

Admin — Wed, 22 Feb 2012 21:25:43 +0000

Question by AMP: Does debt consolidation help your credit?

I just started establishing credit about a year and a half go. I have one credit card, vehicle loan, and a computer all total about $ 13,400 but, have high interest rates which average about 14%. If I consolidate these bills to a lower apr. of about 9%, would this help my credit?

Best answer:

Answer by kstaley
Nope. Credit scores depend on several factors, NONE of them being the rate of interest you are paying. A biggie: how close are you to your limits? If you’re close to you limits now and have a chance to transfer balances to another account with a proportionately higher borrowing limit, that might help your score. On the other hand, reducing your interest rate means you lower your monthly payment. That may make you a more attractive credit risk, which matters only if you want to borrow more money. http://www.bankruptcy-sandiego.com/bankruptcy-faqs.htm

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Question: Primerica Financial Services?

Admin — Wed, 22 Feb 2012 18:24:45 +0000

Question by Laila: Primerica Financial Services?

My friend just joined and she wants to come to my house and give my husband and I a presentation on debt relief. I don’t trust this company at all from what i’ve read. She is bringing her “coach” to present to us while she takes notes. I am wary, she said she wasn’t going to try to sell us anything or ask us to sign up for anything. Which makes me wonder why she going through the trouble. What is this company about? What is this presentation about? Its seems iffy she seems brainwashed cause she says its a wonderful company with good opportunities and that she can make an extra $ 1,000 comission. And no i’m not interested in joining. I am a government analyst and my husband is in IT, but we are concerned about our friend.

Best answer:

Answer by Doctor Deth
she’s only going to make a $ 1000 commission if she sells something that costs a lot more than $ 1000

20+ yrs ago company used to be A.L. Williams and they basically sold life insurance – no idea what they sell now

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What Happens to Property and It’s Contents Should the Owner Die, Debt Free, With No Living Heirs?

Admin — Wed, 22 Feb 2012 15:24:50 +0000

Question by cleanlife: What happens to property and it’s contents should the owner die, debt free, with no living heirs?

Should a person that has absolutely no debt, and has no living heirs dies, does the state in which the person resides assume control of their assets? If so, what is the time period in which the state, (specifically North Carolina) must hold the property prior to disposal.

Best answer:

Answer by sarkicastudent7
If there is nobody in the persons will or not living heirs the property and possessions will be taken by the state or local government and auctioned off the money made from this will go to the government.

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Anyone Know About Ron Comoda? (sp.?) Advertises Debt Elimination on KCBS Radio?

Admin — Wed, 22 Feb 2012 12:24:47 +0000

Question by jfrlev: anyone know about Ron Comoda? (sp.?) Advertises debt elimination on KCBS Radio?

KCBS has been running his spots for a while now, “pay off your mortgage in 3 yrs, 5 yrs, etc. NO WEBSITE! Only an 800 number. I wonder if its another MMA type scam.

Best answer:

Answer by Matty D
http://tdiw.com John Cummuta. I have sold this product at a telemarkeing firm. I never looked into it….but thats the website

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Why Your Traditional Home Loan Is not Designed for Mortgage Reduction Australia

Admin — Wed, 22 Feb 2012 11:42:18 +0000

www.omnilife.net.au Why Your Principal and interest Home Loan doesn’t work for you. The Banks in Australia will not teach you mortgage reductions Secrets. What you may be paying to pay off your Home Loan in Australia. You are Paying massive interest, designed to keep you in debt. Get out of Debt quicker with Omnilife Management Consultants. Remember to click like above. and make a comment
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Accounting Problem I Cannot Figure Out!! Please HELP!!!?

Admin — Wed, 22 Feb 2012 09:25:11 +0000

Question by dancer1790: Accounting Problem I cannot figure out!! Please HELP!!!?

The following transactions were complete by Clark Management during the current fiscal year ended December 31:
July 5. Received 70% of the $ 21,000 owed by dockins Co. a bankrupt business and wrote off the remainder as uncollectible
Sept 21.Reinstated the account of Bart Tiffany, which had been written off in the preceding year as uncollectible. Journalized the receipt of $ 4,875 cash in full payment of Tiffany’s account.
Oct 19. Wrote off the $ 6,275 balance owed by Ski Time Co. which has no assets.
Nov. 6 Reinstated the account of Kirby Co. which had been written off in the preceding year as uncollectible. Journalized the receipt of $ 4,750 cash in full payment of the account.
Dec 31 Wrote off the following accounts as uncollectible (compound entry): Maxie Co. $ 2,150, Kommers Co. $ 3,600, Helena Distributors $ 5,500, Ed Ballantyne $ 1,750.
Dec. 31 Based on an analysis of the $ 815,240 of accounts receivable, it was estimated that $ 16,750 will be uncollectible. Journalized the adjusting entry.
Instructions:
1.Record the January 1 credit balance of $ 12,550 in a T-account for Allowance for Doubtful Accounts.
2.Journalize the transactions. Post each entry that affects the following selected T-accounts and determine the new balances: Allowance for Doubtful Accounts and Bad Debt Expense.
3. Determine the expected net realizable value of the accounts receivable as of December 31.
4. Assuming that instead of basing the provision for uncollectible accounts on an analysis of receivables, the adjusting entry on December 31 had been based on an estimated expense of 1/4 of 1% of the net sales of $ 7,126,000 for the year, determine the following:
a. Bad debt expense for the year.
b. Balance in the allowance account after the adjustment of December 31.
c. Expected net realizable value of the accounts receivable as of December 31.

This is what I have so far:

1. Allowance for Doubtful Accounts
D C
Jan 1 Balance $ 12,550
D C
2. July 5 Cash
Bad debt Expense
AR-Dockins Co.
Sept 21 Accounts-Bart Tiffany
Bad debt Expense
21 Cash
AR-Bart Tiffany
Oct 19 Allowance for Doubtful ACcounts
AR- Ski Time Co
Nov 6 AR Rec-Kirby Co
Allowance for Doubtful Accounts
6 Cash
AR-Kirby Co
Dec. 31 Allowance for Doubful Accounts
AR-Maxie Co
AR- Kommers Co.
AR- Helena Distributors
AR- ED Ballantyre

The rest I am SOOOOOOO very confused about! I have been trying to figure this out for hours! I am taking an online class, so it’s hard to ask questions. It would be sooo very nice is someone could help me! I usually go to my dad for help, but he was lost on this question too. Thanks in advance to whoever helps me!

Best answer:

Answer by Shawn H
1) July 5.

Debit cash 14,700
Debit Bad Dept Expense 5,300
—Credit A/R 14,700
—Credit Allowance for Doubtful Accounts 5,300

2) Sept 21.

Debit Allowance for Doubtful Accounts 4,875
—Credit Bad Debt Expense 4,875
-Reversing entry to reinstate account

debit A/R 4,875
—credit sales 4,875
-Credit to sales from reinstated account

Debit cash 4,875
—Credit A/R 4,875
-Cash collected on reinstated account

3) Oct. 19.

debit bad dept expense 6,275
—credit allowance for doubtful accounts 6,275

4) Nov 6.

Debit Allowance for Doubtful Accounts 4,750
—Credit Bad Debt Expense 4,750
-Reversing entry to reinstate account

debit A/R 4,750
—credit sales 4,750
-Credit to sales from reinstated account

Debit cash 4,750
—Credit A/R 4,750
-Cash collected on reinstated account

5) Dec. 31

debit Bad Dept expense (Maxie Co.) $ 2,150
debit Bad Dept expense (Kommers Co.) $ 3,600
debit Bad Dept expense (Helena Distributors) $ 5,500
debit Bad Dept expense (Ed Ballantyne) $ 1,750.
—credit allowance for doubtful accounts 13,000

For this one you need to know what your allowance for doubtful accounts balance is. Add the credits together along with any beginning balances.

Beginning balance per the instructions is 12,550. Add in the following changes (+5300 -4875 +6275 – 4750 + 13000) = 27,500. The amounts being subtracted were from the accounts reinstated during the year. Those should be listed as debits in your T Account.

So at the beginning of the year the balance was 12,550 and at the end the instructions say the balance is 16,750. the adjusting entry is for an amount = 27,500 – 16,750 = 10,750.

This is the amount you need to take out of allowance for doubtful accounts and bad debt expense. the adjusting entry would be a reversing entry.

debit allowance for doubtful accounts 10,750
—credit bad debt expense 10,750

For item 3 in the instructions, to determine the net realizable value of accounts receivable. Just subtract 16,750 from the balance in A/R. The instructions are giving you the ending balance in allowance for doubtful accounts at year end.

For item 4, first figure out the number they want at year end. 1/4 of 1% of 7,126,000.

.25 x .01 x 7,126,000 = 17,815

1) Bad debt expense is 17,815
2) Balance in the allowance account after the adjusting entry would be 17,815
3) Subtract 17,815 from A/R to get the expected net realizable value

The adjusting entry though would be the 27,500 – 17,815 = 9685

debit bad dept expense 9685
—credit allowance for doubtful accounts 9685

Good luck!

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Question: to a Consumer Credit Counselor, or Person Experienced in Credit Card Debt Due to Unemployment.?

Admin — Wed, 22 Feb 2012 06:24:47 +0000

Question by WE: To a consumer credit counselor, or person experienced in credit card debt due to unemployment.?

I lost my job 8/15/2008 due to reduction in force. I was there for 10 years, made a good salary, but never saved. I had very little credit card debt, but had about 20 credit cards with zero balances. For the last year, I have spent 14-16 hours a day on the phone, going to job fairs, networking, calling people with no luck. I applied for over 1,200 jobs. Last week, I finally found a job making 80% less than my last job. I lived off of all of those credit cards for the last year, and used one to make the payments on another. Now, all 20 cards are maxed out. I am caught up on 15 of the accounts, but the other 5 are calling me every 30 minutes to 1 hour with an automated dialer.

I did this to myself by not saving, and have learned a difficult lesson. The 5 banks will not accept anything less than the exact amount which is late, $ 2,500.00, $ 3,500.00, $ 1,000.00, $ 1,800.00, and $ 1,200.00, and there is no way that I can make those kind of payments. I explained the situation to them and they did not understand and keep calling me. Five of the banks offered me a payment which allows me to make really small payments for the next 2 months until I am caught up. I am grateful to them for that. What can I do about the other 5 banks? Before I lost my job I had superior credit, now I am thinking about bankruptcy to get the 5 banks off of my back. Is there any other way?

Thank you for your help from someone who has never had credit problems.

Best answer:

Answer by Sgt Big Red
Your best bet is to find a legitimate credit counseling service to help you. You of course will loose those 5 accounts who are not willing to work out something with you, but you may be able to salvage your credit.

This would also prevent any legal action against you and be far better then filing for bankruptcy as that is complicated, costly and you would have to meet the means test for your state.

Hope this helps answer your question and good luck in your endeavors to successfully meet your obligations.

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Is Opening a New Credit Card Worth the Reduction to My Total Credit Age?

Admin — Wed, 22 Feb 2012 03:24:43 +0000

Question by jhaypizzle: Is opening a new credit card worth the reduction to my total credit age?

I currently have one bank-issued credit card, which I have had since 2004. It has a medium balance but a high limit. I have a few other store credit cards, which were opened in the past few years, but never near each other; they each have low balances and relatively low limits. I do not intend to make any major purchases, move within the next few years, or do anything that would require a significant look at my FICO score (which is good-excellent.)

I would simply like to increase my credit score for when I am ready to purchase a car, secure a home loan, etc. I know that increasing my credit-to-debit ratio is a major factor in my credit score, but how does that compare to reducing my total credit age? Will opening another bank-issued credit card (at another institution and a different card company) and a widening to my debt utilization ratio be enough of an improvement to my credit to sufficiently counter a reduction to my credit age?

Thanks for the help.

Best answer:

Answer by Huntsman
New credit cards will reduce your score for the first 6 months.
The change in credit age will be so minimal that not even the calculators take this into effect. None that I have seen.

Note: Did you know you could be causing extreme harm to your credit rating by carrying a balance on your credit card?
You mentioned “it has a medium balance”

Rules for getting those top 800+ scores (with time)
1. Keep your oldest card open that does not carry an annual fee
This establishes “Length of Credit History” which is 15% of your rating
2. Use the card for everyday small things like food or gas
3. Pay in full each month – absolutely no games
4. Never touch more than 30% of your available limit (this is when score starts lowering)
Ex: $ 1,000 limit. Never use more than $ 300 at any time

54% of Americans pay in full each month.
They never pay interest by doing this. And statistically hold the top credit scores
Be one of them !
It is 100% myth that carrying balances is good for ratings.
Not sure how this myth ever got started – perhaps by credit card companies

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Question: How Do I Respond in a Letter to the Lawyers on the Discovery, That They Sent Me, on My Credit Card Debt?

Admin — Wed, 22 Feb 2012 00:24:50 +0000

Question by mrartist69: How do I respond in a letter to the lawyers on the discovery, that they sent me, on my credit card debt?

I have a civil lawsuit against me on credit card debt. I’ve ask them to provide proof on debt. (Compel Discovery). They sent several copies on statements from my old credit card. Now they want me to respond to the discovery. What is the best way to answer them. I can’t afford a lawyer or pay them right now. I don’t want a default judgement. Please Help.

Best answer:

Answer by flunkywoman
I dont quite understand the question, if you have the debt,and they have proved that, all you can do is to make an offer of repayment to clear the debt

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Part 5 – the Life and Adventures of Robinson Crusoe by Daniel Defoe (Chs 17-20)

Admin — Tue, 21 Feb 2012 22:42:06 +0000

Part 5. Classic Literature VideoBook with synchronized text, interactive transcript, and closed captions in multiple languages. Audio courtesy of Librivox. Read by Mark F. Smith. Playlist for The Life and Adventures of Robinson Crusoe by Daniel Defoe: www.youtube.com
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Question: Can Someone Refer Me to a Reputable Debt Settlement Company I Reside in Missouri?

Admin — Tue, 21 Feb 2012 21:25:13 +0000

Question by Michael M: Can someone refer me to a reputable debt settlement company I reside in missouri?

Best answer:

Answer by Wayne Z
I don’t think that a reputable debt settlement company even exists.

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Question: Getting Rid of My Mortgage Payment Without Hurting the Credit That Much?

Admin — Tue, 21 Feb 2012 18:24:50 +0000

Question by Caita: Getting rid of my mortgage payment without hurting the credit that much?

“What would you do in my situation?”

I bought a house in 2005 for 160K, fully financed.

I bought a car few months later for 20K (my fully paid one broke and I needed a new one which represented more monthly payments out of pocket). Additionally I paid for the landscape, gutters, electrical outlets and central air conditioning after I purchased the house, a total of 10K from my pocket that made me put more debt on the credit cards.

So, I started with a mortgage payment of 1K per month, then increased credit card payments while doing all the improvements in the house, and then got a car loan, so in mid 2007 I needed to refinance, and out of the refinancing I paid the credit cards and the car all on escrow without having a penny coming to my pocket . My house got appreciated for 270K at the time, and I took a loan for 190K (for what I pay $ 1,200 monthly).

In 2008 moved to another state, my house is vacant and for sale for some months now, if an appraiser comes will appraise it for 210K, although no buyer is ready for more than 195K and obviously I won’t be able to pay the realtor commissions if I sell at that price considering I owe 190K and that the commissions are of 6% on top of that. My contract anyways is about to expire. I am current in all the mortgage payments.

Since renting in one state and paying mortgage, gardener, insurance, services in the other is becoming quite a burden, I was looking into options, such as a Short Sale. I know that some debt relief was approved later but I don’t find anything on the IRS website, all I find is what was passed in 2007/ I would like to know which options I have. I really do not care about my empty/vacant house, I care about my credit. If I rent it I will get about $ 800 a month, so I need suggestions as of what could I do. For instance, is there any possible negotiation with the bank to stop the payments for 6 months? This way it will let me try to sell by owner with the help of some local friends.

Both states are non-recourse states. I do not think buying will be a good option at this time, I do not know how the taxes will affect my situation, I just need some ideas.

How do I short sale the house? and then am I responsible for paying for the taxes and how is that calculated (you have all my numbers there). Does the appraisal value at the time of sale play any role on the taxes or forgiveness of taxes?

Please advise,

Thank you!
An another thing, what happens if I rent the house in matter of taxes, how will that affect me? It is bad enough not being able to pay the mortgage with the rent to get some penalty in the taxes, thanks.

Best answer:

Answer by ♥Number 2 due October♥
Talk to your realtor about a short sale, either way you are responsible for the negative!! A short sale would be better then going in to complete foreclosure. If you rent the house have your taxes and insurance (you will have to get dwelling insurance it just covers the house itself) escrow ed in to the monthly payment that way they are paid with the mortgage every month so you do not have to worry.

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Can Anyone Tell Me How the Football Clubs,manage to Stay Funcitioning,when They Are Millons in Debt?

Admin — Tue, 21 Feb 2012 15:25:14 +0000

Question by dermot952: Can anyone tell me how the Football clubs,manage to stay funcitioning,when they are millons in debt?

Teams like Man Utd and Real Madrid,Owe millions of Pounds,yet they buy other players for very high fees,in other busisness they would be declared bankrupt and closed

Best answer:

Answer by jyoti
It’s very easy to understand. It’s like buying a house. Technically, you never own the house since you are borrowing money from the bank to finance it. But that does not stop you from furnishing the house, buying furniture, inviting your friends, having a party.
It’s the same principle with the football clubs. Clubs will always be in debts. They need to borrow form banks to operate the club. But they still can afford to buy and sell players.
The banks do not declare a business bankrupt as long as the clubs can assure that they can operate their finances properly. That’s what is happening with Portsmouth.

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What Have Been Obama’s Ideas to Reduce the US Debt?

Admin — Tue, 21 Feb 2012 12:24:49 +0000

Question by Emily: What have been Obama’s ideas to reduce the US debt?

I am writing a paper about Obama’s ideas on debt reduction in the US. I know he just came out with his jobs plan. He also wants to tax wealthier Americans.
What have been some of the other ideas he has tried or mentioned during his term?

No opinions please. Just facts.
Maybe I should have worded it differently. I mean, what has Obama supported that currently increases the deficit, but is suppose to “help later on”. (aka jobs plan, subsidizing Solyndra solar company, etc)

Best answer:

Answer by Uncle Pennybags
He’s offered only 2 solutions:

1. Tax the rich.

2. Make cuts later on.

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Debt Settlement Miami

Admin — Tue, 21 Feb 2012 09:42:38 +0000

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I Keep Hearing About Recession Relief Is You Have Allot of Credit Card Debt and You Can Write of 60% of Debt.?

Admin — Tue, 21 Feb 2012 09:25:42 +0000

Question by Vivian A: I keep hearing about recession relief is you have allot of credit card debt and you can write of 60% of debt.?

Best answer:

Answer by Suntio
There’s no truth to that, it’s most likely a scam, as in somebody saying they can erase a lot of your debt if you pay them a fee, or something like that. There’s not such a thing as recession relief of credit card debt, sorry.

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