mestokaplice Finance

How To Successfully Gain Credit Card Debt Forgiveness

It is possible for you to gain credit card debt forgiveness in the present financial system. Debt forgiveness is a much more viable option to declaring bankruptcy. A lot of people with over $10000 in card debt have been able to get off up to 60% of their debts. If you are seeking debt relief, debt settlement and consolidation are the most popular options open to you. Read on to learn more on how you can get rid of credit card debt.

There is a proposed program in place in the financial industry that gives credit card companies the ability to write off debts for certain categories of customers. As the government grant the institutions relief, consumers should also benefit from debt forgiveness. You might qualify if you are enrolled with a debt management plan. Up to 40% of debts can be forgiven. Banks and the credit card companies don’t want pardon programs to be known to customers.

The credit card company can also wipe off what you owe if it falls under bad debt. Writing off bad credit card debt helps companies clear up their books. This makes them financially healthier. According the Nilson Report, financial institutions are expected to write off over 390 billion dollars over the next five years.

You can contact the company directly or through a debt settlement agent to negotiate a reduction in your debt. Negotiation can bring down your debt down by as much as 50% depending on your negotiation skills. When your debt is settled you are required by the IRS to report the write off amount as income on your tax forms.

Debt consolidation involves signing up with a company that negotiates your loans and consolidates them into one convenient monthly payment. It usually comes with less interest. Check the internet for a list of accredited DMPs.

These are the various options available for you to get rid of your credit card debt. However, when debt is written off your credit score could be reduced by as much as 60-130 points. This makes it a bit difficult for you to get credit at favorable interest in the next few years.

Michael Bloomberg Investment Strategies

Michael Bloomberg is the world’s eighth richest man according to Forbes 400 released in September 2008. He is one of the most successful businessman/politician in the world. Do you know where his success came from. Was it because of business strategic planning or just a plain luck?

Up to do this time, Bloomberg holds 88% of the ownership of Bloomberg L.P., a financial software company. He is also the mayor of New York and spent two terms for the city. In 1981, Michael was fired out of the Salomon Brother where he served as the general partner. He headed the equity trading and the systems development. Before he stepped out of the company, he was given $10 million dollar severance package. With that money on that same year, he started his own company. It was called the Innovative Market Systems. He had his first customer in the name of Merrill Lynch. The company installed 20 Market Master Terminals and invested $30 million to the IMS. The company was then changed to Bloomberg L.P. Few years after 5000 terminals have been installed. The company also expanded their business by launching Bloomberg Tradebook, the Bloomberg Messaging Service and the Bloomberg newswire. The company continued to prosper and the rest is history.?

With recognitions at hand, Michael Bloomberg became one of the business tycoons in the world. He is one of the highly admired business people. Even though he already resigned as the president of the company to serve the people in New York city, his legacy still prevails among business enthusiasts. His investment strategies are inspiration for businessman and business service providers. For those who are eying global business development, they want to know Bloomberg’s business approaches. But does anybody here knows his secret? None.?

His investment strategies is distinct and defined. The success of Bloomberg LP is directly attributed to Michael’s innovative strategies. Although they were not yet revealed to people, some sort of methods that he used were named as his secret to progress. He once worked as the head of equity trading in Salomon Brothers. And he used it on his new business. Equity trading is the buying and selling of stock shares Shares in large publicly-traded companies are bought and sold through one of the major stock exchanges, such as the New York Stock Exchange, London Stock Exchange or Tokyo Stock Exchange, which serve as managed auctions for stock trades. Stock shares in smaller public companies are bought and sold in over-the-counter (OTC) markets. A simple yet effective type of investment that Bloomberg used for his little capital.?

From a capital of $10 million, he’s now making almost double of it because of his effective investment strategies. He invested much of his money on sectors he thinks beneficial to people. Bloomberg LP, which is a financial data and communications company, branched out and started a news service provider. It is now known for radio, television, internet and publishing operations. Bloomberg companies are global, multi-media based. Distributor of information services. They combine news, data and analysis for global financial markets and businesses.

Housewares Secrets To Better Cash Flow Management By Invoice Factoring

In its classic form, Factoring is a financial transaction in which a company sells the amount of its invoice against its customers on a given date (that is to say, the balances on bills yet due) to a third party (called the factor), which pays that amount by deducting a commission. More factoring companies exist in the major financial centers like Los Angeles. Conventional financial institutions like Banks, having understood that this type of cash flow funding could take their market share away because of the clear benefits it presents. Therefore, factoring services are not only recognized by the larger institutions, but also a powerful means to solve cash flow issues. For example, Housewares can be use this type of financing to increase their business many fold.

Factoring of Housewares activities provide the following benefits:

Through work situation and billing 2 types of billing may be funded by factoring, work situations and interim bills.

1. Using your 30-60 day term invoices as collateral and selling them to a factoring company to provide immediate cash flow;
2. Using this method of financing also does not add any additional debt to your company and allows your company to take on short term advances on work while at the same time knowing that these advances will automatically be paid by your customers invoice payments.

Documents requested by the factoring company

Validation document that invoices are true and payment terms are not altered;
Confirmation of invoice that there are no offsets and payment will be made to a secure lock box provided by factor.

Deadline for submission to the factoring company

The invoices are given to the factor for funding after having been checked and approved by the Housewares or in the first 30 days the invoice is generated.

The advantages and disadvantages of factoring

Companies are increasingly turning to factoring as it allows them to get money quickly instead of waiting times admitted customer payments which are generally between 30 and 60 days after the issuance of the invoice. After sending an invoice to a factoring company, the company can receive the balance of the receivables less the commission of the factor and a security deposit within 48 hours.

Another advantage of factoring is that it is adapted to the current operating business financing. Indeed, factoring is often less expensive to a business than traditional loan from a bank that often limit the amount of sales a company can achieve due to tight restrictions whereas a invoice factoring company can increase limits to allow a much great volume of sales.

The real choice is not made by a lawyer or an accountant, it must be made by a business person that understands the opportunity costs of growing sales or to just grow at an organic rate solely based on internal cash flow growth.

Are You Saving Enough Using Units Trusts And Retirement Policies

From unit trusts to savings accounts and endowment policies, South Africans have a myriad of savings vehicles to choose from and yet the harsh reality is that we do not save enough. According to the South African Savings Institute (SASI) ‘when compared to its peers, South Africa’s national savings rate is still dismal.’ SASI goes on to say that ‘the World Economic Forums 2011/12 Global Competitiveness Report ranks South Africa 72nd in the world for its gross national savings rate equivalent to 20% of GDP. This is well behind BRICS country peers like China, ranked 2nd with savings equal to 54% of GDP, India at 15th with 34.7%, and Russia at 44th with 24.7%.’ How do you know if you are saving enough? Grab a piece of paper, a quiet moment away from the family and consider a few what-if scenarios.

What-if scenarios will help you work out if your finances will stand up to the worst case financial scenarios that life could throw your way. For example, consider the following:

How long would you and your family be able to survive if you or your partner/spouse were retrenched?
Would you be able to pay for major repairs to your car without reaching for your credit card?
If a family member fell ill, would your savings be able to pay any medical expenses not covered by your medical aid?
Can you afford to send your children to university or college?
Would you be able to afford the insurance excess if your car was damaged or stolen?
If one of the family pets fell ill, would you be able to pay the vet’s bills out of your savings?

Your answers to the above questions should give you some idea of whether you are saving enough money each month and if you have enough money put away for emergencies.

There is no golden rule for how much you should be saving every month. It depends on your age, your financial obligations and your income. Experts recommend that you save at least 10% of your monthly income but we recommend that you speak to a financial advisor to calculate your own personal savings requirements.

No matter what your age or income, you should be savings towards:

An emergency fund: 3  6 months worth of living expenses to cover unexpected costs like car and household repairs, medical bills and retrenchment. Remember to top up your fund as soon as possible if you are forced to take money out of it. Speak to your financial advisor about how best to invest your emergency fund. Unit trusts are a good option as you can withdraw money at any time without incurring any penalties.
Your retirement: Once you have accumulated an emergency fund you need to turn your attention to your retirement savings. Again we recommend that you speak to your financial advisor about how much you should be saving and what investment vehicles you should be using, for example a retirement annuity or provident fund.
Savings goals: set savings goals and save towards them every month, for example a new lounge suite, a holiday overseas or university tuition fees.

What were the results of your what-if scenario? Are you saving enough every month? If not, speak to your financial advisor today and start planning for your financial future.

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