Posted on October - 28 - 2009
Basic bank accounts ‘still on the increase’
Bank account numbers have risen again, the BBA confirms. Read more…
Posted on October - 27 - 2009
Industry responds to credit card reform plans
Government credit card plans have sparked debate. Read more…
Posted on October - 27 - 2009
Best Place to Go For a Debt Consolidation Service That Won’t Hurt Your Credit?
Many people are worried that enrolling in debt consolidation programs will reflect negatively on their overall credit score. In most cases, this fear is purely irrelevant, as consolidation typically serves to improve the overall credit score of those who successfully complete their streamlined repayment plan. The only two ways that consolidation could hurt your credit is if 1) you choose a fraudulent agency that takes your money without repaying your creditors or 2) you fail to make your monthly loan repayments to your agency.
Posted on October - 26 - 2009
Keys to Taking Advantage of Layaway Plans
A blast from the past is making a comeback this holiday season and retailers are hoping that it builds revenue numbers in what is expected to be a slow holiday season. Unemployment is expected to continue rising and is nearly at 10% already, with certain states reporting unemployment rates that are much higher than the national average. California, for instance, the nation’s most populated state, is reporting current unemployment levels over 12%. Almost no one is in a better financial position today than they were a year ago or two years ago, and as a result expectations for holiday shoppers are tempered.
To help give holiday shoppers options for financing gifts this year, many large retailers are offering layaway plans. T
Posted on October - 25 - 2009
Offer in Compromise: A Guide to Form 656
The IRS struggles every year to collect unpaid taxes. Interest and penalties accrue on all tax debts until paid and often penalties and interest can equal two or three times the original tax amount. However, the IRS and Congress soon realized that getting something was better than nothing and that it made sense to forgive tax debt if at least some portion of the tax was recovered. This resulted in the Offer in Compromise program.
The IRS has made great strides in improving the processing of OICs. These efficiencies are making it easier for taxpayers to navigate the OIC process and enable them to receive responses in a timely manner.
When an OIC is submitted, the IRS will verify that it can process the offer.