By financen | June 15, 2009 - 5:35 pm - Posted in Children’s Pension Scheme

It might sound odd to many people but there are many schemes regarding children’s pension to secure their future. Many parents, grandparents and other interested parties are doing their best to secure the life of their children by doing effective retirement planning.

A children’s stakeholder pension is no different from any other pension scheme. Anyone can deposit funds into the pension fund for the children. The parents should be aware of it so that the pension funds are deposited in the proper manner.

There is a certain amount of money that you can deposit into the child’s personal pension account. It is free from income and capital gain taxes. Hence the funds deposited into the children’s pension account will grow very faster over the period of time.

If you start a children’s pension plan after their birth and you are depositing a certain amount of money for 16 to 18 years, you should be able to accumulate enough funds into that account that will secure your child’s future by every possible means. It will give your child a substantial head start.

If you don’t use the funds available in the pension account until retirement, the returns will even get better. When you compare that to a scheme where you start depositing the money after the age of 18, the figure is around half as much despite requiring 42 years of contributions.

If you are interested in starting a children pension scheme, speak to your financial advisor. You should consult for the best available rates since it is an investment for a very long period of time where even the slightest difference in the rate of interest matters. After you have chosen a pension plan, you can make regular contributions, subjected to the minimums required by the scheme. While you are depositing the funds into the pension account, make sure that you keep an eye towards it and speak with your financial advisor regularly to ensure that you are getting the most from your money that will be used to secure your child’s future.

By financen | June 11, 2009 - 4:00 pm - Posted in Credit report, NCO Financial

NCO financial is one of the largest collection agencies hired by the creditors to collect consumers’ debts. They are individuals that say that they reported on the consumer’s credit report by mistake.

If you see an inaccurate negative item on your credit report by NCO Financial, you can dispute the item with the credit bureau and get it removed. You have to write a dispute letter and mail it to the credit bureau. Make sure that you are doing the communication in writing and send the letter through certified mail, return receipt requested. This will keep a track of all the communication done regarding the dispute.

When you draft the dispute letter, explain the reason of getting the item removed from your credit report. For example, if the account is already paid or if the balance is posted wrong, provide a proof of the receipt or if the account showing up on your credit report belongs to someone else.

As per the laws of the Fair Credit Reporting Act, you can dispute the incorrect negative items on your credit report and get it removed. The credit bureau must investigate your dispute and contact the information provider for getting it fixed. If your dispute is found correct, the item will be removed from your credit report and a fresh copy will be sent to your mailing address.

If NCO Financial has posted a negative item on your credit report and it is correct, you can still get it removed. Contact the collection agency and make payment arrangements with them. Once the account is settled, you can request them to remove the negative item from your credit report.

NCO Financial is one of the largest collection agencies established since 1920s and they are headquartered in Pennsylvania.

They are located across 9 different countries with over 140 operation facilities. They mainly do their collections on accounts related to education, utilities, health care and more.

By financen | June 8, 2009 - 4:02 pm - Posted in Bad Credit, Student Loan

Education costs are increasing every year and students have to go through a lot of expenses that often go unmet. Students with bad credit often wonder how to get qualified for student loans to complete their education. There are many better ways to receive bad credit student loans that can help you pay for everything.

Money above student aid: There are many government aids and many students will often qualify for it. Government student aid is a better form to cover the bare essentials of attending the college or university of your choice. Stafford or Perkin loans are available but they have a strict borrowing limits on the basis of the number of college hours you have under your belt.

A private student loan can help you in paying your tuition, housing, book expenses and many other expenses. You may engage in some part time jobs to have an extra income and in order to repay back the loans while you are pursuing your studies and thereby improving your grades. You will have to undergo a credit check in order to get approved for a private student loan, but most often you will get qualified for these loans.

In order to increases your chances of getting approved for the private student loans, it is a good idea to apply for the loan with a co-signor, especially someone who has a better credit than yours. You can apply for the loan with your parents, or your family members and friends. The lender will look into the credit history of the co-signor so that your chances of getting approved for the loan become much easier.

When you are deciding for the loan amount, make sure that you borrow that much to cover your semester or academic year. Private student loans for bad credit will be disbursed all at once which means that the loan is meant to last you for the entire semester or the academic year.

You may apply for these loans online at better interest rates. Traditional lenders often charge higher interest rates. The online lenders have more capital to offer and the money can be transferred to your checking or savings account within the earliest possible time.

By financen | June 2, 2009 - 5:31 pm - Posted in Statute of Limitations, Student Loan

Many people do not know much about the statute of limitations on the student loans. An average student prior to graduation is too much interested in completing his school, getting his degree, finding the best job and getting on with his life. Along with all the activities going on in his life, he is responsible to pay his bills which include student loans.

Sometimes, life gets so busier and many people are strapped with paying mortgages, rent, car notes, credit card bills, insurance, medical bills, utilities and other expenses in this shaking economy.

Due to some unexpected emergencies, you start missing your monthly payments towards your debts and thus it starts falling behind. Slowly and slowly, these debts get seriously delinquent adding up with highest interests and fees.

 

Since the creditors are not able to collect the outstanding balance including student loans, they will send the file to some collection agency who will use all kinds of collection tactics to recover the amount. As an educated customer, you should know about the statute of limitations on these student loans. If you have taken a student loan from some private lender, then it will come under the SOL period. Federal loans are never past the statute of limitations.

You might be asking what a statute of limitation is. It defines the deadlines by which a creditor or a lender can take legal actions against the borrower in order to collect a debt. Once the statute of limitations has expired, the creditor, lender or the debt collection agency cannot take you to the court and sue you.

Statute of limitations is an absolute debt relief and no creditor or debt collector can against it and win the case in the court. Every state has its own SOL laws. If you have not been making any payments on your student loans for the past three to four years, there is a very good chance your student loan will be past the SOL period, but you must double check the state laws.

If you have not made any payment on your private student loans and it is very close to the expiry of the SOL period, the creditor or the collection agency will try every possible means to collect the debt. Make sure that you are aware of the laws and any latest payment activity will renew the SOL period after the loan gets current. You need to stand as an educated consumer when dealing with the scary debt collectors.

More about Statute of Limitations: www.irs.gov/pub/irs-tege/epch1102.pdf