Falling into the CIC Triple Advantage Scam
By financen | October 29, 2009 - 2:46 pm - Posted in CIC Triple Advantage Scam

The CIC Triple Advantage Scam has stirred up a scene with regard to faulty credit reports. The company and its other aliases — freecreditreport.com, and creditreport.com, and Experian Free Credit Report — have been extorting money from those who registered on the online services the company offers; mainly, a supposedly free credit check to people who wish have a copy of the report. Little did everybody know that they were in for quite an extremely inconvenient surprise.

I am one of the victims who got duped by the CIC Triple Advantage Scam. The biggest mistake I made was not to do any kind of thorough research before falling into this kind of scam. I fall into this scam when I was applying to buy a condo unit in the city. I did not submit my credit report and some important documents and that’s why my processing was halted. The seller asked me to get the credit report and the important documents within the next two hours, otherwise he is going to void my purchase and move on to the next buyer. I under no circumstances wanted to lose that condo unit.

I found the nearest internet place and did a search on free online credit report services. I stumbled upon freecreditreportdotcom and immediately signed up for it. I got my credit report and other papers properly documented for submission to the unit seller. Thankfully, everything went well and I am living in the same condo now. After some time, I saw charges on my credit and I was not aware of that was accredited to CIC Triple Advantage.

 

I tried to contact the company many times and speak to one of their representatives on the phone, but no one was co-operative. I tried to find a way and solve my credit issue at hand despite my seething anger and confusion. Educate yourself about the perils of credit report scam by browsing through the site and its content.

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Understanding the Mortgage Forgiveness Act
By financen | October 14, 2009 - 2:50 pm - Posted in Mortgage Forgiveness Debt Relief Act

There are many of us who do not have adequate knowledge about the Mortgage Forgiveness Debt Relief Act that allows taxpayers to eliminate up to $2 million of mortgage debt on their principal residence in 2007, 2008 or 2009.

Mortgage forgiveness is quite a familiar term in the real estate market. Due to a person’s financial problems, when a mortgage lender has agreed to accept less than the full amount of the debt, the difference between the amount payable and the amount accepted is “forgiven”.

When the mortgage lender has agreed to waive off a certain portion of the loan, they will send a 1099–C form showing the forgiven debt. You need to show that amount as a taxable income and combine with your earned income and wages. For example, if $20,000 of your mortgage loan was forgiven, you should be adding this amount with your earned income when filing taxes for that year. You end up owing the IRS a large amount at the next tax term.

According to the laws of the Mortgage Forgiveness Debt Relief Act, you can eliminate the forgiven amount up to $2 million from your taxable income. The amount forgiven will still be treated as an income but you don’t have to pay taxes on it.

In order to claim this mortgage debt relief, you need to show the amount forgiven to the IRS. Take good notes and contact the lender before tax time to get the documentation you need.

For more information about Mortgage Forgiveness Debt Relief Act, you can go through the article:  http://www.irs.gov/individuals/article/0,,id=179414,00.html

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Individual Voluntary Assignment
By financen | October 8, 2009 - 3:22 pm - Posted in Individual Voluntary Assignment

After the Insolvency ACT 1986, the UK government came up with an agreement that is made between the debtor and the creditor to repay their debts in regular installments. This repayment term can extend up to a period of 5 years and is known as Individual Voluntary Arrangement. This arrangement has a lot of strong points with the following advantages.

Through the individual voluntary arrangement, you can repay your debts within a period of five years without a hitch.

Debts can be paid off faster if you can arrange extra cash on certain months and make lump sum payments.


The agreement between the lender and the borrower is kept in confidence.

 

Individual voluntary arrangements are not published in the newspapers or in any other manner.

Bankruptcy is complicated and in most cases, the proceedings are pricey. IVA can be a lot affordable.

Individual voluntary arrangement has a positive impact on your credit ratings. Bankruptcy will hurt your credit scores and will stay on your credit report for 7 years.

Bankruptcy has certain limitations and job restrictions. You may have a hard time if you are in between jobs. Whereas, if you look into IVA, there is no limitation and you can carry on with your job while your debts are getting repaid with your creditors.

It is very important in the IVA procedure that you abide by the rules and terms set with the creditors. You will not be hounded by your creditors and cannot hold out your money, except when you fail to pay.

Creditors have the right to ask for their money if you default on your payments. There will not be any risk to your assets and other properties if you are making regular payments to your creditors.

You cannot be bothered with conditions and demands by the lenders after your debts have been repaid.

Talk to an individual voluntary arrangement expert and he will suggest you the best possible solution. They will consider your business or financial situation while working out the suitable options. You can actually save yourself from IVA bankruptcy.

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Free Money Management
By financen | October 7, 2009 - 3:22 pm - Posted in Free Money Management

Sometimes people find it difficult to track their own budget. In such cases, people need a better sophisticated tool to manage their money. Money management software can be quite comfortably used by all the users. The simplicity of home budgeting tools can help you to manage your budget so that you can have free money to pay your other bills. Many people find it very frustrating to manage their money and wonder where their money is going after receiving their paycheck.

Kublax finance software can make your life much easier, gives you less headache, and manage your budget so that you can focus on how to get money elsewhere. Kublax is the new U.K equivalent to Mint.com. This software comes with an easy-to-use wizard that assures that you won’t get lost when you are budgeting your accounts. With this software, you can do a lot of small projects that you want to keep a track of especially those involving free money making ideas and ventures on how to get free cash. Now, you can make your life more organized by introducing the free money management software into your family’s life. Your spouse and your kids need a financial planning calculator so that they can well manage their finances and make wise decisions. With the help of this software, you won’t lose your money to different irresponsible or unplanned purchases.

 

Free money management tools will manage your finances and spending habits of your family. You can stay within your budget even if you have a limited income. The financial management software can also make budgeting more understandable with its generated graphs. Its filtering capability lists expenditures by category, and by helping you manage and control your spending habits. With the help of this software you will never be late in your credit card payments and other bill payments, thus ensuring a good credit history.

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