Category Archives: Federal Grant Money

Three insolvency options in England and Wales

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There are currently three ways to go insolvent in Englandand Walesand you’ll find a summary of them here. If you’re looking for a more comprehensive guide, you can find more insolvency information here http://www.debtadvicenow.co.uk/docs/indebt-web.pdf. Different rules apply to insolvency in Scotland.

IVA

An Individual Voluntary Arrangement or IVA is a legally binding repayment agreement over usually five years, overseen by an Insolvency Practitioner.

Under the agreement, the borrower repays as much of their unsecured debt as possible over an agreed amount of time – they may also have to contribute any extra money they receive, as well as freeing up any equity in their home.

In return, creditors agree to freeze interest and charges on any debt and will write off any unsecured debt that the borrower can’t repay by the end of the agreed period, as long as the IVA has worked out as expected.

Bankruptcy

Bankruptcy is a court-led procedure that can begin with a debt of only £750. Someone applying for their own bankruptcy would need to pay court fees as well as an application fee. During bankruptcy, a borrower is expected to make financial contributions from their income if they can afford it, and may have to sell assets to repay as much of their unsecured debt as possible.

It usually takes 12 months to become discharged from bankruptcy, but other financial restrictions can apply for longer – up to 15 years in some cases. Once the bankrupt becomes discharged, any unsecured debts that they couldn’t repay are written off.

DRO

A Debt Relief Order or DRO is only available for people with up to £15,000 debt, with assets totalling £300 or less (not including clothes, tools of their trade and a car up to the value of £1,000). DRO applicants must also have limited incomes – less than £50 surplus income a month once they’ve paid for all their household and personal expenses. Homeowners cannot apply for a DRO.

A DRO is an alternative to bankruptcy and allows the borrower to write off unsecured debts that they cannot afford after 12 months.

Note that all three forms of insolvency will have a serious impact on an individual’s credit rating for six years.

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Five Tips For Better Debt Negotiation

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When debt becomes too problematic too handle, you can resort to settlement. Yes, it may be easy to say but difficult to do. That is why here are pointers to keep in mind if you are going to embark on the stressful process of negotiating with your creditors.

Being weighed down by massive debt obligations is undoubtedly difficult. You have monthly payments to keep up with, creditor calls and negotiation letters to endure, and finances to budget wisely. When you are overly burdened and you cannot meet your payments anymore, you can resort to settlement.

You may seek outside help from debt negotiation companies, but that is not always the case. You can discuss your situation with your creditors and come up with an agreeable debt reduction plan on your own. The process can be stressful but it pays to try. Here are some reminders to guide you when you decide on negotiating with your creditors.

1. Know your situation. You cannot expect your creditors to understand your situation well unless you know how to explain it.

2. Call and ask. It is better that you contact them first because you are the one to raise a concern. After telling them your situation, ask if they can have your interests lowered. It does not hurt to ask, and sometimes, it only takes one call to lessen your debt load. Whether you get them to agree with a lower monthly payment or lower settlement for the total amount owed, it proves to be of great help to your finances. If the answer is no, at least you tried. You can then seek
outside assistance.

3. Be firm with your offer. You may think that you are in no position to affirm what you can afford to pay. This is a misconception. You should assert your end in the settlement. But keep in mind that you owed the money and you are somehow asking for a favor. Be honest with what you can truly allot to pay for your debts. Keep it fair so you and your creditors both get reasonable benefits in the end.

4. Keep calm. Creditors are of different kinds. Some are understanding enough to consider your offer and others are just serious with getting you to pay back the exact amount you owe. Creditors who threaten you with measures that are way out of line just want to get you emotional. But you have to stay calm and be firm with your plan. You can only make sound decisions when your emotions are composed. If it helps, practice your part in the conversation so you can prepare for possible situations that may happen within the discourse.

5. Say Thanks. It does not depend on what you get after the talk. If your efforts toward debt reduction succeed, the more you should be thankful. If not, still say that you appreciate the creditor’s time.

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What are the conditions to apply for payday loans?

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If you are looking for loans you will find a lot of difficulties initially unless and until you know where to look for them.

If you do not have any chance of taking a regular loan because making a steady payment every single month could be a financial problem for you, your could go for cheap pay day loans which are used to pay small monthly bills.

This is a good way of acquiring money when you need it the most. Online loans are basically offered by the lenders for small financial purposes; you will get about $100-$1500 which you are expected to pay back when you receive your next paycheck or whenever you can make the payment. This is a good method that is highly convenient since not only do you not have to get a long term loan, but you will be exempted from a big load of paperwork as well.

To apply for payday loans, you just have to be more than 18 years of age, be able to prove that you have a steady source of income so that you will not default easily, and you also possess a bank account that is still operating smoothly. This would help lenders to asses that you are not a risk for them. This would encourage them to consider your application and offer you the loan you need.

All you have to do is visit these online websites that offer these loan services and then fill up your application form. In this form you will have to mention important details about the loan amount you are seeking and the terms of repayment. Once you have submitted, the online websites will run your set of terms in accordance with the rules offered by the different lenders and a match will be selected. You will be then contacted with the offer.

Just remember that the lenders will also have their own set of requirements that you will have to fulfill. Some will pay attention to your credit history to see if you are a risk, and some will look only at your current job to see whether you are capable of making the payment on time. However, if you have a bad credit, just focus on taking small amounts of loans that you can pay back in time to improve your credit.

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Q&A: After my federal pell Grant and my KEES Scholarship, I have a little money left over!!?

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Question by TDavis0190: After my federal pell Grant and my KEES Scholarship, I have a little money left over!!?
I received a certain amount of Federal Grant money and also a small amount it kEES Scholarship money. THey applied my federal grant money and it was all applied to my balance. THey used my KEES money for the rest– will I receive a check for what was left of my Kees Money? I didn’t know since it is a scholarship!! And htey used all the federal grant money first–

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Best answer:

Answer by Amber Marie
There is no differentiation, all financial aid is lumped together and taken out of the bill, which is also lumped together, they are not individually applied to your account in order. If there is anything leftover you get it.

Know better? Leave your own answer in the comments!

Multi-party Suit Filed by Borrowers Against Aurora Bank et al

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Multi-party Suit Filed by Borrowers Against Aurora Bank et al











United Foreclosure Attorney Network

Roseville, California (PRWEB) November 11, 2011

On Tuesday October 25, 2011, United Foreclosure Attorney Network (UFAN) filed suit in Superior Court in Sacramento (case # 34-2011-00112919) on behalf of borrowers allegedly injured by the lending practices of Aurora Bank and others believed to have misled borrowers.

The complaint alleges that Aurora was one of the major players in a scheme to make fast, easy profits at the expense of proper mortgage underwriting procedures. By packing subprime loans into mortgage backed securities that were sold to investors, a bank could recoup the funds lent immediately. The suit argues that this process encouraged lenders and mortgage brokers to aggressively push high-cost subprime loans on anyone they could convince to sign on the dotted line.

According to court documents, plaintiffs argue that because of the sale of their loans, they did not receive the benefit of the contract for which they bargained. Plaintiffs, believing they would be placed into a traditional Lender/Borrower relationship, later found that they did not have a “lender” with whom they could deal. Servicers are limited in making changes to contracts when circumstances are unforeseeably changed. Furthermore, loan servicers have an incentive to foreclose whereas a lender has the incentive to modify a loan if it would be more profitable in the long run. If many of the homeowners were still in the traditional lender/borrower relationship, they could have restructured the mortgage for a more desirable result for both parties. In the current situation, the only entity profiting is the loan servicer. The complaint details how many Plaintiffs diligently sought modification of their loans but were denied either because the servicer had no authority to grant a modification or because the servicer chose not to grant a modification.    

Court documents show that Aurora is alleged to have used a variety of tactics to generate the highest amount of fees possible without regard to the injury it would cause borrowers. One tactic is “equity stripping,” which refers to making a loan based on home equity without regard to the borrower’s ability to pay. These loans are set up to fail and lead to subsequent foreclosure. Aurora is also accused of “flipping” which refers to encouraging frequent refinances by homeowners. Borrowers receive cash up front but do not realize that the fees added to their existing loan balance often exceed the amount of cash received – gradually increasing the amount owed over time. Unsophisticated borrowers are especially susceptible to these types of loans because lenders and brokers often use aggressive sales tactics and represent that they are the only type of loan available.

The complaint alleges that, in addition to harmful loan types, appraisers used by Aurora were encouraged to inflate property values in order to give borrowers higher loan amounts. The higher the loan amount, the more money Aurora was able to make on the sale of the loan to investors. It is argued that the bank incentivized appraisers to falsify property valuations in order to secure a higher loan to sell to investors. The complaint alleges that Plaintiffs borrowed excessively in reliance on inflated appraisals and other false statements.

The complaint further alleges that the ownership of Plaintiffs’ notes is unknown, thus questioning, among other things, Aurora’s right to enforce the notes. The complaint requests declaratory relief on several matters relating to the parties’ rights and duties under the contract.

UFAN has currently has lawsuits pending against Bank of America (case # 2:11-CV-02413) and Wells Fargo (case # 2:11-CV-02684) in Federal Court for the Eastern District of California, and against JP Morgan Chase (case # C-11-02390) in Superior Court of Contra Costa County on behalf of borrowers alleged to have been injured by these banks. UFAN will continue to fight for the rights of its clients.

ABOUT THE UNITED FORECLOSURE ATTORNEY NETWORK

UFAN Legal Group, PC dba United Foreclosure Attorney Network (UFAN) is a Roseville, California-based law firm providing mortgage litigation and other debt related legal services. The dedicated attorneys and staff at UFAN work tirelessly to seek justice and fight for the rights of its clients. For more information call toll free 1-866-400-4242.

This release may constitute attorney advertisement. The information in this release and on the UFAN website (ufanlaw.com) is for general information purposes only. Nothing in this release or on the UFAN website should be taken as legal advice. Prior successes are no guarantee of future performance. Litigation is inherently uncertain and results in litigation are never assured.

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