Tuesday, December 18, 2012

Example of a Hardship Letter for a Mortgage Loan Modification

A basic loan modification requirement is to demonstrate to your lending institution that you are faced with a financial hardship situation. You need to present enough evidence to convince your lender that, due to your current circumstances, you need to negotiate a lower monthly payment with them.

Some mortgage holders find the process of composing this letter somewhat intimidating. However, bear in mind that lenders are highly motivated right now to approve borrowers under the new Obama guidelines. A hardship letter is your opportunity to let your bank know what has happened since they originated your mortgage, and why you must get a modification on your current terms. Below is a letter that will give you a starting point for composing one of your own.


Lending institution name and address.

Your name, your address, and your loan number.

Dear [blank]:

This letter is to explain to you, my current financial circumstances, and to request a loan modification from your institution, so that I may stay in my home. My family and I do not want to lose our home, and we are willing to work with you to do whatever it takes to stay here.

We became delinquent on our mortgage payment, due to my husband's job layoff. He was employed for five years, but then he was out of work for four months. During those four months, we needed to spend our savings to buy groceries and pay our basic bills, to make ends meet, we cut back on our expenses by any means possible. Now however, we have depleted our savings and must use credit cards simply to pay for living expenses, and to keep up with other bills.

The good news is that recently my husband started a new job. While his pay is less than what he earned before, we have adjusted our budget, as necessary. With a modified monthly mortgage payment, we will be able to afford to stay in our home. As you may know, due to declining property values all around, our houses value has declined so much that selling or refinancing is not a possibility. Renegotiating our loan with you is our only option.

In light of our family's circumstances, please consider as for President Obama's home affordable plan, or whatever other program we might qualify for through your bank. We are hard-working, responsible homeowners, simply trying to keep our family's home. Please review our enclosed application, and consider us for a rate reduction to 2%, with 40 year terms. Thank you very much for your consideration, and we are most eagerly awaiting your response.


[Your name].

Of course, you will need to use this letter as a template. Personalize it as necessary, describing your own particular circumstances. The main points are to be descriptive, yet three, providing a few details to try to gain your lender's sympathy. Also, you will be required to demonstrate your ability to meet the new modified payment terms of the loan. This means that you'll need to submit to your lender a budget detailing your expenses and income. Show your lender in black and white terms that you we'll be able to afford the renegotiated terms of your current agreement with them. A budget that includes a small provision for emergencies each month will lend credibility to your application.

Once you understand how to write an effective loan modification hardship letter, you stand a good chance of qualifying for a home loan modification that allows you to stay in your home. You'll need to complete a financial statement, so begin by assembling any necessary documentation for this. Wait to contact your lender until you have all your paperwork together. By being thoroughly prepared, you stand the best possible chance of saving your home, under this once-in-a-lifetime plan.

Sunday, December 16, 2012

Secured Loans, What Are The Legal Implications

Secured loans are all around us. Chances are that you may have even taken out a secured loan in the past and may not have even realized it. A secured loan is a loan in which you place up collateral to secure the loan. These loans are seen every day such as the purchase of a new car or even a house. Just because you have not physically put up collateral for a secured loan does not mean it isn't one.

When you purchase a car, if you do not pay the loan repayments then the loan company can send someone out to reposes it. Just because you never handed them the car does not mean that the car itself cannot secure a loan. Granted you may not be able to use a car as collateral on the purchase of something else that still does not make much of a difference.

What about when you purchase a home? When you purchase a home if you miss too many payments the lender can foreclose on the home and take it away from you. This home loan is known as a mortgage and a mortgage is a secured loan. Remember when you signed all of the paperwork for the home and the lender's representative was there with a check? Well when you think back, you may have realized that you did not actually sign the deed alone, but rather signed it with the lender in which case you were securing the loan for the home even before you actually had the loan. This is still a secured loan and they are in fact the most common loan out there.

From cars to homes secured loans are everywhere and they come in many different styles, sizes and shapes to choose from. It is important to remember though that before you choose a secured loan that you take the time to research all the choices so that you can make sure that you are choosing the right one that will work for you and not simply because it is the cheapest for you right now. The last thing you want to do is to sign a variable secured loan and end up with higher payments down the road that you may not even be able to afford. Take your time and make sure that you make well-informed decision regarding your secured loans purchase what every they may be.

Saturday, December 15, 2012

Prohibition of Interest Rate in Islamic Finance

Islamic economics is referred to as the application of Islamic Shari'a law in economic activity. This form of economics has attracted banks and financial institutions in more than 56 countries including Europe and the United States; they cater to customers who want to invest in a halal instrument, or according to Islamic teachings.

Muslim authors state that Islam offers solutions to solve problems of human civilization. They view the financial problems facing developed countries in Africa and Asia are caused by interest-based financial instruments which create "unrepayable debt" says Muhammad Ayub, author of Understanding Islamic Finance. Mr. Ayub goes on to say that interest-based system makes "a class of people richer and leaving others poorer and oppressed."

Suppose you deposit in a conventional bank 00, at 4 percent interest for a period of one year. At the end of the year, your return is predetermined at 00+40. The bank will invest your money. If it fell short of 40, the bank will incur a loss. So an interest-based loan places the risk entirely on the borrower, in this case, the bank. Under Islamic economics, this type of investment is prohibited and is considered "un-Islamic" and "unfair."

The source of prohibition of interest is based on the Qur'an. Verse 2:275 reads: ". . .Allah permits commerce and prohibits riba. . ." The etymology of the term riba comes from Aramaic raba meaning increase'. Muslim interpreters define this term as interest'. In pre-Islamic Arabia, a borrower saw his debt double following a default and redouble if he defaulted again. If the borrower was unable to pay off his debt, he would be pushed into enslavement until the debt is paid. Such a situation was creating a social disharmony in Arabia, to which the Qur'an was responding. The ban on riba was therefore an instrument used to avoid mistreatment of fellow citizens, when their financial situation was in distress.

Among the Muslim community in the Middle East and elsewhere, financial transactions involving interest on borrowed money are accomplished, but without mentioning the word interest'. For example, Y wants to borrow from X 0 at 5 percent interest without violating the prohibition. X buys a TV system from Y for 0 but then promptly returns it for 5, payable in one year installments. The additional represents interest but was not mentioned; it was circumvented instead by the purchase of the TV and selling it, immediately, to the borrower at a higher price, which is equivalent to the amount of interest.

The most popular instrument in Islamic banking is Murabaha, a contract of sale in which a commodity is sold for a profit. The contract involves the purchase of real property by the financial institution which then sells them to the client at an agreed mark-up. A repayment is usually in installments. Accordingly, X wants to buy a car from the dealer and finance the transaction through a bank. Under Islamic economics, the bank does not charge interest. So the bank will buy the car on behalf of the buyer, and immediately sells it to X at the dealer's price plus an extra amount of money for the time spent and the paperwork involved to finalize the deal, the extra amount represents interest on the borrowed money, but the contract does not use the word interest'.

All Muslim authors and practitioners of Islamic finance agree that charging interest is a violation to Islamic Shari'a, but there is no agreement on the definition of interest-free' loan. There is no account for the rate of inflation in this Islamic instrument. In order to protect the purchasing power of money, loans are indexed to the rate of inflation, which is absent from Islamic banking and was proclaimed un-Islamic in two international conferences on indexation, one held in Islamabad in 1986 and the other in Jeddah in 1987.

Critics of interest-free banking claim that those who call for prohibition on interest are guilty of misinterpreting the Qur'an and misreading Islamic history. The Qur'an bans, not interest rate, but usury, or exorbitant interest.

Suleyman Uldag, a prominent Turkish author suggests that "even if interest were unlawful, it would be a lesser sin to deal in interest openly than to cloak it in practices aimed at deception." He writes that "Islamic banking is its own worst enemy."

Another attack on the prohibition of interest came in 1989 through a fatwa (Islamic legal opinion) from Muhammad Sayyid Tantawi, the grand mufti of Egypt and head of the top Islamic university, al-Azhar, who said that simple bank interest is permissible in Islam, while excessive interest rates constitute riba (usury) and thus forbidden. Tantawi added that legitimate instruments, including high-yield government bonds and interest-bearing saving accounts are compatible with Islamic Shari'a. Tantawi's fatwa represented the minority view, and provoked considerable discussion among the Muslim community in Egypt and around the world.

Tuesday, December 11, 2012

Chelan County Short Subdivision

According to Chelan County/WA a short subdivision aka Short Plat is the division of land into four or fewer lots, plots, sites, parcels, or tracts. note: examples are based on Chelan County Code but, the same principles are used in all counties. Check with your jurisdiction on the different type of subdivision they offer.

This means that if a parcel of land's zoning allows for division of land, then a person can go through the short plat process and achieve this division. Example: A 10 acre parcel, zoned RR2.5 or 2.5 acre min. lot size, can be short subdivided into four separate lots each with separate parcel numbers. As you can see this can create a tremendous amount of value. Note: Zoning designations can be different in different counties, cities and states, check with a professional or local agencies to find out the current zoning for a specific property.

This process is commonly thought of as dividing a large plat of land but, this same process can be used in Urban areas. Example No. 2 - A 20,000 sq. ft. lot, zoned UR3 (Urban Residential 3) Chelan County WA, can be divided into four, 5,000 sq. ft lots or 7,000 sq. ft. lot with a duplex.

Example 3 - Through your research your calculation determine that you can subdivide into 6 lots based on the zoning and parcel size. Within Chelan County WA you would then have to go through a formal subdivision process. This process will take at least 6-8 weeks longer to complete, require two hearings with the county and a significant increase in development costs i.e. roads, utilities, engineering etc. As you can see the variable cost of developing 2 additional lots may exceed your return.

The advantages of a short plat are reduced application process time, reduced development costs, reduced project risk and earlier return on investment. Check with your county or cities planning department to determine what process is right for your project. Or Contact a professional land use consulting firm to perform a project analysis.

Wednesday, December 5, 2012

FHA Loans Below 580 Credit Score

If you have a credit score below a 580 it might be extremely hard to get a FHA loan in this current lending market. But there are other options when it comes to getting government loan. Even though FHA will insure loans below a 580 credit score the secondary market that buys and sells mortgage paper has set the stage as to what will be bought and sold in this market.

When loans are bought and sold in the secondary market, investors watch a particular borrower's performance. If they notice a particular borrower is not performing well on the secondary market they pull the plug on financing that type of risky borrower. So it's essentially like watching your own stock portfolios performance. If that particular portfolio of yours is not dong well you stop investing your money in that stock. Mortgage loans work the same way.

Over the last 6 to 7 years FHA loans were being written for all types of borrowers including borrowers below a 580 credit score. Until now there was never a credit score requirement for FHA loans. Most banks are requiring a middle credit score of 580. There are exceptions to this rule. Some banks will allow a FHA loan to go through with a credit score below a 580 if the bank or mortgage company gets an automated approval. An automated approval is a piece of software that banks use that either says "yes" or "no". Let's assume you have a credit score of 578 and your loan file is ran through this software and it says 'yes", as long as that particular lender will allow a credit score below a 578 with a automated approval you are good to go.

Some banks have internal rules for loans they will approve as well. So just because you have a credit score below a 580 does not mean all hope is lost for an approval.

If you have a credit score below a 580 here are some factors that could possibly help to get an automated approval.
- Savings in the bank
- 401k, usually ,000 or more really helps
- Money for down payment
- Low income to debt ratios

These are some key factors that could possibly get you an automated approval with low credit scores.

If you have recently been denied for a mortgage loan, get a recent copy of your free credit report and start working on your credit. The higher your credit scores the better terms you will get anyways. Bad credit does not go away; it just lingers over your head like a dark cloud. What ever your situation is there is always a solution.

Sunday, December 2, 2012

Obama's Wireless Stimulus Package

On the whole, the Obama administration's new wireless plan is one of the cleanest and most uncontroversial budget proposals in recent memory and it is supported by the fact that the GOP, which is currently balking at most of President Obama's budget proposals, has not elected to attack this one. The reason is simple; on the face of it, Obama's wireless plan intends to dramatically expand the reach of wireless access providers, and thus, the potential market as well.

Overall, bottom lines will increase, as well the wireless network, allowing access providers to begin to phase out the infamous last mile problem. DSL and Cable Internet are costly to build out and maintain, while wireless is not. With the recent FCC Net Neutrality legislation, it is clear there is a heated focus on expanding wireless infrastructure to shift the bulk of communication to the wireless model. Already, most new phone numbers are mobile. The Plain Old Telephone network is being phased out, and a home phone makes little sense in light of the convenience of cell phones.

Plan Details: The Money

Broadcast Spectrum Auction: One of the key parts of the proposal was the 500 MHz broadcast spectrum auction, currently held by television and radio broadcasters, and would be sold off specifically for licensed mobile access providers. The total cost of the program is currently estimated at billion, and total revenue is .8 billion over 10 years, hence the Obama wireless plan will realize a .6 billion net gain. Some will go to the current holders of the spectrum to be sold off in exchange for voluntary surrender of the spectrum.

Infrastructure: The next major part of the plan is the investment of .7 billion to build a public safety wireless infrastructure. This will provide police, fire, and other public services high-speed wireless access, allowing them to share video and exchange email. While a little vague, the scope of the plan is extensive and would involve dedicating the D Block of broadcast spectrum for public safety. Much of the cash would be spent on towers and infrastructure to support the use of the spectrum. The recent buyback of the Wireless Philadelphia, a multimillion-dollar effort to provide free wireless and its re-tasking to fire and police use is an example of the goal of this phase of the plan.

Other Funding: billion would go to fund an expansion of the Universal Service Fund, ensuring low-income families access to wireless services, and to support companies that invest money in building private infrastructure in areas traditionally too costly to develop profitably. Safelink wireless is an example of this initiative, providing cell phones and monthly airtime to low-income American.

An additional billion would be invested in research and development of wireless technologies in the education, health care, and energy sectors, which would dovetail with existing health care technology initiatives. Additional funds are already allocated in the Commerce and Agriculture Departments through the Recovery Act and will be used to fund wireless development in rural areas.

Effects of the Plan

With the deployment of DTV and the end of analog broadcast television, a starting gun was sounded and the race was on. Much of the news, beginning with Google's attempt to enter the most recent spectrum auction and the recent FCC Net Neutrality Act has been the pole positions of the race. For many years, the federal government has supported efforts to bring telephone service to outlying areas of the country. Now the government will assist in the expansion of wireless access to replace the existing infrastructure and create a wireless broadband future.

The plan intends to be a win-win effort with commercial entities benefiting from the creation of a much larger market base, and lower cost of wireless access and America benefiting from a major step forward in technological development. Consumers will benefit by having mobile access nearly everywhere. Finally, the taxpayers will realize 9 billion dollars in revenue over the next ten years. It is rare that any federal program is this balanced and universally accepted.

Thursday, November 29, 2012

How Does Cash Advance Work?

Today, more so than ever, credit card companies are allowing cash advances to their customers. Not all credit cards will allow this, but many of them do. While it is tempting to use this service at times, consumers should be very careful before taking that cash from the credit card. Here are some issues concerning cash advances that you should know about.

For the most part, credit card companies treat a cash advance differently than they do a purchase. Of particular importance to consumers is the interest rate that the company may charge for the advance. You should carefully check to see how much more interest you will be charged for the cash advance as compared to the purchase interest rate. In many instances, the interest rate for the cash advance will be much higher than the purchase rate. Do not assume that the purchase rate will apply to the cash advance. Check on this before you take the money.

Most (but not all) credit card companies will allow you to get the cash advance from an ATM machine. Other companies, however, may send you checks in the mail. You can learn how the company handles this by reading the billing information that you get from them. You should check to see if there will be any additional charges should you use an ATM.

Your credit card company may also impose a cash advance fee when you take cash. The fee is in addition to the finance charges and may be in addition to any ATM fees that are levied.

Almost all credit companies have a cash advance limit. Some companies limit cash advance amounts to a specific dollar amount, while some limit the amount to a percentage of the credit limit that you have with them. When a specific amount is stated it may say: 0 per advance or it may be worded as 0 per week. While this limits your cash advance amount it also limits the amount of cash a thief could charge to your account should your card be stolen or your information compromised.

Restrictions can be an issue as well. Some companies will not allow electronic transfer of cash advances to certain accounts. An example of this might be an online gambling site.

Understanding how cash advance payments will be applied to your account should be on the top of the list for anyone who is using or planning to use the cash advances companies offer. Here is why.

Some credit card companies (indeed, most of them) will treat your cash advance as a separate entity. This means that payments that you send in may first be applied to your regular purchases account and whatever is left over (if anything is left over) will be applied to the higher rate cash advance portion of your bill. In other words, if you make only the minimum payment per month, your cash advance balance may not go down at all, and will, in fact, go up because of the interest that is being charged.

Your credit card company must tell you how it treats payments when a cash advance is involved. You should read this information carefully, and if the system they use makes you uncomfortable, then avoid using the cash advance services.

Saturday, November 24, 2012

Typical Canadian Apartment Leasing Conditions You Need To Know

These typical Canadian apartment leasing conditions are important to know and understand, especially for first timers. Whether you are renting your apartment in Vancouver, British Columbia, in Calgary, Alberta or Winnipeg, Manitoba, this guide can help you understand the agreement you are signing.

Landlords like stability. They like to know that they can count on you to stay in one place for a while. That is why, most of the time, you will be signing a one-year lease. Unless you happen to go through the University or College's off-campus housing office, that is. Some landlords will, knowing that many students like to go home for the summer, allow you to sign an eight month lease.

Two months before your lease comes due, it is important to tell your landlord your intent. Would you like to renew your lease? Would you like to end the arrangement? Either way, your landlord needs to know, and if he wishes to end the arrangement, he must also tell you so no less than two months before the end of your lease. This allows you to find a new place to live and him to find a new person to stay where you are now. Whenever he wishes to show the apartment, he must always give you a minimum of twenty four hours' notice so that you have a chance to tidy up and put sensitive or personal things away.

It is possible, sometimes, to sublet an apartment, however, these are pretty rare. Most landlords loathe sublet agreements as they feel that they do not protect them from those who disappear in a midnight move. If you can not complete your lease, some landlords will accept a sublet, however, if your sublet does happen to leave town suddenly, you can be certain that the landlord will come knocking at your door to collect his rent.

If you are in an apartment that requires you to pay for your own heating and electrical usage, it is advisable to try to negotiate an equal billing program with the utilities company. They will likely demand a deposit of up to three hundred dollars and your monthly payment may be up to a hundred and fifty dollars. Be prepared. Budget accordingly.

Always read your agreement carefully, and make certain that you understand which appliances are included in your rent. Most places include a stove and refrigerator. Others might also include a washing machine or a dryer and sometimes even both.

When it comes to general repairs relating to electricity, heat, the appliances and the premises, you can expect that the landlord will be responsible for these. The exception to the rule is where you or your guests have caused damage to be done to the premises through neglect or deliberate action. If you have busted up the plaster walls with your karate kicks, chances are that you will have to foot the bill for the repairs.

Ask your landlord, at the time of signing the lease, whether he is planning to paint the walls and if they allow color on the walls. Some landlords only allow white and will have the place painted before you move in. Others will enter into an agreement with you; if you can provide the labour, they will provide the paint in the color that you choose and they approve. It never hurts to ask.

Thursday, November 22, 2012

The Risks Of Red Clause Letters Of Credit

A letter of credit sometimes allows the financial institution to make advances to the beneficiary. The beneficiary uses these funds to find merchandise to prepare the merchandise for shipment. A clause that authorizes your bank to advance these funds was apparently written in red to warn banks and applicants inherent risks.

The perils are that the lending company and the beneficiary are in cahoots with each other to fleece the applicant. In Leonard A. Feinberg, Inc. v. Central Asia Capital Corp (974 F. Supp. 822 (ED Pa. 1997) the applicant contended that the funds advanced by the nominated bank to the beneficiary were not used to prepare the shipment, but to pay off the beneficiary's indebtedness towards the bank.
Even without collusion, the beneficiary can simply take the funds and run off. In these cases the applicant fails to avail him or herself of the safeguard offered by a letter of credit, namely, documentation evidencing suitable performance of the underlying contract.
Advancing funds before shipment is an invitation to be defrauded. The most secure way for the applicant to shield him or herself against deceit is to ask the beneficiary to have its bank issue a "letter of indemnity". This letter of indemnity, issued by the beneficiary's bank, serves to indemnify the applicant in case of fraud. However, a beneficiary who requests a red clause credit generally will lack the funds to satisfy collateral requirements a bank will impose before issuing this type of document.

A better option, and the manner typically used, is to at least be notified of the beneficiary's intent to draw on the red clause letter of credit. This notification cannot be agreed upon straight between applicant and beneficiary, but needs to be part of the letter of credit in order that it shapes the relationship between the bank and the beneficiary. The nominated bank won't have a contract with the applicant but only with the issuing bank. Hence, it cannot defend itself against a demand to advance funds by referencing the contract between applicant and named beneficiary . The correct way is for the applicant to include the notification requirement when opening the letter of credit with the issuing bank.
A notification of an intent to draw (typically 30 days advance notice) will be a first step to protect the seller; other more meaningful options for protection are to require documentation from the beneficiary of the beneficiary's promise to draw upon these funds only within 30 days, declarations of intent how the funds are going to be used, invoices etc.
To further help a seller without funds, the seller might agree with the nominated bank to issue a back-to-back letter of credit. A back-to-back letter of credit allows the beneficiary to utilize the letter of credit as collateral to obtain further financing. The beneficiary who needs to issue a letter of credit to his supplier may pledge the letter of credit to his bank as collateral for the issuance of a second LC.
In this case, the nominated bank, and not the buyer, as would be the case in a red clause credit, trusts the beneficiary of the first letter of credit and believes that he or she will comply with the obligations of the first letter credit. However, a bank issuing a back to back letter of credit might find itself in the uninviting position that it is obligated to pay the beneficiary of the back to back letter of credit (i.e. the credit to the benefit of the first beneficiary's supplier), but not be able to recover from the first beneficiary, since the first beneficiary did not comply with the requirements of the original letter of credit.

A better alternative for the cash-stripped beneficiary may be to partially assign the proceeds of the letter of credit to his supplier. However, in this case the supplier bears the risk, that the beneficiary will comply with all requirements under the LC.

Red letter clauses are hazardous in letter of credits and defeat the the objective of securing the buyer's position. Alternatives exist, but a cash-stripped seller has to convince either his bank, his supplier, or the buyer to share the risk of the beneficiary's non-compliance.

Wednesday, November 21, 2012

Become an Oilfield Vacuum Truck Driver!

Being a vacuum truck driver is not an easy job, especially when it is in the oil and gas industry; it involves the transportation of various types of equipment and supplies to and from job sites. It could include the conveyance of oversized, highly flammable, or explosive cargo over long distances requiring safe and efficient operation. When choosing a new career path and searching for a meaningful job in today's economy, deciding to become a vacuum truck driver in the oil fields could give provide many fulfilling opportunities.

While it is vital to have a good income and be well-compensated; the most important step to a meaningful, fulfilling and rewarding career is to be passionate about the work being done every day.

Career Opportunities

The most basic step when choosing a career is to keep in mind the factors that are motivating and inspiring. Current job seekers are trying to find a particular niche in the job market that both pays well and offers job security. There are many career opportunities available and it is just a matter of finding such favorable circumstances The search for a fulfilling career should be based on a job that is: interesting; exciting; stirs up personal compassion; evokes the imagination; and provides real satisfaction. One career path that can spark one's interest and be exciting is entering the field of vacuum truck driving for an oil or gas company.

Necessary Skills

Once a decision has made, it is time to take a moment to think about the skills that are required for this type of job and if such skills will have to be acquired. Don't be overly concerned if certain specific skills will need to be learned for this type of work, as a good training program can fulfill most of what will be needed. During training, prospective applicants have the opportunity to decide if this is a job that can truly provide fulfillment and satisfaction.


Generally, applicants must know how to safely load, convey and properly dispose of waste products or brine water that are produced in the oil industry. This waste is not allowed to be released into rivers or other bodies of water because of its salt content that is very toxic to living organisms. This hazardous liquid must be transported by skillful vacuum truck drivers to proper treatment facilities.

To qualify for this position, prospective applicants must have a background in math and science. Such knowledge would include: how to compute the volume of basic sediments in water or impurities contained in crude oil; safety training associated with material handling; a clear driving record; no criminal cases or traffic violations such as speeding, reckless driving or DUI/DWI convictions; and a Class-A Commercial Driver's License (CDL).

There are many careers available that are right around the corner. Finding one is simply a matter of research, having a positive approach towards safety, acknowledging strengths, and having the will and positive attitude to discover and learn a new set of skills. Having driving experience can be the start of a new career and a better future. In fact, an oilfield vacuum truck driver could be an occupation that is not only very interesting, but one that also provides personal meaning and fulfillment as well as providing an opportunity for personal growth!

Monday, November 19, 2012

Ombudsman Can Resolve Your Income Tax Issues

To resolve Income Tax related tax issues of the taxpayers, the Government has created office of Income-Tax Ombudsman. The officer designated as Ombudsman hold independent jurisdiction and work as autonomous authority.

The Government has so far set up twelve offices of Ombudsmen. They are stationed in Mumbai, Pune, New Delhi, Ahmedabad, Chennai, Bangalore, Kolkata, Hyderabad, Kanpur, Chandigarh, Bhopal and Kochi.

The jurisdiction of the ombudsman is highly restricted; however, they can help the taxpayers in resolving issues such as
(i) Income Tax Refunds matters.
(ii) Refusal to acknowledge letters / communications sent to the department.
(iii) Erroneous demand matters / assets attachments causing harassment to assessee.
(iv) Scrutiny selection procedures and failure to communicate reasons thereof.
(v) Cases related to interest waiver, rectification applications, appeal effects etc.
(vi) Release of books of accounts and asset after the completion of the proceedings.
(vii) Issues relating to refusal to allot Permanent Account Number.
(viii) Tax credits and adjustment relating to TDS.
(ix) Conduct of proceedings beyond working hours at the IT offices.
(x) Impolite behavior of the officials.
(xi) Matters concerning circulars of Central Board of Direct taxes about the Income Tax administration.

However, the ombudsman will not interfere in the proceedings if the issue requested to be settled is already under an appeal, revision, reference or writ.

Application to Ombudsman The Ombudsman reconciles disputes / issues between the department and assessee. The decision of Ombudsman is referred as Award'. The application to resolve an issue can be filed by the aggrieved assessee himself or through his representative. The application should be signed by the taxpayer or his legal representative bearing the name, address and permanent account number of the complainant. The application should also state the details of the official against whom the complaint is filed. The reasons for the application of complaint should also be mentioned therein. The necessary documentary evidence can also be submitted along with the application. The application must contain the details about the date on which the assessee first complained to the income-tax authorities and its result. The application can be filed through personal submission / post / E-Mail. E-Mail complaints can be signed at the time of proceedings in the office of Ombudsman.

As a prerequisite, the applicant must first prefer compliant to higher authorities of the official being complained. The assessee must wait for at least 30 days for the action of the superiors before approaching the office of Ombudsman. Assessee should also restrain from filing compliant which is frivolous or vexatious.

The complaint should be filed within one year from the date of the reply of the department to his representation. If no reply is received, it should be filed within thirteen months from the date of representation to the Income Tax Authority.

On receipt of the complaint, the Ombudsman will send a copy of the same to the concerned officials and try to reconcile the issues through mutual understanding of both the parties. If amicable settlement is not working then, Ombudsman can pass a decision called Award. The award should be in line with the documents available on record and the tax laws. The Ombudsman can also instruct the concerned officials to release payments and also to apologize to the taxpayer. Ombudsman can also award monetary compensation upto Rs. 1,000.00. The Income-Tax authorities are given one month's time for the implementation of the award.

The compensation amount which is subject to a maximum of Rs. 1,000.00 is paid by the Income tax department out of the budget allotted.

The decision pronounced by the Ombudsman should be accepted by the I-T department. However, to comply the order, complainant must send his acceptance to the order within 15 days of the receipt of the award letter. Otherwise, the award shall lapse and be of no effect.

The ombudsman keeps record of various taxpayer problems. The information is periodically submitted to the Central Board of Direct Taxes and the Finance Ministry. Ombudsman also reports to the CBDT about the officials found to have defaulted in their regular duties.

Details of Ombudsman offices
1. Delhi: 011, Room No 251, Central Revenue Building, I.P. Estate, New Delhi-110002, E-Mail: delhi-
2. Kanpur: 0512 (U.P&Uttarakhand), 110/25-26, 80 Feet Rd., Kanpur, E-Mail: kanpur-
3. Kolkata: 033, Aayakar Bhawan, P-7, Chowringhee Square,Kolkata-700069, E-Mail: kolkata-
4. Mumbai: 022., 115, Mittal Tower, B-Wing Nariman Point, Mumbai-400021, E-Mail: mumbai-
5. Kochi: 0484, Income Tax Ombudsman, 7th Floor, Kera Bhavan, SRV H.S. Rd., Cochin-682011, E-Mail: kochi-
6. Hyderabad: 040, Room No. 819, Aayakar Bhawan, Basheer Bagh, Hyderabad-4, E-Mail: hyd-
7. Chennai: 044, Income Tax Ombudsman, R.No. 317/319,3rd Floor, Aayakar Bhawan, 121, Mahatma Gandhi Road, Nungambakkam, Chennai-34, E-Mail: chennai-
8. Bangalore: 080, 4th Floor, A' Wing,Kenderiya Sadan,Koramangala, Bangalore-34, E-Mail: bnglr-
9. Ahmedabad: 079, Room No. 104, 1st Floor, Nature View Bldg.,Ashram Road, Ahmedabad-380009, E-Mail: ahmd-
10. Pune: 020, Aayakar Bhawan, 12, Sadhu Vaswani Road, Pune 411 001, E-Mail: pune-
11. Chandigarh: 0172, C.R. Building, 3rd Floor,Sector 17E, Chandigarh, E-Mail: chd-
12. Bhopal: 0755, E-7/511, Income Tax Guest House, Areara Colony, Bhopal-16, E-Mail: bhopal-

The Author, CA A. K. Jain, can be contacted at, 21, Skipper House, 9, Pusa Road, New Delhi 110005, Mobile No. 98-100-46108, E-Mail:

Saturday, November 17, 2012

Some Facts About Lifestyle Management

To understand lifestyle management, firstly you need to understand the different components of it. For example if lifestyle can be defined as the art of living, then it would include preferences, culture as well as attitude of the group. There are a verity of lifestyles that include rich, poor, faithful, homemaker and many more.
Management on the other hand can also be termed as managing of the process or supervising the things by taking charge of it. Usually management does bring up an idea who oversees some operations, but in fact people on a daily basis do manage their professional as well as personal life simultaneously.

Therefore, the conclusion is lifestyle management can also be explained as managing one's lifestyle. This lifestyle managing does include the balancing act between the personal and professional issues of life. Now a day's people tend to work more than usually they were used to work. It often gets reflected with the lifestyle habits they deal with on a daily basis.

So here comes a very complicated question of how to manage a lifestyle with very less headache? The key to this question is the lifestyle management companies. These companies help individuals to take care and manage specific tasks so that the task can be completed in a much more enjoyable manner. The lifestyle management company does allow you to hand over your task to someone else.

By handling over the tasks to the lifestyle management company, people would have ample of time to spend with their family and friends without any undue stress. With summer months coming, it can be very much stressful to plan for a vacation. But it gets easier if the planning part is being given to the lifestyle management team to deal with, so that you can enjoy the summer camps stress free.

For small business owners lifestyle management companies do provide freedom to enjoy the life by maintaining a perfect balance between professional and personal life. For example a real estate professional might choose administrative duties to be handled by the lifestyle management companies, leaving enough of time for the other tasks.

That reason for a higher demand in lifestyle management companies is because of the busy schedule in our daily life. To manage the time as well as the stress levels makes a life overall happier. Lifestyle management companies do help people to utilize their resources effectively so that you can live your lifestyle at full fledged.

Monday, November 12, 2012

Damac Properties Launches $1.0bn Complex In Dubai

Dubai property development company Damac Propertiesaon March 6 launched a .0 billion complex dubbed Damac Towers, gulf-focused web portal emirates247.com reported. The complex will comprise hotel and branded service apartments distributed across four towers.

New towers for Dubai's skyline

Encouraged by the renewed confidence in th eDubai property market, real estate developers in the emirate have announced a record number of new projects since the start of 2013. High-profiled project launches have been announced by some of the emirate's biggest developers such as Emaar Properties, Meraas and Nakheel. The Damac Towers hotel and branded serviced apartments complex, which will be developed by the privately-held real estate developer Damac Properties in collaboration with Paramount Hotel & Resorts, is the latest in this line of new launches. It aims to add another four towers to the already busy skyline of Dubai. Rising over 250 metres each, the four towers will comprise 540-room Paramount Hotel & Residences and over 1,400 service apartments in Damac Maison, a Paramount co-branded serviced hotel residence. One of the towers will be reserved for the Paramount Hotel & Residences and will be managed by Paramount Hotels and Resorts, while the other three towers will be managed by Damac Maison, the hospitality arm of the Dubai property developer.

This is not the first project the company has announced so far this year. Last month, Damac Properties launched two towers - in Dubai and Riyadh - for the development of which the company will be partnering with Italy's Fendi Group
The launch of the Damac Towers complex was announced at ITB Berlin, a leading travel trade show, by Damac's managing director Ziad El Chaar who spoke enthusiastically about the project and the collaboration with Paramount. He said that the company will follow the production process pioneered by Paramount to design and create a world-class experience. His enthusiasm was shared by Thomas van Vliet, CEO of Paramount Hotel & Residences, who said that the complex will offer the typical unmistakable Paramount experience. The guests in our audience will be led on a journey that delights the eyes and engages the emotions, he said.

The development of the project is estimated to cost.0 billion. The project should be completed by 2015, the developer said.

Wednesday, November 7, 2012

Tips on How to Make Use of Indoor Dryer Vent?

Overall of this technological society and scientific researchers are quite busy to bring about people convenient at the same time to lessen the dealing time of routine schedule both at home as well as at office. Such endeavor has bestowed arrival to out door, dryer vent and indoor dryer vent machines.

Earlier than continuing indoor dryer vent evaluation, it is advisable to possess a bird look around its background and requirement.

As most people understand, it is man's instinct to discover easy and time saving strategies to his or her business office and household regular tasks. The services we've been taking advantage of starting from household ware to higher technological systems are certainly the results of this human instinct.

Most people are aware that garments or attire we wear requires enough time to dry after washing and knowing that too depends of climate situations. Wait and Reliance, are this sort of factors nobody likes. This has lead to the advent of fabric drying out equipment known as dryer and then to indoor dryer vent.

This machine dries the wet apparel in moments and saved manual effort and time. But it surely experienced one serious disadvantage or gloomy outcome, whenever used gives out hot and poisonous air. Simply because, it really works on principle to heat water soaked in the dresses, that evaporates subsequently and clothes are noticed dried out.

These kinds of hot vapors include harmful toxins as well as lint that bring about, the indoors environment highly humid, hot and unsafe for human health. This excessive heat may cause fire hazards too. Because of this, it gets to be mandatory to port away this damp, hot and harmful environment. Indoor dryer vent and outdoor dryer vent came into picture as crack towards the problem.

Now as indoor dryer vent review we are going to brighten varied elements regarding indoor dryer vent. Dryer vent is, such an apparatus attached to outlet of fabric dryer that sucks in the shed hot vapors and delivers into a hose with an acceptable pressure to exude them out.

Principally, this specific perilous air should be thrown out outside climate at an overhead level. The same is done, regarding outdoor dryer vent. The hose pipe is linked to an outdoors unit through a compact window that lets out merely the supplied air and doesn't allow exterior air to get in by way of it.

If your vicinity conditions do not support a backyard dryer vent, the indoor dryer vent may serve the purpose. Indoor dryer vents are available in numerous sorts. As you may know the dryer outlet bears moisture, heat and lint. A type of, indoor vent is placed near to the drier unit and also filtration equipment is connected to the hose tubing that condenses a few moisture and heat as well as the lint nearly wholly.

These types of indoor dryer vent units cost smaller, in comparison to, the outdoor dryer vent. However, these units draw in far more maintenance, which includes cleansing of tubing and filter, for lint that deposit within and limits passageway for air after a little function.

A different type of indoor dryer vent includes a container that is stuffed with water plus the deplete hose pipe of dryer is attached with it. The lint hovering with the exhaust hot air soaks water and it is busted inside the tub. Merely wetter and hot air is spread in the room. These types of indoor dryer vent units are suitable for flats and are recommended.

Monday, November 5, 2012

John Locke's Enlightenment Influence On The U S Constitution

The social contract theory of John Locke provided the philosophy and source of governing authority for both U.S. Constitution and the Declaration of Independence. Jefferson borrowed freely from Locke's phraseology.

John Locke laid out the social contract in the 5th paragraph of the chapter entitled "Of the Beginning of Political Societies" in his "Second Treatise on Government". There he states that the will of the majority is the only source of authority for civil government. God and His law are ignored.

"And thus that which begins and actually constitutes any political society is nothing but the consent of any number of freemen capable of a majority to unitethis is that, AND THAT ONLY, which did or could give beginning to any lawful government" [John Locke, Second Treatise of Government (New York, NY: The Liberal Arts Press, 1952), p. 56]. This is the heart of democratic social theory -- note the conspicuous exclusion of God and the ruling authority of His Word.

Under the Lockean model the people contract with one another to ordain a civil government. God and His law are not Party to the Contract. The Preamble of the U.S. Constitution clearly adopts this model: "We the people of the United States . . . do ordain this constitution for ourselves and our posterity." God is snubbed, and Article VI, Section 3 forbids requiring an officeholder to swear allegiance to God.

The Bible contradicts Locke's ascription of power to the majority. Romans 13:4 states that "there is no power but of God. The powers that be are ordained of God."

Locke's factionalized, pluralistic society is doomed to rip itself apart. God judges the society that fails to acknowledge the supremacy of Christ. Anarchy ensues.

Without the living and true God and His law there can be no justice. But contrary to popular Christian opinion, the founding fathers never appealed to the Bible. There is only one substantive reference to Scripture in the four-volume set of notes compiled from the Constitutional Convention.

The Federalist Papers, written in defense of the Constitution, make no reference to the Bible. Having spurned God's law, the founders were forced to employ Social Contract of John Locke and so-called natural law.

When Adam fell, he was expelled into a darkened world that fell with him. Man's fallen mind cannot correctly interpret the fallen creation. "For the creature [creation] was made subject to vanity, not willingly, but by reason of him who hath subjected the same in hope" (Rom. 8:20). Looking for justice in the "law of nature or "natural law" is an exercise in futility in a fallen world.

The Founding Fathers opened the door for their posterity to arbitrarily reinterpret the vague social contract articulated by John Locke. As our current desperate plight indicates, the Constitution cannot shield us from social, economic, and political devolution.

For More Information

Friday, November 2, 2012

Boardwalk Auto Group

Some individuals opt to own a car, while some individuals opt to lease. It all comes down to the individual and his personal needs. Differing from popular belief, leasing isn't 'renting' a vehicle. Both auto lease loans and auto buying loans are 2 separate means of auto financing. Leasing a car simply means one is financing the utilization of it and when he gets an auto loan, he is financing the acquisition of the car. When choosing whether to lease or buy, one would want to think about all of his options. Both owning and leasing come with advantages and disadvantages. Eventually, it depends on what one feels is best for them.

According to Brian Ongaro, VP of Marketing and Sales for Boardwalk Auto Group, with regard to buying a car, one pays for the total cost of the automobile, no matter how long he keeps it or how much miles he puts on it. Monthly expenses are higher than when one leases a car. When one buys a vehicle, he makes a down payment, compensate the sales tax & then pay for the rest. At times, one could include tax and a down payment into his loan. One's interest rate would be ascertained by his loan company. Sooner or later, one might decide to trade in or sell his car for its downgraded value.

If one decides to lease a car, he would only compensate for a fraction of the automobile, which is the part one would utilize during the time he has it. Quite often, one doesn't have to pay a down payment when he leases and his tax is included in his monthly costs. There might be other fees he would be obliged to pay that he will not need to pay if he buys his car like a security deposit and lease fees. At the end of one's lease, he could either return the car or buy it at a predetermined resale price.

The price of monthly lease can be much less in comparison to the price of owning a new car. For the same vehicle, same down payment and same price, monthly costs could be much less than loan costs up to sixty percent lower. But the long-term charge of leasing would be substantially higher than the price of purchasing.

The main things to think about when one decides between buying and leasing, especially luxury cars such as Porsche, Ferrari, Maserati and Lamborghini, is one's personal preferences. If one likes to drive a new vehicle every two to three years and he wants lower monthly expenses, leasing might be ideal. Just bear in mind, there's a particular number of miles one would require to stay under when leasing and he would need to keep his vehicle regularly maintained. If one doesn't mind higher auto payments, and he prefers to develop some equity in his car, then buying may be for you.

Do you want more information regarding the benefits and downsides of either buying or leasing a car? Well, just look for Brian Ongaro and his team at Boardwalk Auto Group to know more.

For more information on Brian Ongaro and the latest automotive industry updates visit

For more information on Brian Ongaro and the latest automotive industry updates visit

Monday, October 29, 2012

What Happens After Bankruptcy If I Lost My Car?

If you have recently experienced a bankruptcy discharge, you may be asking What happens after bankruptcy if I lost my car? This is a very valid question for some who have recently had the misfortune of having to file bankruptcy.

There are times when no matter what you try to do you have no other option but to include your vehicle loan in the bankruptcy which may leave you without a car.

There may be a couple reasons you may have to include the car in your bankruptcy. One may be that the payments are simply too expensive for you to keep up with each month. Another reason may be that you have fallen too far behind on the loan payments and the only way out is to discharge the vehicle with the balance of the bankruptcy.

Now you find yourself asking, What happens after bankruptcy if I lost my car? And fortunately the answer is to secure a bankruptcy car loan for a different vehicle. Some resources will tell you that this is simply not possible but that is not always the case.

There are some car dealerships and auto brokers who have special finance departments that will work with you and your situation to help you find financing for a new vehicle.

The first place to begin is on the Internet, research local dealerships and car brokers in your area. Make a short list of the name, address and phone number of a few of these places. Call and ask to speak with the special finance department. If the establishment has one, they will put you through to a salesperson that could possibly help you.

Take note as to the character of the person you speak with in the special finance department. Notice if you feel comfortable speaking with them or if you feel that you are an inconvenience to them. This can be used as a great indicator of the type of service you may receive throughout the transaction.

You deserve to be treated with the same respect as someone who has a perfect credit score and if you do not feel this, you have a choice to move on to the next resource on your list.

Once you have found someone you feel understands and will treat you with respect, ask what paperwork you would need to bring in to have them pre-qualify you for an auto loan. Bring these items into the office and allow the salesperson to begin looking for a vehicle that will suit your needs.

Saturday, October 27, 2012

The Reasons Why Payday Loans Have Become So Popular

No matter how difficult most financial companies have been finding it for the last few years, there is one aspect of the finance industry that has seen phenomenal growth in that same difficult period. That is the payday loans industry with an estimated annual turnover of 1 billion pounds in the UK alone each and every year. Month on month there are new lenders entering into the market place and the existing lenders are also increasing their appetite.

So where did they come from and why are they so popular?

Payday loans or instant cash advance loans as they are sometimes known originated over in the United States where they have been popular for a great many years. When the credit crunch started to take effect the American lenders saw that there was also a viable market in the UK and set up shop over here. As more and more people started to take advantage of this type of loan new lenders started and to jump on the band wagon and set up in business. That however does not explain why the industry has turned into the monster that it has.

This has come about for a number of reasons some of which are detailed below;

1) Easy to arrange: Arranging a payday loans could not be simpler, in most cases all that is required is the submission of a short application form online. With no further documentary evidence required for many and an instant online decision.

2) Quick payout: With online approval and same day payout, they are a very convenient way of dealing with any short-term emergencies that tend to occur every now and then. Most of the loans that are taken out are taken out for the purpose of emergency car or boiler repairs, and the like, they can however be taken out for any purpose whatsoever.

3) Easy to understand: Most payday lenders charge a flat fee based on the amount that you borrow i.e. for every 100 GBP that a person borrows they will be required to repay 25 GBP in interest. This means that applicants know exactly what the loan is going to cost them even before they apply.

4) Repaid in 1 instalment: Because the loan is repaid in full on the applicants next payday there is no long term effect on their finances.

5) Not too many other options: As a result of the credit crunch there are not too many options available to people who are looking to borrow smaller loan amounts, because most of the unsecured lenders have now stopped lending and the secured loans lenders are only interested in loans above 5,000 GBP.

6) They are cheaper: When you look at the actual cost of borrowing the money, instead of the ridiculous APR's that the lenders are forced to advertise. They are in fact a very competitively priced product.

When you take all the above into consideration it is no surprise that payday loans have become so popular, and with no sign of any changes in the immediate future for the rest of the UK finance industry. There is every chance that the industry will continue to grow.

Sunday, October 21, 2012

Get Bad Credit Car Loans

You are looking for a vehicle and when you check your credit history it reports bad credit. A credit score under 600 is not considered to be good. Borrowers of this category are taken as risk among the lenders and lenders are reluctant in helping these people out. However, with time things have changed and there are a number of lenders these days that are ready to sponsor the needs of people with bad credit.

Let us see the basic qualification criteria and what your options available with these loans are.

Before applying for these loans

Before you go ahead with these loans you should get a copy of your credit report and check it thoroughly .There are times that you can find errors in your report and by getting these errors corrected your credit score can improve and you can qualify for a better interest rate.

When you take a auto loan you are required to make a down payment. The thumb of the rule is that more the amount of down payment lower would be the interest rate .So try and arrange for a down payment that is bigger in amount. Try to finance at least 7-10% of the loan amount through the down payment.

Make sure that you compare the price offered by at least 3-4 lenders so that you have an idea as to what rates you are being offered and what is the best deal that you can get. Do not just compare the interest rate on the loan. Make sure that you also compare the terms of the loan.

Before you apply for these loans make sure that your payments towards the other credits is made on time. When the lender checks your credit report they would see that you have been making the payments on time and this would add a positive effect to your loan application.

What should you be aware of?

When you take a bad credit auto loan it is advised that you look out for the terms of the loan. The loan is usually distributed over a period of 3-5 years. Make sure that the term that you get on the loan is not too strict and you would be able to pay off the loan on time.

Look at the interest rates and the other costs associated with the loan. There are a number of costs that come along with the bad credit auto loans. Make sure that you ask the lender about the other costs also .It is better to compare the APR on the loan that would give you the total cost so that you can assess how much would you pay on an annual basis towards the loan.

If you are adding payment protection insurance along with the loan then be aware that the cost of the loan will rise. However, this factor can protect you in case you are unable to meet the payment for a few months because of some reason.

What are the available options?

When applying for the bad credit auto loans you can have three different options available.

* Conventional lenders: These are the usual lenders that give out these loans. They charge an interest slightly higher than that available to people with good credit .Qualifying for this loan would be easy if you have maintained a good payment schedule over the past few months.

* Credit Unions: If you are a member of a credit union then it is advised that you take the help of union. These can be affordable and help you in getting the vehicle.

* Auto dealer: The dealer from whom you take the vehicle can provide you with an option for the finance. The dealers are in touch with a number of lenders and provide finance regardless of the credit score to their customers. However, this can prove to be an expensive deal. Hence it is advised that you opt for this type of finance only if there is no other option available.

Monday, October 15, 2012

Credit Card Offers Right For You

If you are considering getting a credit card for the first time, acquiring another card, or replacing your existing one for whatever reason, it is best to consider the different credit card offers in order to get the best deal. These offers will have to be evaluated based on your specific needs because there is no single best deal, which applies to all. Considering the plethora of offers available, these will have to be individually assessed.

Focus on the Cards Credit Cards You are Qualified for

Check your credit score. There is no point in considering cards which you will not be qualified for in the first place. There are specific offers for those with excellent credit standing, as well as those with good, fair, and bad credit ratings, respectively. This is based on your credit score. You may have limited or no credit history, and there are credit card offers for your particular case as well.

More often than not, credit cards for those with excellent rating have more perks and benefits. This may include low or zero APR, zero annual fee, cash back incentives, etc. Of course, those with bad credit standing have only a few or no perks. Having limited or no credit history is tantamount to a low credit score. If you are one of these, do not expect favorable terms.

Selecting the Right Card Offer

Because of the very competitive business environment, credit card companies have come up with a variety of promotional packages to attract more customers. And these are embodied in their best credit card offers, some of which are as follows:

1. Low interest cards. These cards offer low APR or zero introductory APR. A few extend low fixed rates. These are beneficial to credit card users who maintain a balance in their account past the cut-off period. But if you fully settle all your purchases every cut-off, then you will not reap the benefits of this offer.

2. Cards offering cash back on purchases. A certain amount in credited to your account for purchases made. This is equivalent to getting discounts on your purchases. This is favorable especially to those who frequently use their credit card.

3. Credit cards that offer rewards. Points are earned every time the card is used, and corresponding items may be redeemed based on these. However, the rewards may or may not be of use to the cardholder.

4. Instant approval cards. These are for those who needed a credit card yesterday. Approval (or feedback regarding the application) is given within minutes to a few hours.

5. Credit card balance transfer offers. This is beneficial for those who wish to transfer their account from a high interest card to one with zero or low APR.

6. Credit cards for high school and college students. These are specific for students who have no credit history whatsoever.

Credit cards are a boon to our modern day living. They make purchasing convenient. However, they will be a bane if mismanaged. This necessitates judicious use of credit cards. And it will be most advantageous if we choose the most appropriate one for our needs. In so doing, we will be able to maximize the benefits and perks.

Friday, October 12, 2012

Profile Of A Typical Cash Advance Loan Customer

The quick cash loan industry is thriving and is expanding more quickly than anyone might have predicted a few years back. Nowadays there are more payday loan stores across the country than there are McDonald's, Burger King and Subway restaurants combined. That is a lot of shops. And the business is now under a great deal of criticism recently as the rates of interest billed for payday loans are certainly usurious and at worst, predatory. There's not much else that can be used to explain rates of interest that often surpass 400% annually.

The industry defends its position, pointing out that A) they are selling convenience and B) the rates of interest they demand are not really interest, they are fees and C) the loans are for periods of fourteen days, not 12 months, so the yearly rate is moot. These kinds of arguments can be debated endlessly, but the loans are still popular despite laws that demand that the loan provider divulge all the terms in writing. The thing that the lenders argue that possibly doesn't stand true is the statement that their average client is not poor, but rather a part of the middle-class who simply obtains loans from them because it's convenient.

Research suggests something else. Research conducted recently conducted in Arkansas paints a markedly distinct picture from the rosy one recommended by the cash advance loan industry:

Based on the study, 50 % of the participants declared that they sent applications for a bank loan prior to obtaining a payday loan but were turned down because of a background of poor credit.

Over 75 % of individuals did so for the reason that they were receiving threatening phone calls from collectors to whom they owe money.

Sixty-six per cent of participants said they took out a payday loan simply because they simply had no choice.

This clearly suggests that the primary beneficiaries of these payday loans truly are the operating poor. Not only that, but they don't take out payday loans because they're handy, but because they are actually the only opportunity to borrow cash to pay bills or survive until the next payday. It's a pretty sad scenario when the only readily available supply a few people have to borrow money is one that costs at least 400% per year. Unfortunately, for many people, payday cash loans are their only option, as conventional banks often do not lend small sums of cash and require inflexible lending standards.

The market continues to decide whether or not these kind of stores will continue to operate. After all, if nobody wanted these products, nobody would buy them. In the meantime, legislators in many states continue to try to look for alternatives that will allow these taxpaying firms to remain while protecting the customers who clearly have no other place to turn. There isn't any simple solution, as the legislators in South Dakota have discovered. They established loose banking laws to attract banking institutions to the state, just to see payday cash advance shops appear on every corner. Clearly, lax banking legislation is a double edged sword.

Wednesday, October 10, 2012

How to Increase Business Profit with Retail Finance

In these hard economic times, most businesses are looking for ways to increase profit and quash the competition. One of the best ways to do this is through retail finance. Many business owners incorporate this method of consumer finance in their business strategy because they know that this will encourage their customers to patronize their products even without cash on hand. With retail financing, customers can now avail of the big ticket items in your store through a payment scheme that will allow them to pay off the full amount on instalment.

Perhaps some of you might be wondering how your business would be able to increase your profit through retail finance. The scheme seems to profit more of the consumers rather than the business owners. Shoppers need not go through the application process of quick loans just to buy the items that they want from your store. With retail financing that your own business offers, they can already make a decision of buying a rather more expensive item even if they could not afford to pay on cash.

As a business owner, you can profit when you offer finance direct to your customers in two ways. One way is by gaining customer loyalty and the second is by making an additional profit through the fee that you will charge for paying in instalment.

For instance, a couple may walk in your store and see a nice dining set that would be perfect for their dining hall. However, the set costs about

Monday, October 8, 2012

How To Pay Off Credit Card Debt

Being overwhelmed by credit card debt can be a challenge. Constant late fees can quickly add up resulting in over the limit fees. For those tired of the never ending credit card battle, understanding how to pay off credit card debt and implementing a strategy will not only help improve your credit rating but also stop harrassment from creditors. Consider these options before choosing credit card settlement or other bankruptcy alternatives.

First Step - Your Credit Report

Any time a person applies for a loan or credit card, their credit history is checked. A potential lender or creditor will review the number of open accounts, balances and payment history on record. This information is used to determine if the applicant is a good candidate to receive the loan or line of credit. It is not just lenders who check credit; banks, insurance companies, property managers and even some employers review credit history.

Because credit plays such an important role in everyday life, it is important to maintain a good history as it can impact where you live and work or even health, auto and life insurance rates. If you have not checked your credit history lately, this should be the starting point when considering how to pay off credit card debt. Any negative or inaccurate information should be disputed in writing. This may take some time, but it will result in an improved credit score and is therefore well worth the effort.

Ignoring letters from creditors will not make the problem go away. You can work to resolve the issue on your own or seek assistance through debt counseling, debt settlement or by consolidating credit cards.

Do It Yourself Debt Settlement

Assuming that the credit reports are accurate, the next thing to do is work at negotiating payoff terms with creditors. For credit cards that are already past due contact the company and negotiate terms that you can stick to. Since credit card companies want to get as much of the balance owed before sending it to a collection agency most are willing to work with consumers.

There are two important things to remember here. One, be sure you stick to your arrangement. Two, get the agreement in writing before making any payments. Credit card companies can get amnesia very quickly, especially when they have the payment in hand, so cover yourself.

Good Credit Debt Solutions

If your credit is still in good standing, a debt consolidation loan may be a good option. Taking out a loan to pay off all outstanding debt will leave you with one monthly payment and all credit card balances at zero. Remember, a zero balance is not always the best thing when applying for additional credit because it does not show a payment history. This can also be considered a risk since you have the ability to use the line of credit at anytime.

Many credit cards companies will extend offers such as transferring your high interest rate balances to their lower interest rate credit cards. Be sure to read the fine print since one missed payment could result in the interest rate escalating to the previous rate you were paying. These apparently great offers are only great if you don't slip up!

Debt settlement is another option to look into when researching how to get rid of credit card debt. One of the best advantages, from the consumer perspective, is that the collection calls will cease and you will not be subjected to legal action, which can be hugely stressful and extremely expensive. In addition, many creditors will agree to bring old accounts current and reduce or delete late payments or over the limit fees. On average debt settlement companies can negotiate payoffs in 24 to 48 months and at a reduced cost then the original debt total.

Keep in mind that debt settlement companies charge upfront and monthly fees to participate in the program. Another downside is if the debt company does not negotiate a "paid in full" status, paid debts may be reported as "settled" on your credit report. This can raise a red flag for potential lenders further down the road.

Knowing how to get rid of credit card debt is the easy part. It is taking the first step and making the commitment to see it through until you are debt free that is difficult. Carefully examining your options and finding what works best for you will result in being credit card debt free. If you feel that your situation is out of your control, contact one of the free debt counselling services who will be able to offer you independent advice. Sharing the problem can make a huge difference to how you go on to deal with it.

Saturday, October 6, 2012

Renting Shares Exchanges

Renting shares is defined as the process of trading contracts for options through one of a number of different stock exchange programs. Renting shares is conducted through a myriad of different online venues designed specifically for stock brokers rather than on an in-person level such as with traditional stock market trading. Renting shares is also commonly referred to as Options Trading or online options trading. Some people even take renting shares and lump it in together with traditional futures trading, using the term Options Futures instead, but options and futures are two widely distinctive concepts. This means that it would be wrong for anyone to combine them together to create a single term.

There are a total of six different exchanges that can be found within the United States, and each lists available contracts for standardized options based on the various underlying stocks that can be bought or sold. These exchanges include:

- The Philadelphia Stock Exchange or PHLX

- The American Stock Exchange or AMEX

- The New York Stock Exchange or NYSE

- The Chicago Board Options Exchange or CBOE

- The International Securities Exchange or ISE

- The Boston Operations Exchange or BOX

The first four mentioned marketplaces are standard open outcry marketplaces, while the latter two, the ISE and the BOX are electronic markets for renting shares online.

Renting shares can be done through nearly any broker that the trader chooses, but this is only assuming that the broker has a facility to offer for renting shares and options trading. The broker is then the person who is responsible for making sure that the traders can buy and sell their options in any of the aforementioned exchanges.

Options are classified two different ways, call options and put options. Both of these classes can be applied to bull and bear markets equally, and they can also be longed, which means they can be bought as a means of establishing a position, or shorted, which means they can be sold in order to establish a position. Both of these processes lead to what is essentially a limitless combination of different strategies for renting shares that can be performed to help traders profit regardless of what is happening to the stock.

Renting shares on the options market is a great way for successful investors to create a large investment picture using a number of different vehicles. Many successful investors have cited renting shares on the options market to be one of the best possible ways to earn a significant income through trading and investing. This is because trading options and renting shares can create leverage, and with this leverage a small investment can easily become something ten times as large. This can be done by making the same type of move on an underlying stock that would normally be made through traditional stock trading methods. If you are looking for a low risk, high reward type of investment, then renting shares is definitely one of the best ways for you to go.

For more information on Renting Shares and other wealth creation strategies pick up your FREE dvd and e-book from the following web address.

Tuesday, October 2, 2012

Find A Real Estate Agent In The Los Angeles Classifieds

Every day in the US houses are bought and sold. At one time or another there are many Americans who have had experience with been in either the situation of both buying and selling or one or the other. It can be very difficult to sell your house because there are so many different things that you have to keep in mind. You have to figure out how much money you will wind up with once the sale of you house is completed and you have to determine which method you are going to take to sell the house. You might not make more money if you sell your house than if you use a real estate agent.

People who live in the Los Angeles area might want to consider using a real estate agent to sell their house and they should use one that is local. These real estate agents will work to help people sell their houses under conditions that are most favorable to the seller. It is important to know the different ways to find the ideal real estate agent who will assist you the most in getting the most money for your house and this can be somewhat difficult.

One place that you can look for a real estate agent in the Los angles area is the telephone book. They are a great source of information for finding a real estate agent. You should look in the yellow pages under the business listings and you will find a list of all of the real estate agents in the Los Angeles area. However, don't select the first real estate agent that you come across. You need to develop a relationship with the real estate agent and be comfortable with them by speaking with each of the real estate agents.

Another place that you should look for listings for real estate agents is the internet. The internet can provide you with many sources of contact information for the agents in the area who may be able to help you get your home sold. The internet has many different directories and phone books available to anyone who searches for them.

The best way to find a real estate agent in the Los Angeles area is to look in the Los Angeles classified on the Internet. They have their own website that lists all of the many services that they will provide in addition to a lot of other information that you will need to determine the best way to sell your house.

After you have found a real estate agent in the Los Angeles classifieds you should meet with the real estate agent in person to discuss the strategy they intend to use to sell your house. You should pay attention to how much experience they have had selling real estate, how much training they have had in the real estate field, and how they interact with people. You should also compare how much the houses they have sold to their fair market values.

Friday, September 28, 2012

Benefits of Hiring Real Estate Attorney Houston

Houston real estate laws are stringent enough for its citizens. The expertise of a professional attorney is most welcome in such cases. They assist a real estate investor or an owner company to solve issue regarding real estate business and the rules and litigations they are supposed to abide by.

Benefits of Hiring Houston Real Estate Attorney:
* The real estate litigation finalized by the attorneys is much efficient to resolve disputes concerning land or estate.
* A real estate investor being sued or victimized for wrong charges of forgery will be represented by the association company. Any breach concerning a real estate transaction can also be solved with the advice of the real estate attorney Houston.
* The client can also be victim to erroneous disclosure. The real estate attorneys are professionally experienced to fight for clients in case they face any condemnation on the ground of the real estate business. Hence, they can help in proving their clients with proper compensation.
* The real estate attorney Houston provides many restrictions related to draft deed for their several provisional sub divisions. They help the developer covenants of restriction and drafting that is fixed and appropriate to be applied to real estate development.

The attorneys are also in charge of forming for its clients an association of homeowners of the subdivision for drafting bylaws that would be required for proper action and operation. A Houston real estate attorney can also provide assistance to buying a property with a chain-of-title issue that should be resolved before owning the property. The documents required for buying a property or owning a real estate agency that will act as an evidence for legal matters including finance property will be prepared with the strict supervision of the attorney. The title documents will include promissory notes, deeds of trust and easements.

Quality of Service Provided by the Real Estate Attorney:
The real estate attorney Houston provides high quality legal services in the field of real estate for protecting a property from laws or from being cheated unknowingly. The clients for real estate law firm and attorneys can be investors, brokers, builders, landlords or even lender. It can be anyone who is interested in buying a real estate business or selling a residential project or any kind of commercial estate related transaction. The entire eminent Houston real estate attorney work under a law firm. The law firm is far more reliable as it houses several other attorneys for the purpose.

The law firms have a personal website registering to which will give a complimentary or welcome message for successful confirmation. Then an expert Houston real estate attorney is affixed who talks with the client in details and fixes the problem providing a detailed analysis of the issue. The law firm does everything that is possible on its part to safeguard the interest of the client. The client then can continue for a session of follow up questions and sort out his issues.

The attorneys appointed to the law firms are highly experienced residents of Houston and well versed about the laws of the state. All have more than one law degrees and are highly rated for professionalism and ethical standards.

Wednesday, September 26, 2012

Avail Credit Coach -raise Credit Score

In order to raise credit score you need some information about how your credit scores are calculated. Much of the software have been developed from the famous FICO guys. FICO has become a famous expression in relation to credit score. The 2 creators could hardly imagine how they'd be known AKA fico guys, Bill Fair & Earl Isaac founded the company in 1956. Officially called Fair Isaac & Company,it is famous for the development of software to help companies assess risk.

If you think your credit score is a manifestation of you, conceivably of the type of individual you are, you better consider again.

Millions of Americans have a low credit score & millions use subprime credit cards. Your bad credit that are normally considered to be below 600, is only an indication of the risk they pose to lenders. This risk is based on past usage & performance of their financial lives.

Credit scores don't consider the type of person you're. It makes no difference what your gender may be. Height, weight, income & marital status of no impact when youassess your Fico credit score.

What matters is how much credit you have, the type of credit you've & how you pay your bills. There are alternative factors, but these 3 categories are the main criteria for determining what your score will be.

How much credit do you have?

If your credit is prearranged $ 10000 so you'll not spend more than 29% of this allotment. If you go over this amount you want to pay it in full & as quickly as possible. Wearing a balance of 30% or more, your credit scores go down. The reason is that people who use their credit cards to finance daily life is in risk of failure & increase more expose to the lender.

What type of credit do you have in your credit file?

Department stores & auto loans, plus a mortgage are all admissible forms of credit. The problem is lenders high risk types, such as payday loans. American General & other high interest lenders will get your score to go down well. Avoid the jewellery store financing. Furniture is an additional type of financing that'll effect your credit score to go down.

How well or badly do you pay your bills?

Believe it or not there are people who'll wait until the last day of their credit card cycle to pay. They do this with the way of thinking that the lender will have to wait until the bill is actually due. I have even heard it mumbled that they didn't get my money earlier than the due date. If you are 1 of those people I've bad news for you.

Credit card debt is measured on the interest on the remaining balance on a daily basis. Daily money that you pay interest due. In addition, your balance is changing, going up, so why wait to pay your bills? If you've money, paying early. & besides, it isn't your money. You borrowed. Remember?

Monday, September 24, 2012

Cheyne Capital Takes Pain Early To Position Funds For Rebound

Over the eight years that it has been in business, Cheyne Capital has developed into one of the most diversified firms in the European-based hedge fund industry.

Set up in 2000 as a convertible and credit specialist by former Morgan Stanley men Jonathan Lourie and Stuart Fiertz, who have worked together for some 17 years, the firm has built a reputation as an innovative and opportunistic multiple-strategy asset manager - with a history of reacting to periods of market upheaval by positioning itself strategically to take advantage of subsequent recovery.

With assets under management of some billion, a staff of over 200 people and a wide array of some 34 separate investment products, funds and strategies, the firm has established a broad and ever-expanding platform across a range of different asset classes.

It occupies a market-leading position in investment-grade credit (with a team of some 22 people managing around billion of net assets in long/short and long-only products) and in sub-investment grade credit/event-driven strategies (with a further 25 people and around .6 billion of assets).

Through its offices in New York and Hong Kong as well as its main London base, the firm is also active in European and global equity, as well as in equity-related instruments, and runs a suite of six equityfocused strategies - four of which produced returns of more than 20% in 2007, with the other two posting returns in excess of 10%. And, in tune with the firm's philosophy of always seeking to push into areas of new opportunity, Cheyne is also developing a strong platform in what the firm describes as "new alternatives".

These include selected areas of specialised finance like asset-based financing and direct lending where it sees an opportunity to profit from the recent market dislocations, the problems in the banking sector and the increasing disintermediation of banks - at a time when many traditional bank lenders are focused on shrinking their balance sheets.

Few firms can boast as diverse or as multistrategy a hedge fund business as Cheyne. But the firm found itself in the eye of the credit storm last autumn on account of deciding to cut its losses early on two of its smaller specialised credit vehicles - neither of which is a hedge fund and which together represent less than 4% of the firm's AUM.

Compared to the rather more dramatic credit-related events - including massive writedowns by most of the world's major banks and other big players in the market, along with a number of credit funds disappearing altogether - the problems at the listed Queen's Walk investment company and with an asset-backed SIV structured credit financing vehicle were hardly headline-deserving material.

The fall in Queen's Walk's NAV - which, after taking into account the dividends that have been paid out, was ultimately just 13% to the end of March this year - was actually triggered by Lourie and Fiertz identifying the extent of the problems in the US sub-prime mortgage market before most of their peers.

As for the SIV, the winding down of the Cheyne vehicle was the first of numerous similar episodes at other firms where structured financing products are being restructured or liquidated as a result of the problems in the ABS and CDO markets and the systemic crisis in the asset-backed commercial paper markets.

The impact on equity investors in the Cheyne SIV itself - many of whom rolled over into other and more profitable investments within the firm - was limited. And its impact on other and bigger parts of the firm's business, and on its long-standing and traditionally very loyal investor base, has been minimal. Indeed, despite the challenges of 2007, Cheyne's net assets under management still grew by some 7% last year.

"We were early into the credit crisis and we believe we are going to be early out of it," says Lourie. "The lifeblood of our business has been in responding opportunistically to inflection points in the markets and we think this is another of those opportunities."

He adds: "Our philosophy has always been to take the pain early, fight your way through it, protect yourself when you are in the eye of the storm and ensure that you are in the best and strongest position possible to take advantage of the rebound."

Already the evidence is emerging that Cheyne is again doing just that - and that the firm's big investment-grade credit team, in particular, is already starting to profit from the dislocations that have struck the global credit markets and laid low a number of its peers over the last year.

Led by John Weiss, the group's flagship Cheyne Long/Short Credit fund is already up by some 5.5% this year - at a time when several of its big rivals are continuing to ship water - and the team is finding a range of relative-value trading opportunities to exploit the widespread stress in the higherquality credit markets.

The group has steered clear of some of the more toxic instruments in the synthetic credit space - such as the now-notorious CPDO instruments, where it appears that a modelling 'glitch' may have caused the agencies to assign triple-A ratings to products that should have been rated several notches lower.

"We were being courted by all the investment banks to do CPDOs," says Weiss. "But we just couldn't get comfortable with the structure and the risk/reward profile."

Instead, the group is focusing its attention on synthetic credit products involving only the world's best corporate credits - with its highly experienced credit analysis team running detailed proprietary analysis on the 700 or so most creditworthy companies globally and using structured credit positions to express fundamental credit views.

"Everything we do is synthetic," says Weiss. "It is very easy to finance the positions. The liquidity in credit derivatives is very good. Dealing spreads have held up very well in the sector. And, despite all the negative predictions, the credit derivatives market is continuing to grow and improve all the time."

Over the last six years Cheyne's longeststanding investment grade credit fund has produced annualised returns north of 20% - while the firm has also tailored numerous bespoke credit investment strategies for its clients that have generally paid off handsomely.

In addition, the firm is one of the biggest corporate credit traders in the business, turning over some -8 billion a month - and its highly active approach to credit fund management is in stark contrast to the welter of static and passively managed products in the market.

It is not just in investment-grade credit that the firm sees opportunities. Cheyne is continuing to expand into new credit areas, with the recent hiring of a US high-yield debt team from US-based SAC subsidiary Intrinsic.

The team - led by Mattias Bullrich, cofounder of pioneering US credit firm ARX Investment Management - has produced a strong start with the firm's new US highyield fund, which is already up by some 3% since its launch in February.

But the Cheyne principals also see opportunity across the rest of the firm's multiplicity of products and strategies. In the event-driven and sub-investment grade credit space, the firm has had a quiet time of late - producing a flat return last year and staying flat again this year in a very challenging market environment.

But the team's long-term track record continues to be one of the strongest in the business - with an annualised return on the flagship Cheyne Special Situations fund still at almost 14% since inception in May 2003, despite the adverse conditions of the last year.

The Special Sits fund has also repositioned its portfolio - with additional hires being brought in to boost its activities in the increasingly promising stressed and distressed space - and Lourie is confident that, having weathered the storm in its space, the group will be well positioned to exploit the current environment.

In equity strategies, Lourie and Fiertz are also looking to add to the equity and equityrelated platform - which currently accounts for about 20% of the firm's total assets under management.

"We are looking to grow the equity business selectively," says Lourie. "It is logical to add to our equity platform, based on a fundamentally-driven philosophy that fits in well with our credit approach."

Performance in the equity funds has been strong - with the firm's Global Catalyst fund, an opportunistic and high-vol global trading strategy, returning around 27% last year and now back in positive territory again for this year after a difficult start in January.

The long-running Cheyne Value Fund is showing an annualised return of some 20%, while the European Opportunities fund - managed on a white-label basis by ex-Morgan Stanley trader Casey Gard out of New York - is one of the most consistent long-term performers in the European long/short equity space.

And the principals see significant opportunities to grow and develop the 'new alternatives' platform - where the latest initiative is the launch of an energy-related infrastructure investment fund, a long-term strategy that has already raised some 0 million from mainly institutional investors at its first closing.

"We are looking to expand in areas where we can create a sustainable edge and where we can get to assets where the value hasn't been squeezed out by the banks," says Fiertz. "Where we see gaps in the jigsaw, we will try to fill them."

So it is clear that the firm believes that the current investment environment is of the type that has historically created the best opportunity sets for hedge funds to exploit - and the sense of enthusiasm and excitement is tangible.

But the firm will not just chase new products and strategies for the sake of it. "We will always look at new strategies and areas, but we need to be able to see clearly the opportunity and to avoid the crowded trade," says Lourie.

At a corporate strategic level, it is conceivable that Cheyne may one day follow the path taken by a number of other leading European groups in selling a stake to an institutional investor - although the principals are in no hurry to do so, despite receiving some approaches in recent years.

Conversely, the firm may also take stakes in other specialist asset management firms - as it has successfully done with the Parisbased convertible bond specialist Acropole, in which Cheyne owns a 33.5% stake - as a way of expanding its own reach.

And, in a business where managing relationships with people is just as important as managing money, Lourie and Fiertz are proud of the loyalty and longevity of the firm's investors over the years - many of whom have been clients for the 17 years that they have worked together, initially designing convertible investment strategies for Morgan Stanley's wealth management clients in the 1990s - and also of the firm's own team.

"Having a collegiate atmosphere - and nurturing a culture of excellence - are very important to us," says Lourie.

Thursday, September 20, 2012

An Introduction To Cloud Based Accounting

What does it mean?
Cloud based accounting refers to a system that provides personalised, secure and easy access to your financial data via a standard web browser like Internet Explorer or Firefox. The finance system is hosted in a server that's off-site, hence why it's called the cloud'.

With a cloud based accounting software, users can log into the system from anywhere in the world and access documents or data via a single customised portal. This speeds up the whole process of financial management and allows both finance and non-finance users to act on the latest information in real-time.

What are the key benefits?
Many of the benefits of cloud accounting systems are fairly obvious. The easy to use interface means that minimal training is needed for staff. This saves you time, money. For those organisations that wish to devolve many accounting activities to non-financial staff, a cloud based accounting system is probably the best way as it removes the fear-factor' associated with finance software and tasks. Plus, it is readily available no matter if you work from home or on location.

Easing the bottleneck leads to greater efficiency
Because it's browser based, access to financial data has never been easier or quicker. This means that staff are more encouraged to get involved and contribute to the financial operation of a business. The accounts department can often get squeezed of resources because simple procedures such as creating quotes, signing off purchase orders or invoicing pile up, creating a back log. This can have a negative impact both on cash-flow and profitability. With a cloud based system, key non-financial employees can help speed up these processes, which means the finance team can work more efficiently.

Instant access to up to date information & bespoke reports
Think how much easier it would be if the Sales Manager could produce proposals, alert the finance personnel when a job is ready to be invoiced or let them know about late payments. This could be done in real-time rather than when they are next in the office. Not only is a cloud based platform easier to access, but the information that's displayed can be tailored for each user so they only see what they need to. For instance, rather than the finance department spending days compiling reports for senior management, why not let them view this information themselves at a glance, using visual reporting dashboards that update in real-time rather than deciphering complicated spreadsheets.

Are there any security concerns?
We understand the initial fear you may have when it comes to hosting financial data elsewhere. But not to worry, the servers use a high speed connection with at least 128bit encryption. To heighten security it is possible to change passwords on a regular basis.