Tax Carnival Ecstasy – January 10, 2013

Welcome to the January 10, 2013 edition of Tax Carnival Ecstasy. In this edition we have an article from John Schmoll on the First Steps to Investing in the Stock Market for those looking to save for retirement. Bill Smith looks at President Obama And The Fiscal Cliff Deal that was recently signed after passage in the House of Representatives. And finally we have a post on Ways An IRS Tax Lawyer Help You.  Hope you enjoy the articles in the carnival, bookmark our page, like on Facebook, tweet, share with your friends and come back soon.

James Dean presents Bad Credit Debt Consolidation Loans – How To Find Legitimate Companies posted at Unsecured Bad Credit Debt Consolidation & Personal Loans Online, saying, “Bad credit debt consolidation loans help the borrower to get out multiple debts by simply paying them all off with one single loan payment. This loan payment is often at a lower interest rate than the previous multiple debts and normally, it also has better payment terms. This is like a breath of fresh air for those people that are up to their necks in debt and need help getting their credit rating back up to a healthy place.”

English: Showing how the rapid rise in in mort...
English: Showing how the rapid rise in in mortgage credit distress is being led by subprime ARMs. Conventional loans past due 90+ days and Conventional loans in foreclosure. (Photo credit: Wikipedia)

Gregory Arnold presents How The Unemployed Can Get $1500 Fast Cash Advance Loans posted at Online Fast Cash Loans, saying, “It has been a tradition that if one is not working or earning less than 500 dollars a month, they are not legible for a personal loan on low income or against unemployment. This kind of arrangement has changed with time and the risks involved in extending financial aid to unemployed have been bypassed hence giving the lenders like payday and cash advance lenders to extend loans in small installments to the unemployed;”

credits

Gregory Arnold presents Does Anyone Know Reputable Online Cash Advance Lenders? posted at Online Fast Cash Loans, saying, “It is normal for people to face financial problems. These problems can be dealt with easily, but when salary is not expected soon, that becomes very difficult. However, nowadays there are more efficient ways of dealing with such problems. One of them is applying for cash advance. To do this, you need to look for a good lender. So, the question still remains: does anyone know reputable online cash advance lenders?”

filing

Bill Smith presents Free Tax Filing For 2010 Amended Return posted at 2010Taxes, saying, “Even with the best of intentions, mistakes happen. Sometimes they can be costly. But in the case of amended tax returns, fixing them could be free.”

retirement

John Schmoll presents First Steps to Investing in the Stock Market posted at Frugal Rules, saying, “Just starting to invest in the stock market can be a daunting task for many. But, with a few simple guidelines you can get started on the road to investing for your future.”

tax law

Bill Smith presents IRS Tax Lawyer Due Diligence posted at 2008 Taxes, saying, “Tax attorneys can help people with IRS problems. The IRS is always willing to work with the tax payer to get issues resolved.”

Bill Smith presents Electronic Version Of Pub 17: Getting Cozy With The IRS posted at 2009 Tax, saying, “The electronic version of pub 17 is in PDF format. It contains valuable information about filing your federal tax return.”

Bill Smith presents President Obama And The Fiscal Cliff Deal posted at 2012 Tax – Free Tax Filing Options, saying, “President Obama has left out certain important aspects of the fiscal cliff deal, in a video broadcast on the Web.”

Bill Smith presents The Fiscal Cliff Fact Check posted at 2012 Taxes – Free Tax Filing Options, saying, “Checking the facts on President Obama and the ‘fiscal cliff’ deal.”

Bill Smith presents Fiscal Cliff Deal – 77 Percent Of All Americans Set To Pay More Taxes posted at 2012 Taxes – Free Tax Filing Options, saying, “The President has claimed that the Tuesday night fiscal cliff deal will reduce middle class taxes in America. However, taxes for most Americans will increase in 2013.”

taxes

Bill Smith presents In What Way Can An IRS Tax Lawyer Help You posted at 2009 Taxes, saying, “Even though taxing is such an important subject, it is a pity that quite a number of people are unaware of the depth and importance of taxing.”

That concludes this edition. Submit your blog article to the next edition of tax carnival ecstasy using our carnival submission form. Past posts and future hosts can be found on our blog carnival index page.

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The Hidden Extras of a Loan

On the surface, getting a loan should be a straightforward process, but there are so many factors that can affect the final price paid. Hence, looking for the cheapest loans takes time and effort.

The best deals available will be offered to those customers with a good credit profile, but even they can get lower rates of interest (and hence monthly payments) by taking out a secured loan rather than an unsecured loan.

Secured loans are available for larger amounts borrowed over longer periods and, although the rate of interest will be lower (due to the additional security for the lender), the costs of setting up the loan will be charged to the borrower.

Loans under £10,000 will probably be unsecured for most borrowers, meaning that there will be a few extra add on costs other than an administration fee. Secured borrowers may have to pay for independent property valuation and registration fees, although these may be added to the loan and repaid over time.

Lenders look for a particular profile of customer, so comparing terms offered can be important in getting an application approved. Good credit profiles will have the widest choice, whilst those with a poor credit history can expect to pay a premium to borrow and have a shorter repayment period.

This means that for a similar £5,000 loan, a poor credit profile customer may pay an additional £2,000 in interest and fees over the life of a five year loan. Therefore prospective borrowers should do everything possible to improve a credit profile before applying for a loan as this can save many pounds.

Checking credit information costs just £2 or may even be free through one of the credit reference agencies. Several offer a free one month trial, which allows an easy to see view of the credit information held so that any incorrect information can be challenged.

Another additional cost to consider is the addition of payment protection insurance (PPI). There has been a large amount of bad press relating to the sale of PPI by banks but it can be a worthwhile addition provided it is properly explained at the time of sale and the customer qualifies for cover.

Self employed people and those with pre-existing medical conditions or previous knowledge of impending redundancy will not be eligible. There is also at least a six month qualifying period before a claim can be made.

On the plus side, PPI policies will make monthly loan payments if the worst happens. Extreme care needs to be exercised before taking on the additional cost of a PPI policy.

One measure of the cost of a loan is the stated APR (Annual Percentage Rate). This adds in all fees and charges and makes a standardised calculation as to the true cost of credit.

This is a fair comparison for loans over a year in duration, but can give some high values where short term loans are taken out.

Since the APR calculation looks at the cost per annum, a short pay day loan of 20 days, for example, could have a rate approaching 2,200%.

Some loan companies also have a policy of charging fees for missed payments or when loans are in arrears. Make sure to check what could be charged as an administration fee or late payment fee should a payment be missed. These can soon amount to a considerable sum and will not be included in the APR stated.

The final true test is the monthly repayment plus any fees paid. Rather than relying on APRs alone, always check the amount of the payment and the number of payments to be made, plus any additional fees.

Check what happens in the event of a default and it should be possible to flush out all the potential hidden costs.

 

Sam is a finance writer based in the UK, currently working for Moneysupermarket.com