Outcomes of a Mortgage Foreclosure Lawsuit – Win, Lose Or Appeal
January 18, 2012 | 
Author Once a foreclosure case has gone to trial, there are really only three possibilities left. Either the case will be decided in favor of the lender and the foreclosure allowed to continue, the case will be dismissed and the lender forced to begin the foreclosure all over again or not allowed to do so, or one party or the other will attempt to file an appeal with a higher court.
Mortgage companies will often not be able to win a foreclosure lawsuit based on the merits of the case due to the near impossibility of following all of the rules and laws that govern mortgage lending. And if homeowners press hard enough, the entire complaint against them will typically fall apart. So the bank’s attorneys will most likely have to rely upon mistakes made by the borrowers themselves in following the court rules.
When this happens, corrupt judges and corrupt attorneys can work together to force homeowners defending themselves out of the court system and justify it with confusing legal language or one-sided rationalizations. Borrowers who do not have years of legal training from a state-approved law school will find it difficult to convey their messages and will often be ignored or marginalized while the court and attorneys work against them.
But in some lawsuits, the bank may just have made so many egregious errors that it is impossible not to award judgment to the homeowners. In such cases, it is important for the borrowers to determine if the complaint has been thrown out with or without prejudice, because this difference will determine if the bank is able to begin the lawsuit again or if it is barred from beginning another lawsuit to force foreclosure of the house.
A dismissal without prejudice of the bank’s lawsuit means that the lender can re-file the case once it has fixed the errors in the original case. If the case was dismissed due to the bank not following state pre-foreclosure notice procedures, the lender may be able to follow them correctly and throw the house back into foreclosure. But when cases are filed with prejudice, the lender may not bring the case back into that court.
If either party believes that the court made serious errors in deciding the case or allowed for gross violations of rules or law, it may be worth filing an appeal. Of course, if the bank loses its case, it will most likely appeal because it does not want to lose all of the money it has already put into the lawsuit and it has more to gain from doing whatever possible to take the house.
But homeowners deciding to appeal face a more difficult choice. On the one hand, if all they were doing was buying time and have found a solution to foreclosure, it may not be worth the expense and trouble of appealing. At this point, moving on with their lives may be best if they have put up a defense and simply lost to the bank, especially if winning the case was not the primary purpose.
On the other hand, if homeowners are aware of violations of the rules in favor of the bank and wish to drag out the foreclosure process even longer, filing an appeal may be the way to go. Appeals must be filed in strict accordance with the Appellate Court, so more rules of procedure will have to be printed out and followed. But this process can take additional years and homeowners can request a restraining order against the bank from taking any other foreclosure actions until the case has been reviewed.
If a foreclosure case actually makes it all the way through the legal process and goes to a trial and is decided upon by a judge or jury, homeowners can rest assure that they have done nearly everything in their power to stop foreclosure and drag the process out for as long as possible. It is at this point that they will have to decide where to go next, either to appeal or not, depending on the outcome of the lawsuit.
Posted in Fixed Loan Articles | 
Tags: Appeal, Foreclosure, Lawsuit, Mortgage, Outcomes | 
No Comments »
Trading and Profit and Loss Account
Trading Account
As already discussed, first section of trading and profit and loss account is called trading account. The aim of preparing trading account is to find out gross profit or gross loss while that of second section is to find out net profit or net loss.
Preparation of Trading Account
Trading account is prepared mainly to know the profitability of the goods bought (or manufactured) sold by the businessman. The difference between selling price and cost of goods sold is the,5 earning of the businessman. Thus in order to calculate the gross earning, it is necessary to know:
(a) cost of goods sold.
(b) sales.
Total sales can be ascertained from the sales ledger. The cost of goods sold is, however, calculated. n order to calculate the cost of sales it is necessary to know its meaning. The ‘cost of goods’ includes the purchase price of the goods plus expenses relating to purchase of goods and brining the goods to the place of business. In order to calculate the cost of goods ” we should deduct from the total cost of goods purchased the cost of goods in hand. We can study this phenomenon with the help of following formula:
Opening stock + cost of purchases – closing stock = cost of sales
As already discussed that the purpose of preparing trading account is to calculate the gross profit of the business. It can be described as excess of amount of ‘Sales’ over ‘Cost of Sales’. This definition can be explained in terms of following equation:
Gross Profit = Sales-Cost of goods sold or (Sales + Closing Stock) -(Stock in the beginning + Purchases + Direct Expenses)
The opening stock and purchases along with buying and bringing expenses (direct exp.) are recorded the debit side whereas sales and closing stock is recorded on the credit side. If credit side is Jeater than the debit side the difference is written on the debit side as gross profit which is ultimately recorded on the credit side of profit and loss account. When the debit side exceeds the credit side, the difference is gross loss which is recorded at credit side and ultimately shown on the debit side of profit & loss account.
Usual Items in a Trading Account:
A) Debit Side
1. Opening Stock. It is the stock which remained unsold at the end of previous year. It must have been brought into books with the help of opening entry; so it always appears inside the trial balance. Generally, it is shown as first item at the debit side of trading account. Of course, in the first year of a business there will be no opening stock.
2. Purchases. It is normally second item on the debit side of trading account. ‘Purchases’ mean total purchases i.e. cash plus credit purchases. Any return outwards (purchases return) should be deducted out of purchases to find out the net purchases. Sometimes goods are received before the relevant invoice from the supplier. In such a situation, on the date of preparing final accounts an entry should be passed to debit the purchases account and to credit the suppliers’ account with the cost of goods.
3. Buying Expenses. All expenses relating to purchase of goods are also debited in the trading account. These include-wages, carriage inwards freight, duty, clearing charges, dock charges, excise duty, octroi and import duty etc.
4. Manufacturing Expenses. Such expenses are incurred by businessmen to manufacture or to render the goods in saleable condition viz., motive power, gas fuel, stores, royalties, factory expenses, foreman and supervisor’s salary etc.
Though manufacturing expenses are strictly to be taken in the manufacturing account since we are preparing only trading account, expenses of this type may also be included in the trading account.
(B) Credit Side
1. Sales. Sales mean total sales i.e. cash plus credit sales. If there are any sales returns, these should be deducted from sales. So net sales are credited to trading account. If an asset of the firm has been sold, it should not be included in the sales.
2. Closing Stock. It is the value of stock lying unsold in the godown or shop on the last date of accounting period. Normally closing stock is given outside the trial balance in that case it is shown on the credit side of trading account. But if it is given inside the trial balance, it is not to be shown on the credit side of trading account but appears only in the balance sheet as asset. Closing stock should be valued at cost or market price whichever is less.
Valuation of Closing Stock
The ascertain the value of closing stock it is necessary to make a complete inventory or list of all the items in the god own together with quantities. On the basis of physical observation the stock lists are prepared and the value of total stock is calculated on the basis of unit value. Thus, it is clear that stock-taking entails (i) inventorying, (ii) pricing. Each item is priced at cost, unless the market price is lower. Pricing an inventory at cost is easy if cost remains fixed. But prices remain fluctuating; so the valuation of stock is done on the basis of one of many valuation methods.
The preparation of trading account helps the trade to know the relationship between the costs be incurred and the revenues earned and the level of efficiency with which operations have been conducted. The ratio of gross profit to sales is very significant: it is arrived at :
Gross Profit X 100 / Sales
With the help of G.P. ratio he can ascertain as to how efficiently he is running the business higher the ratio, better will be the efficiency.
Closing Entries pertaining to trading Account
For transferring various accounts relating to goods and buying expenses, following closing entries recorded:
(i) For opening Stock: Debit trading account and credit stock account
(ii) For purchases: Debit trading account and credit purchases account, the amount being the et amount after deducting purchases returns.
(iii) For purchases returns: Debit purchases return account and credit purchases account.
(iv) For returns inwards: Debit sales account and credit sales return account
(v) For direct expenses: Debit trading account and credit direct expenses accounts individually.
(vi) For sales: Debit sales account and credit trading account. We will find that all the accounts as mentioned above will be closed with the exception of trading account
(vii) For closing stock: Debit closing stock account and credit trading account After recording above entries the trading account will be balanced and difference of two sides ascertained. If credit side is more the result is gross profit for which following entry is recorded.
(viii) For gross profit: Debit trading account and credit profit and loss account If the result is gross loss the above entry is reversed.
Profit and Loss Account
The profit and loss account is opened by recording the gross profit (on credit side) or gross loss (debit side).
For earning net profit a businessman has to incur many more expenses in addition to the direct expenses. Those expenses are deducted from profit (or added to gross loss), the resultant figure will be net profit or net loss.
The expenses which are recorded in profit and loss account are ailed ‘indirect expenses’. These be classified as follows:
Selling and distribution expenses.
These comprise of following expenses:
(a) Salesmen’s salary and commission
(b) Commission to agents
(c) Freight & carriage on sales
(d) Sales tax
(e) Bad debts
(f) Advertising
(g) Packing expenses
(h) Export duty
Administrative Expenses.
These include:
(a) Office salaries & wages
(b) Insurance
(c) Legal expenses
(d) Trade expenses
(e) Rates & taxes
(f) Audit fees
(g) Insurance
(h) Rent
(i) Printing and stationery
(j) Postage and telegrams
(k) Bank charges
Financial Expenses
These comprise:
(a) Discount allowed
(b) Interest on Capital
(c) Interest on loan
(d) Discount Charges on bill discounted
Maintenance, depreciations and Provisions etc.
These include following expenses
(a) Repairs
(b) Depreciation on assets
(c) Provision or reserve for doubtful debts
(d) Reserve for discount on debtors.
Along with above indirect expenses the debit side of profit and loss account comprises of various business losses also.
On the credit side of profit and loss account the items recorded are:
(a) Discount received
(b) Commission received
(c) Rent received
(d) Interest received
(e) Income from investments
(f) Profit on sale of assets
(g) Bad debts recovered
(h) Dividend received
(i) Apprenticeship premium etc.
No Money Down Home Loans For Bad Credit
No money down home loans for bad credit are a new wave in the home loans market, because now you can get your loan successfully and easily – even if you have a very bad credit and no money down.
The reason this type of home loan has become so popular, is because in the past, it was impossible for you to get a loan – even with a slight poor credit.
But now this wider options and more lenders available, many doors are open for you.
So now you can get your dream home by simply getting a home loan for bad credit.
But there is a secret here: Not all lenders may offer this type of loan to you. Some lenders still prefer to play it safe, so they still do a credit check and don’t offer any kind of bad credit loans.
So if you go to them, they are still going to decline your loan request. But the great news is that there are many other lenders who have updated their services with the market needs and would happily help you – whether your credit history is bad or good.
So the secret is, you want to find the best bad credit home loan lenders who are ready and willing to help you with any kind of home loan you wish.
Most of them offer no credit check home loans which are perfect for you if you have a poor credit.
Even if you see the interest rates for poor credit loans are usually higher than normal loans, rest assured that you can easily re-arrange and turn them lower by refinancing your loan later.
To your home loan success!
Reasons Why People Take a Loan
There are loads of types of loans out there. It can be divided into three categories which is secured, unsecured and demand. A secured loan is a loan where you must mortgage some of your assets such as house or car in order for you to be eligible for the loan. Unsecured loan is a loan where you do not have to put anything under assurance. There are many types of unsecured loans, bank overdrafts, corporate bonds, credit card debt and the most common one is the personal loan. Demand loan is usually a short term loan where it does not have a fixed date to repay it except it carries a floating interest.
There are a lot of reasons why people take a loan. It can be because of emergency cases such as accident, medical emergency or pending bills. Most people take personal loans to cover up other loans such as credit card debt. Personal loans are often chosen because of their low interest rates. Most credit card company now offers an interest rate of around 30% while personal loan‘s interest rate can be as low as 8%!
Loans are usually taken to buy cars, house or shops. Some people will choose to buy their car either by loan or installments. Preparing your dream home is expensive. You wouldn’t want to stay in an empty house only. Therefore, people take up loan to first, buy the house, furniture, paint and to the contractor! Pending bills such as electric bills, phone bills and credit card debt are one of the most common reasons why people take up loan, to cover other loans!
Many people take up loans to invest in their future. Invest in the future means your education or business. Studying abroad is not a very cheap thing. Million or millions are needed for education from primary to tertiary level. The last reason is because of the holiday getaways. Everyone definitely needs a break from the busy city-life and work. However, many people do not take the required break due to insufficient money. Any low interest or personal loan can bring them straightaway to their wished destination!
Adjustments of Final Accounts
To ensure that the final accounts disclose the true trading results, it is necessary to lake into account the whole of the expenses incurred, whether paid or not, and whole of the losses sustained. Likewise the incomes and gains earned, whether actually received or not, during the period covered by the trading and profit and loss account under consideration must also be recorded.
In mercantile system of accounting, it is essential to adjust different accounts before the preparation of final accounts. It is quite common to adjust expenses paid in advance, incomes received in advance, income accrued but not received, bad debts, provision for bad debts depreciation on assets and soon. Journal entries are passed to effect the required adjustments, these entries are known as adjusting entries.
Usual Adjustments
Outstanding Expenses
Certain expenses relating to a particular period may not have been paid in that accounting period. All such expenses which are due for payment in one accounting year but actually paid in future accounting years or payment of which is postponed are all outstanding or unpaid expenses. All such expenses must be accounted for in that accounting year in which they are incurred, irrespective of the fact whether they are paid or not. In other words, all paid and also unpaid expenses must be recorded in an accounting year if they relate to that accounting year only with a view to ascertain true trading results e.g. if salaries for the last month are not paid, no entry will appear in books of accounts unless these are paid. So profit and loss account in respect of salaries will thus be under charged than the actual expenditure, therefore the profit will be more.
Prepaid Expenses
The, benefit of some of the expenses already spent will be available in the next accounting year also, Such a portion of the expense is called pre-paid expense; since such expenses are already paid, they are also recorded in the books of accounts of that period to which they do not relate. The result shown by the final accounts of a particular period will not be correct because such expenses relate to future periods. Therefore, such prepaid expenses must be adjusted in the books of accounts to arrive at true profit. Generally insurance, taxes, telephone subscriptions, rent etc. are paid in advance, thus requiring adjustment e.g. Rent paid by x for one year on 1.7.79 when his accounting year is calendar year; thus rent for 6 months will remain unexhausted and will be c/f to the next year.
Accrued Income
There may be certain incomes which have been earned during the year but not yet received till the end of the year. Income like interest on investments, rent and commission etc. are normally earned by merchant during a particular accounting period but actually not received during that period. Such income items need adjustments before the preparation of final accounts. Such incomes should be credited to that particular income account. At the same time the income so -earned but not received is an asset because the amount is still to be received.
Income Received in Advance
Sometimes, traders receive certain amounts during a particular trading period which are to be earned by them in future periods. Such incomes though actually received and therefore, recorded i.e. not yet earned. Such incomes should be credited to the profit and loss account of the year in which these are earned. Therefore, such income though received is not the income but a liability of that period
Closing Stock
It represents the unsold stock at the end of the year. Closing stock is valued and following entry is passed at the end of the year: Closing Stock account To Trading Account Closing stock at the end appears in the balance sheet and is carried forward to the next year. At the end of the next year it appears in the trial balance as opening stock and from there it is taken to debit side of trading account and thus closed.
Depreciation
The value of fixed assets diminishes gradually with their use for business purposes. Although this decrease in the value happens every day but its accounting is done only at the end of accounting period with the help of following entry 
epreciation account To Particulars asset
Interest on Capital
The proprietor may wish to ascertain his profit after considering the interest which he losses by investing his money in the firm. Interest to be charged is an expense for the business on one hand and income to the proprietor on the other hand. Following adjusting entry is recorded at the end of accounting period: Interest on capital a/e To Capital a/c Interest on capital being an expense is debited to profit and loss account and same amount of interest on capital is added to capital.
Interest on Drawings
As business allows interest on capital it also charges interest on drawings made by the proprietor. Interest so charged is an income for the business on one hand and expense for the proprietor on the other hand. Following adjusting entry is passed at the end. of accounting period: Capital ale Dr. To Interest on drawings a/e The interest on drawings being an income is credited to profit and loss account is shown as a deduction from the capital.
Bad Debt to be written off
Bad debts are irrecoverable debts from customers, during the course of the financial year. These are recorded as follows: Bad debts a/c To Sundry Debtors a/c It results in the reduction of customers debit balance and addition to the loss i.e. Bad Debts. At the end of the year when the trial balance is drawn, these two accounts show debit balances. The balance on sundry debtors account, thus arrived, is the net balance, after deduction of any bad debts recorded during the year. But after the trial balance is prepared and before the final accounts are drawn trader may find that there are additional bad debts. Such bad debts must be recorded with the same adjusting entry and giving it following effect in ledger and final accounts.
Provision for Bad Debts
At the end of the year, after writing off the bad debts about whom we were sure of becoming irrecoverable, there may still be some customer balances from whom it is doubtful to collect the entire amount. However, it cant be written off as bad because non-recovery of such amount is not certain. But at the same time the balance in sundry debtors account should be brought down to its net realizable figure so that balance sheet may not exhibit the debtors at more than their actual realizable value. Therefore, to show the approximately correct value of the sundry debtors in the balance sheet a provision or reserve is created for possible bad debts. Such an adjustment entry is recorded at the end of accounting year.
Provision for bad debts is an attempt to anticipate possible losses due to bad debts and to keep aside an amount out of profit to meet the loss estimated in the following years. When the provision for bad debts is created, following entry is recorded:
Profit and Loss A/c Dr. To Provision for bad debts A/c
Some important considerations while creating provision for bad debts
(i) Sundry debtors account should not be credited with the amount of provision for doubtful debts because the loss has not actually been incurred.
(ii) Treatment of bad debts or provision for bad debts appearing inside the trial balance. If some balance (credit) is already appearing in provision for doubtful debts account inside the trial balance, it is the previous years unutilized balance of this account. If some bad debts are also appearing on the debit side of the trial balance, these should be transferred to provision for bad debts account, with the help of following entry: Provision for bad debts a/e To Bad debts a/e. It is important to note that, as these items appear inside the trial balance, so these are to appear only in profit and loss account as debtors have already been reduced during the year.
(iii) When bad debts and provision for bad debts appear in trial balance, new provision is to be created and further bad debts are to be written off. If already bad debts and provision for bad debts are appearing in trial balance, these should be adjusted and only difference should be taken to profit and loss account.
If bad debts written off plus bad debts to be written off plus new provision for bad debts is more than the credit balance of old provision appearing in the trial balance, the difference should be debited to profit and loss account.
Provision for discount on Debtors
It is normal practice in trade to allow discount to customers for prompt payment and it constitutes a substantial sum. Sometimes the goods are sold on credit to customers in one accounting period where as the payment of the same is made by them in the next accounting period and so discount is to be allowed. It is a prudent policy to charge this expenditure to the period in which sales have been made, so a provision is created in the same manner, as in case of provision for doubtful debts
An important point to note is that no discount win be allowed on debts that become bad. Therefore, the provision required for discount will be in respect of the other debts only. So the amount of provision for discount be calculated after deducting the provision for bad debts from sundry debtors.
Provision for discount on creditors
Prompt payment, if made, enables a businessman to receive discount. The question arises whether this discount should be treated as income of the period in which purchases were made or of the period when the payment is made, if both events are in different accounting years, it has been well decided by accountants that it should be treated as income of the period in which purchases are made. So on last date of accounting period if some amount is still payable to creditors, a provision should be created for such probable income and amount should be credited to the profit and loss account of that year in which purchases are made. Following adjusting entry is passed for it 
rovision for discount on creditors a/c Dr. To Profit and loss account
Losses by Accidents
Sometimes a business suffers certain losses not because of trading but because of certain accidents. These may destroy some fixed assets of the merchant. In such a case the asset account is credited and the profit and loss account is debited.
If goods (stock-in-trade) are lost by accident the value of closing stock win be lower than otherwise. This will reduce the amount of gross profit. So the cost of goods lost by accident is credited to the trading account and debited to the profit and loss account. The increase -in gross profit will be neutralized by the debit to the profit and loss account and thus the net profit will not be effected. The entries to the passed are as follows: Loss by accident a/c To Goods lost by accident a/c
Commission to manager payable on profits
Sometimes the manager is entitled to a commission on profits.. Such commission may be :
(a) Fixed percentage on net profits before charging such commission.
(b) Fixed percentage on net profits- after charging such commission.
Such commission being an expense is debited to commission account. However, as it has not yet been paid, so commission payable account is given the credit and finally it is shown in the balance sheet as a liability. Calculation of Commission First of all trading account should be prepared in usual manner and after transferring the gross profit or loss all expenses and incomes should be debited or credited except the commission which is still to be calculated.
Goods used in business
Sometimes goods purchased for the purpose of resale are used in business as giving them away for charitable purpose or distributing them as free samples. In these conditions purchases account should be credited with an amount equal to the cost of goods used in business and same amount is debited to charity or advertisement expenses account, as the case may be.
Choosing Checking Accounts With the Lowest Bank Fees
Banks make most of their money through convenience fees charged to customers. When you are in the market for a new checking account or want to move to a new bank, there are a number of things you should take into consideration before selecting the bank to open your checking account with.
Insurance
It used to be very rare for a bank to fail. The current economy has increased bank failures though, and when looking to open any bank account, it’s important to take the possibility of a bank failure into consideration. The Federal Deposit Insurance Corp insures deposits from eligible banks and financial institutions in the US up to $250,000 per depositor. Make sure your bank is covered by the FDIC before you open an account with them.
Choosing a Checking Account
Most everyone relies on a checking account in order to pay their bills and hang on to their money before it’s needed for a purchase or expense. You have a number of checking accounts from which to choose, from free accounts (no maintenance fees) that don’t require a minimum balance; to accounts that offer interest if you maintain a certain minimum balance; to money market deposit accounts with higher interest paid but higher minimums required and a limit to the number of transactions you can make in any given month. There are specialty accounts for groups of people, too – like student checking, or senior citizen accounts.
Compare your local bank checking account options with online checking account options to find an account that will charge you the least amount of fees and provide the most interest for how you are likely to use the account.
Avoiding Overdraft Fees
People who live paycheck to paycheck often end up paying hundreds of dollars each year in the form of bank overdraft fees. At an average of $39 per occurrence, overdrafts are costly fees that you should do everything in your power to avoid! What happens when your account falls short is the bank will honor the largest debit or check that’s outstanding first, which means each of your smaller checks will result in individual, overdraft fees. Instead of bouncing a single check, you end up paying an NSF (non sufficient fund) on each of the individual transactions.
While many banks will cover the non sufficient funds for you under “overdraft protection” all that means is your money is paid out to the person or business you wrote the check for or used your debit card for; but that the bank will charge you for that privilege. See if you can get standard overdraft protection, and link your checking account to a savings account. If your account is overdrawn they can tap into your savings account for the funds instead of charging you for the NSF.
Some banks hold your deposits for 10 business days for larger or nonlocal checks. Standard wait time for a regular check deposit can be 2-4 business days. This can make it difficult – if you are cutting things close, always find out when a deposit will come available so you know when you can use the money from the deposit.
Understand Your Debit Card
Almost all checking accounts include a debit card, but this is another way for banks to make money off their account holders. Sometimes if you use the debit card as debit at the retailer, you pay a fee – but if you chose credit instead at the same retailer, it wouldn’t cost you anything more than the cost of whatever you’re buying.
Using your debit card in an ATM machine owned by another bank will result in paying fees to the other bank, and your own bank as well. Paying $5 or $6 to take $40 out in cash is never a good idea, but you may not even realize it since the ATM only announces the fees of their OWN bank (not what your bank will add at the end of the month).
Using a debit card to reserve travel accommodations or purchase gas sometimes puts a hold on your account that’s more than what you actually spend. It can take a week or two for the hold to be lifted, and meanwhile you don’t have access to any of those funds which can result in overdrafts if you’re not aware.
5 Reasons Why People Get Cosmetic Surgery
Cosmetic surgery is very common these day, it is no longer only accessible to rich and famous. Any person in the world can have the procedure the want done, most people think cosmetic surgery is unsafe but it is only unsafe if your surgeon is not qualified.
Here are the 5 top reasons why most people get cosmetic surgery.
1. Health Reasons.
Some people may have gone through rough times caused by sickness or massive weight loss, so it’s only natural for people to correct the damage caused by their illness. People may want to fix a problem that maybe causing health issues and surgery is the only option available, some people need surgery to survive.
2. Accidents.
Another reason why people get cosmetic surgery is because they have been in a accident. Minor car crashes, sports, work accident anything you can think of. Because of accidents people can become severely deformed and cosmetic/plastic surgery is the only option to help fix peoples injuries.
3. Self Esteem.
Some people choose to get cosmetic surgery to boost their self esteem. They need a boost and they think cosmetic surgery will give them that. In my opinion it does, people are extremely grateful to see the new changes to there bodies that they have always wanted.
4. Re constructive Surgery.
Re constructive procedures correct deformities on the face or body. These include physical birth defects like cleft lips and palates and ear deformities, traumatic injuries like those from dog bites or burns, or the aftermath of disease treatments like rebuilding a females breast after they have undergone surgery for breast cancer.
5. Vanity
Some people say vanity is the reason why people get cosmetic surgery, in some cases it is the case. Botox, Face lifts, Breast Augmentation can all be considered vanity procedures. But it is a choice and people choose to have these procedures performed and if it contributes to there self esteem who are we to judge.
Posted in Fixed Loan Articles | Tags: 737800, Boeing, Cosmetic, Hawaii, People, Reasons, Surgery | No Comments »
Effective Method of Negotiation
What is Negotiation?
Negotiation is the interactive social process in which people engage, when they aim to reach an agreement with another party or parties on behalf of themselves.
Negotiation is primarily a common mean of securing one’s expectations from others. It is a form of communication designed to reach an agreement when two or more parties have certain interests that are shared and certain others that are opposed.
- According to Shorter Oxford Dictionary, 1977-
Negotiation: To confer with another for the purpose of arranging some matters by mutual agreement; to discuss a matter with a view to settlement or compromise .
- Ginny Pearsom Bames sayes, Negotiation is a resolution of a disagreement using give and take within the context of a particular relationship. It involves sharing ideas and information and seeking a mutually acceptable outcome .
- The Pepperdine University of USA has developed an explanatory definition of negotiation:
Negotiation is a communication process used to put deals together or resolve conflicts. It is a voluntary, non-binding process in which the parties control the outcome as well as the procedures by which they will make an agreement. Because most parties place very few limitations on the negotiation process, it allows for a wide range of possible solutions maximizing the possibility of joint gains .
- According to Williams, Legal and Settlement 1983, Negotiation is a repetitive process that follows reasonably predictable patterns over time. Yet in legal disputes so much of the attorney’s attention and energy are absorbed by the pre-trial procedure and the approach of the trial, that they fail to recognize the important identifiable patterns and dynamics of the negotiation process
- M Anstey explains core elements of negotiation as follows:
1. A verbal interactive process;
2. Involving two or more parties;
3. Who are seeking to reach agreement;
4. Over a problem or conflict of interest between them; and
5. In which they seek, as per as possible, to preserve their interests, but to adjust their views and positions in the joint effort to achieve an agreement.
Broadly speaking, negotiation is an interaction of influences. Such interactions, for example, include the process of resolving disputes, agreeing upon courses of action, bargaining for individual or collective or crafting outcomes to satisfy various interests. Negotiation is thus a form of alternative dispute resolution (ADR).
Characteristics of Negotiation:
o Negotiation involves two or more parties who need (or think they need) each others involvement achieving a desired outcome. There is a common interest that connects the parties.
o The parties start with different opinions or objectives. It is these differences that prevent agreement.
o The parties are willing to co-operate and communicate to meet their goals.
o The parties can mutually benefit or avoid harm by influencing each other.
o The parties realize that any other procedure will not produce desired outcome.
o The parties think that negotiation is the best way to resolve their differences (or at leas, a possible way)
o They also think that they may be able to persuade the party to modify their original position.
o Even if they do not get their ideal outcome, both retain the hope of an acceptable outcome.
o Each has some influence real or assumed over the others actions. If one party is completely powerless, negotiation will have little point for the other.
o The negotiation process itself involves interaction between people. This interaction might be in person, by telephone, letter etc. or it might use a combination, because it is personal, emotions and attitudes will always be important.
Conditions for Negotiation :
A variety of conditions can affect the success or failure of negotiations. The following conditions make success in negotiations more likely:
Identifiable parties who are willing to participate: The people or groups who have a stake in the outcome must be identifiable and willing to sit down at the bargaining table if productive negotiations are to occur. If a critical party is either absent or is not willing to commit to good faith bargaining, the potential for agreement will decline.
Interdependence: For productive negotiations to occur, the participants must be dependent upon each other to have their needs met or interests satisfied. The participants need either each other’s assistance or restraint from negative action for their interests to be satisfied. If one party can get his/her needs met without the cooperation of the other, there will be little impetus to negotiate.
Readiness to negotiate: People must be ready to negotiate for dialogue to begin. When participants are not psychologically prepared to talk with the other parties, when adequate information is not available, or when a negotiation strategy has not been prepared, people may be reluctant to begin the process.
Means of influence or leverage: For people to reach an agreement over issues about which they disagree, they must have some means to influence the attitudes and/or behavior of other negotiators. Often influence is seen as the power to threaten or inflict pain or undesirable costs, but this is only one way to encourage another to change. Asking thought-provoking questions, providing needed information, seeking the advice of experts, appealing to influential associates of a party, exercising legitimate authority or providing rewards are all means of exerting influence in negotiations.
Agreement on some issues and interests: People must be able to agree upon some common issues and interests for progress to be made in negotiations. Generally, participants will have some issues and interests in common and others that are of concern to only one party. The number and importance of the common issues and interests influence whether negotiations occur and whether they terminate in agreement. Parties must have enough issues and interests in common to commit themselves to a joint decision-making process.
Will to settle: For negotiations to succeed, participants have to want to settle. If continuing a conflict is more important than settlement, then negotiations are doomed to failure. Often parties want to keep conflicts going to preserve a relationship (a negative one may be better than no relationship at all), to mobilize public opinion or support in their favor, or because the conflict relationship gives meaning to their life. These factors promote continued division and work against settlement. The negative consequences of not settling must be more significant and greater than those of settling for an agreement to be reached.
Unpredictability of outcome: People negotiate because they need something from another person. They also negotiate because the outcome of not negotiating is unpredictable. For example: If, by going to court, a person has a 50/50 chance of winning, s/he may decide to negotiate rather than take the risk of losing as a result of a judicial decision. Negotiation is more predictable than court because if negotiation is successful, the party will at least win something. Chances for a decisive and one-sided victory need to be unpredictable for parties to enter into negotiations.
A sense of urgency and deadline: Negotiations generally occur when there is pressure or it is urgent to reach a decision. Urgency may be imposed by either external or internal time constraints or by potential negative or positive consequences to a negotiation outcome. External constraints include: court dates, imminent executive or administrative decisions, or predictable changes in the environment. Internal constraints may be artificial deadlines selected by a negotiator to enhance the motivation of another to settle. For negotiations to be successful, the participants must jointly feel a sense of urgency and be aware that they are vulnerable to adverse action or loss of benefits if a timely decision is not reached.
No major psychological barriers to settlement: Strong expressed or unexpressed feelings about another party can sharply affect a person’s psychological readiness to bargain. Psychological barriers to settlement must be lowered if successful negotiations are to occur.
Issues must be negotiable: For successful negotiation to occur, negotiators must believe that there are acceptable settlement options that are possible as a result of participation in the process. If it appears that negotiations will have only win/lose settlement possibilities and that a party’s needs will not be met as a result of participation, parties will be reluctant to enter into dialogue.
Styles of Negotiation:
There are different styles of negotiation. Style of negotiation is also a strategy. In some occasions the style reflects the attitude of the party and an experienced negotiator can guess the result from such a conduct of the party as becomes evident by the style. Negotiation style is reflected in communication skills, interpersonal behavior of negotiators, language, voice tones, choices, listening power, non-verbal gestures and judgment. Generally there are three main styles of negotiation. A brief description is given below:
- Co-operative Style :
In this type of negotiation style, strategies which are typically used include the making of concessions, the sharing of information and the adoption of behaviors which are fair and reasonable. Thus a co-operative negotiator typically explains the reasons for her concessions and proposals and attempts to reconcile the parties’ conflicting interests; her proposals are measured against standards which both parties can agree, such as the legal merits of the case and fairness between the parties.
The advantage of the co-operative style of negotiation is that it tends to produce fewer breakdowns in bargaining with subsequent recourse to litigation, and to produce more favorable outcomes for both parties. This leaves both clients and negotiators in a position where they can ‘do business’ again. However, the co-operative style is subject to certain difficulties in operation where the parties to the negotiation are unequal in wealth or power or where one party will not bargain for joint or mutual gain;
- Competitive Style :
Thus the competitive negotiator makes concessions reluctantly because they may ‘weaken his position’ through position loss or image loss. He tends to make high initial demands, few concessions and have a generally high level of aspiration for his client.
It is often suggested that this style leads practitioners into specific negotiation strategies, for example, never making the first offer, always attempting to conceal the client’s true objectives always being the person who drafts the final offer; and the use of exaggeration, threat and bluff to create high levels of tension and pressure on the opponent. If used effectively these tactics cause the opposition side to lose confidence in there case and reduce their expectations of what can be obtained for there client It is therefore, an essentially manipulative approach, designed to intimidate the opposing side into accepting a negotiator’s demands.
- Problem-solving Style:
A problem solving style to a dispute over access might be based on the assumption that whilst both parents want access to their children for some of the time, neither would, in practice, want access for the whole of the time. On this basis a negotiated settlement advantageous to all parties (including the children) may be effected.
The problem-solving style thus commence with both negotiators trying to ascertain the underlying needs of their clients. This can best be achieved through client interviews in which the lawyer explores with the client how he wants the dispute to be concluded in social, economic, ethical and psychological terms. Focusing on the actual (rather than the assumed) needs of clients leads to solutions often more complex and yet more satisfactory in terms of social justice than those which a court could order, or which could result form competitive negotiation.
The four basic tactics which Fisher and Ury describes as being essential to the process of problem solving negotiation are :
1. Separate the people from the problem; In the other words, separate the interpersonal relationship between the negotiators and their clients from the merits of the problem or conflict
2. Focus on interests not positions; that is, consider the interests of the clients so that is party’s motives, goals and values are filly understood by each side
3. Generate a variety of options; for example, brainstorm to develop new ideas to meet the needs of the parties
4. Insist that the result of the negotiation be based on some objective standard that is, assess proposed outcomes against easily ascertainable standard base on objective criteria.
Basic structure of the negotiating process :
It is important to note that there are some basic structures of negotiation process. These structure increase the ability and skills of negotiator also helps to create successful environment for the effective negotiation. The most essential structure may be described as:
Agenda-setting:
Unless an agenda has been agreed in advance you will agree with the opposing lawyer the practical issues of how the negotiation will be conducted, what the agenda for the discussions will be, recorded and minute
Clarification of the facts:
A possible first is for you, or your opponent, to identify and agree the relevant available facts of the dispute and the law relating to those facts. This could then be followed by your identification of and agreement on, any missing or conflicting facts, or difference in documentation. At this point you cold seek to resolve such difference through further investigation, and through listening to and questioning the order side.
Evaluation and repositioning:
- You will next assess alternative solution in relation to the needs of both parties (co-operative problem solving style) or you will make strong counter proposals to your opponents position (competitive style)
- You will eliminate unworkable proposals (co-operative problem-solving style) or use a variety of negotiating tactics to enhance your position and discredit that of your opponent (confrontational style)
- You will generate new proposals (co-operative problem-solving style) or identify trade-offs and concessions (competitive style)
- You will consider ending the negotiation if the tradeoffs are too high for both parties (co-operative problem-solving style) or if the trade -offs are acceptable to your side although not to the other(competitive style)
Closing:
Finally you will need to find a way of closing the negotiation. The alternatives at this stage include:
- Adjourning to obtain further information, and instructions from your client
- Adjourning to report a final offer from the other side to your client and seek his instructions
- Reaching a final agreement as authorized by your client
If the outcome is successful and a settlement has been reached, you will need to check your understanding of the settlement with that of your opponent to make certain that you are in agreement. You must next decide how the settlement is going to be made legally enforceable (if it is), and who will draft the terms of any written settlement.
Review:
Throughout the whole of the process referred to above, it is helpful from time for the lawyers to review the stage that has been reached in the discussions. This is especially recommended if you appear to have reached a deadlock, or there is an uncomfortable silence. A review gives each side the opportunity to compare their original objective with that has been achieved so far and consider how the negotiation should proceed. This can lead to one or other of the negotiators stating a revised or more innovative position as a potential solution to the problem.
Stages of Negotiation:
Stage 1: Evaluate and Select a Strategy to Guide Problem Solving
o Assess various approaches or procedures–negotiation, facilitation, mediation, arbitration, court, etc.–available for problem solving.
o Select an approach.
Stage 2: Make Contact with Other Party or Parties
o Make initial contact(s) in person, by telephone, or by mail.
o Explain your desire to negotiate and coordinate approaches.
o Build rapport and expand relationship
o Build personal or organization’s credibility.
o Promote commitment to the procedure.
o Educate and obtain input from the parties about the process that is to be used.
Stage 3: Collect and Analyze Background Information
o Collect and analyze relevant data about the people, dynamics and substance involved in the problem.
o Verify accuracy of data.
o Minimize the impact of inaccurate or unavailable data.
o Identify all parties’ substantive, procedural and psychological interests.
Stage 4: Design a Detailed Plan for Negotiation
o Identify strategies and tactics that will enable the parties to move toward agreement.
o Identify tactics to respond to situations peculiar to the specific issues to be negotiated.
Stage 5: Build Trust and Cooperation
o Prepare psychologically to participate in negotiations on substantive issues. Develop a strategy to handle strong emotions.
o Check perceptions and minimize effects of stereotypes.
o Build recognition of the legitimacy of the parties and issues.
o Build trust.
o Clarify communications.
o Stage 6: Beginning the Negotiation Session
o Introduce all parties.
o Exchange statements which demonstrate willingness to listen, share ideas, show openness to reason and demonstrate desire to bargain in good faith.
o Establish guidelines for behavior.
o State mutual expectations for the negotiations.
o Describe history of problem and explain why there is a need for change or agreement.
o Identify interests and/or positions.
Stage 7: Define Issues and Set an Agenda
o Together identify broad topic areas of concern to people.
o Identify specific issues to be discussed.
o Frame issues in a non-judgmental neutral manner.
o Obtain an agreement on issues to be discussed.
o Determine the sequence to discuss issues.
o Take turns describing how you see the situation. Participants should be encouraged to tell their story in enough detail that all people understand the viewpoint presented.
o Use active listening, open-ended questions and focusing questions to gain additional information.
Stage 8: Uncover Hidden Interests
o Probe each issue either one at a time or together to identify interests, needs and concerns of the principal participants in the dispute.
o Define and elaborate interests so that all participants understand the needs of others as well as their own.
Stage 9: Generate Options for Settlement
o Develop awareness about the need for options from which to select or create the final settlement.
o Review needs of parties which relate to the issue.
o Generate criteria or objective standards that can guide settlement discussions.
o Look for agreements in principle.
o Consider breaking issue into smaller, more manageable issues and generating solutions for sub-issues.
o Generate options either individually or through joint discussions.
o Use one or more of the following procedures:
o Expand the pie so that benefits are increased for all parties.
o Alternate satisfaction so that each party has his/her interests satisfied but at different times.
o Trade items that are valued differently by parties.
o Look for integrative or win/win options.
o Brainstorm.
o Use trial and error generation of multiple solutions.
o Try silent generation in which each individual develops privately a list of options and then presents his/her ideas to other negotiators.
o Use a caucus to develop options.
o Conduct position/counter position option generation.
o Separate generation of possible solutions from evaluation.
Stage 10: Assess Options for Settlement
o Review the interests of the parties.
o Assess how interests can be met by available options.
o Assess the costs and benefits of selecting options.
Stage 11: Final Bargaining
o Final problem solving occurs when:
o One of the alternatives is selected.
o Incremental concessions are made and parties move closer together.
o Alternatives are combined or tailored into a superior solution.
o Package settlements are developed.
o Parties establish a procedural means to reach a substantive agreement.
Stage 12: Achieving Formal Settlement
o Agreement may be a written memorandum of understanding or a legal contract.
o Identify “what ifs” and conduct problem solving to overcome blocks.
o Establish an evaluation and monitoring procedure.
o Formalize the settlement and create enforcement and commitment mechanisms.
o Judicial review
Influencing factors of Negotiation :
There are some influencing factors or elements of negotiation which are essential and plays vital role in making effective negotiation. A short description is given below:
- Negotiator: Negotiation process is influenced by various factors. The first such factor is the skill and ability of negotiator, his character and credibility. Another ability, which is a major factor in negotiation, is that the negotiator should keep control over the process. A negotiator should review the progress of the negotiation process; time and again endeavor to build bridges between the parties. He or She should try to create a positive attitude towards agreement. A great deal of skill and experience are necessary to control the entire process of negotiation, which can be gained by keen observation of strategies adopted by other parties, past experience and studying the best negotiation processes in the contemporary world.
- Parties: Parties are a major influence on the negotiation process. The parties, their interests and the way they react and respond decide the process. Parties to a dispute have their own mindset when they come to a negotiation table.
- Selection of the team: The team of negotiation should be selected basing on case and circumstances, so that each member contributes towards achieving the goal with productive working.
- Place of negotiation: Sometimes the place of negotiation matters. Unfamiliar surroundings may cause stress to the opposite party in comparison to a familiar place.
- Layout of the room: The layout of the room has an influence on the conduct of the negotiation to some extent. Ideally the layout should be chosen taking into consideration the circumstance in which the parties operate. For example, if the negotiation in with regard to any industrial dispute, negotiators should ensure that the distance between the parties is not too much. The seating arrangements should be such so as to encourage a relaxed mood. The design of layout should reflect attitudes and perceptions and issues being discussed in negotiation.
- Psychology in negotiating: Psychology of the negotiators, as well as the parties plays an important role in the activity of negotiation. The people involved in the process work with different attitudes, approaches and activities. According to Maslows’ ‘Need Hierarchy Theory’, behavior of people is influenced by their needs. People’s needs are classified by him into:
1. Physical and survival needs;
2. Security and safety needs;
3. Social needs;
4. Ego needs;
5. Self realization needs.
Effective Negotiation Skills :
The key to effective negotiation is clear communication. Communication involves three important skills: Speaking, Listening and understanding. You can’t have one skill work without the others–for example, you can’t have good understanding without good listening and speaking. Negotiation is most effective when people are able to clearly identify and discuss their sources of disagreement and misunderstanding.
Speaking:
Negotiation begins with a clear, concise explanation of the problem as each person sees it. Facts and feelings are presented in a rational manner from the individual’s perspective, using “I” statements. Communication between people will go more smoothly when statements such as “I become very upset when you “are used rather than more aggressive statements such as “You make me mad when you,” which blames the other person and puts him or her in a defensive position. Shared concerns rather than individual issues remain the focus of discussion throughout negotiation. The negotiation process will be most effective when people take time to think through what they will say. When possible, plan ahead to meet at a time and place convenient to everyone. A quiet, neutral spot where there are few distractions or interruptions is perfect for open discussion.
Listening:
Listening is an active process of concentrating all of one’s attention on the other person. Encouraging the other person to share thoughts and feelings, giving feedback on what has been heard, and maintaining eye contact are skills that show you are interested in understanding what he or she has to say. It is always helpful to simply ask, “I understood you to say Am I correct in this?” or “I hear you saying that you are that how you feel?” Active listening assures the other person that he or she is heard, accepted and respected. The ability to listen actively supports open, ongoing negotiation. Thinking ahead or anticipating the course of the discussion is distractions that interfere with listening. Poor attention and listening can lead to misunderstandings, inappropriate solutions and continuing conflict.
Understanding:
Before two sides can look for solutions; a common understanding must be reached. If two people do not understand each other’s problems and concerns, then the process of negotiation will either be broken off or will end with solutions that do not work. Active listening encourages understanding. It is important to pay close attention to what someone says as well as to how he or she behaves. Body language, including facial expressions, hand gestures and degree of eye contact, can provide clues about the other person’s thoughts and feelings. Observations, however, are shaped as much by the observer as by the person being observed. It is good practice never to assume to understand the other person without first asking, “Did I hear you correctly?” or “I have noticed that you appear” or “I sense you are under strain. Do you want to talk about this?” and “I’d like to hear from you about how you are feeling” are all good examples of statements that encourage communication and better understanding between people.
Best Negotiation Tips :
Generally negotiation depends on the ability, skill, technique and knowledge of negotiator. The tips of the negotiation are varies from negotiator to negotiator. Some best negotiation tips with example are given below:
- Be willing to negotiate in the first place:
Some people are too shy to talk about money. Others think it’s rude or demeaning. And in many cases they’re right. However, when it comes to doing a deal – and we all have to sometimes – being unwilling to engage in “money-talk” can be a very expensive business. There are a lot of experienced negotiators out there. If you’re buying a house or a car, or taking a new job, you can be sure you’ll have to deal with such a person. If they can see you’re timid about the whole business, many will take advantage of that fact. You also shouldn’t be shy about turning something that may not immediately appear to be a negotiation into one. If I’m buying a few expensive things from the same store, I’ll often ask them to throw something in for free or reduce the price. Just because there’s no sign saying you can do that, doesn’t mean you can’t. Often, simply by asking for something extra I’ll get a better deal
- Don’t get emotionally involved:
One big mistake many amateur negotiators make is to become too emotionally attached to winning. They shout, threaten and demand to get their way. This is all counter-productive. Most deals are only possible if both people feel they’re getting something out of it. If the person across the table feels attacked, or doesn’t like you, they probably won’t back down. Many people hate bullies, and will be more willing to walk away from a transaction if it involves one. Keep calm, patient and friendly, even if the other person starts losing their cool. Make sure you leave any pride or ego at the door. You are more likely to do well that way.
- Don’t get suckered by the “rules” trick:
When someone sends me a contract to sign, if there’s something on there I don’t like, I’ll cross it out. I’m also happy to write things I want added in if I think they should be there. Sometimes, the other party will come back to me and say “You’re not allowed to make changes to our contracts like that”. Oh really? Since I’m the one signing the thing, I’ll make any changes I want, thank you very much. There’s no law that says they’re the only one allowed to add things to a contract. If they’re not happy with my changes, let me know and we can work it out, but don’t simply tell me I don’t have permission. This highlights a common tactic used by experienced negotiators such as real estate agents, employment agents, car salespeople and the like. They know many people are sticklers about following rules. So they’ll make up official sounding pronouncements and insist that “this is the way it’s done” or “you’re not allowed to do that”. If someone starts trying to box you in by adding rules to the deal, ask them to provide proof that such rules really exist.
- Never be the first person to name a figure:
This is an expensive lesson to have to learn, but a good one. I do a lot of contract work, and one of the first questions I’m usually asked is “What’s your hourly rate?” This is a high pressure question, and I often found myself blurting out a figure that was lower than what I really wanted. These days, I’ve learned the importance of getting the other person to say a number first. Now, I respond to that question by asking “What’s the budget for this contract?” Often, I’m surprised to discover they’re offering me a better deal than I thought they were.
- Ask for more than you expect to get:
Once the other person’s given their figure, even if it’s much better than you expected, say something like “I think you’ll have to do better than that”. Don’t be arrogant or aggressive. Just say it calmly. When they enquire about your expectations, ask for more than you expect to get. Few people will walk away from a deal once it’s commenced, and you can let the other person feel as if they’re winning by lowering your “unrealistic expectations” a bit at a time.
- Just giving the impression that you’re willing to walk away can do wonders for getting a better deal. Always play the reluctant buyer or seller.
Social Security Direct Deposit – 5 Things You Need to Know
In this article about Social Security Direct Deposit I cover the five most asked questions.
1. Do you have to receive your payments by direct deposit?
2. When will my benefits be deposited?
3. Why not just receive a check in the mail?
4. How can I sign up for direct deposit?
5. What can I do if I don’t have a bank account and don’t want one for direct deposit of my payment?
1. Do you have to receive your payments by direct deposit?
The short answer is NO! The Social Security Administration strongly suggests everyone get their monthly payments this way. The three main reasons given for using this service are safety, convenience and speed. There is also a financial benefit to the government. It costs almost one dollar each month to send a paper check but only a few cents to send the payment electronically. At last count in January 2007, 80 percent of all Social Security and SSI beneficiaries had their payments delivered directly to their bank account. You are still able to get your payment by check, but you ought to think about the numerous benefits direct deposit provides.
2. When will my benefits be deposited?
The payments of benefits have long been fixed and are determined by the day of the month of your birth. Payments for all those receiving Social Security before May 1977 are made on the third of each month regardless of when you were born. After May 1977, the payment dates were changed and from that point on are determined as follows. For everyone receiving benefits after April 1997 this is the schedule. If you were born on or between the 1st and 10th your payment is sent on the second Wednesday of the month. Payments for those born on or between the 11th and 20th are sent on the third Wednesday. Payments for those born on or between the 20th and 31st days of the month are sent on the fourth Wednesday.
3. Why not just receive a check in the mail?
There are some good reason to receive your payment by direct deposit. Don’t you just hate waiting in a line? I know that I do and long lines make my feet hurt.
Celebrate! No more standing in line to cash your check when it finally arrives in the mail. Your money goes immediately into your account. You do not have to get out of your house in bad weather or be concerned if you’re on holiday or away from home. You do not have to bear any more check cashing fees. Your money is in your account ready to use the day you receive your deposit.
4. How can I sign up for direct deposit?
It’s actually fairly easy to get signed up if you already have a bank account. Just go to your bank, savings and loan or credit union. They can answer your questions about direct deposit.
If you do not have an account, look into opening one and sign up for direct deposit. Nearly all banks, savings and loans and credit unions provide an assortment of accounts, some with little or no fees. Look for one that meets your needs.
5. What can I do if I don’t have a bank account and don’t want one for direct deposit of my payment?
There are several options open to people without bank accounts but the one that is promoted by the Federal government is called Direct Express. In June of 2008, the U.S. Treasury Department introduced the Direct Express Debit Mastercard card. This a direct quote from the Treasury Departments’ website at http://fms.treas.gov. [quote]People without bank accounts now have a user-friendly, practical alternative to paper checks for their monthly federal benefit payments,” said FMS Commissioner Judith Tillman. “We know that many check recipients are eager for a card-based option for their federal benefits, and we are confident the Direct Express® card will provide many Americans an important entry point to the financial mainstream.[end quote]
Check cashing and other services typically charge heavy fees and the Direct Express card puts an end to that problem. With Direct Express, there is no sign up fee and no bank account or credit check required to enroll. The U.S. Department of the Treasury and the Social Security Administration encourage you to sign up for the card and you can learn more about this here. http://www.usdirectexpress.com/edcfdtclient/index.html.
Monthly Payment Loan – Almost Everyone Needs One
Almost everyone needs to get a monthly payment loan at some point in their life. Buying a home or car can cost so much money that saving up for the needed cash takes years and years. A monthly payment loan can allow someone to get what they want or need quickly and pay off the loan over time. In essence, a monthly payment loan allows you to get what you need now, and then save up for it through the monthly payments. The trade off is that you pay interest on the loan, so you pay a little more in the end to get what you need now instead of much later.
Different monthly payment loans come with different terms and rates, so it is important to shop around to try and find the best deal. You should check out many different banks and financial institutions to see which one offers the best monthly payment loan for you and your needs. One bank might offer a lower rate to your neighbor, but your credit history and amortization schedule needs might be different, so a different bank may offer you the best rate. This is why it is important to actually do the footwork and shop around yourself instead of using the bank or financial institution that someone else says gave them the best terms after they shopped around.
Interest rates, especially on mortgages, change over time depending on various trends. If you can wait for a few months, you should consider watching the rate trends and looking into the rates of past months. If the interest rates are abnormally high at the moment, you should wait for them to drop because getting your loan. Likewise, if they are abnormally low at the moment, you should try to get a loan or mortgage as soon as possible to capitalize on the low rates before they rise.
Obviously, your credit score has a large impact on your monthly payment loan terms and rates, so you should get copies of your credit reports from each of the three credit reporting agencies to check for mistakes. If there are any mistakes on your credit report, getting them fixed can make a huge positive impact on your credit score, and thus, your monthly payment loan terms and rates. It is a good idea to attain all three main credit reports because mistakes that show up on one may not show up on another. If you obtain your credit report from one or two of the three major agencies, you might not find any mistakes. However, the bank might get your credit report from the third agency, and that report may show credit information that the other two did not.
When you get a monthly payment loan, your amortization schedule is the month by month payment plan that you use to pay off the loan. The longer you take to pay off the monthly payment loan, the more extra money you pay in interest. However, higher monthly payments that pay off the monthly payment loan sooner make a larger impact on your monthly budget. You need to carefully consider your amortization schedule and look down the line to be sure you will be able to make your payments every month.
Bart R