Loan consolidation – R43DSFRS http://r43dsfrs.com/ Mon, 27 Jun 2022 16:44:15 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://r43dsfrs.com/wp-content/uploads/2021/07/icon-1.png Loan consolidation – R43DSFRS http://r43dsfrs.com/ 32 32 Farm Credit Watch: Was rural America set up for another farmland bust? https://r43dsfrs.com/farm-credit-watch-was-rural-america-set-up-for-another-farmland-bust/ Mon, 27 Jun 2022 16:44:15 +0000 https://r43dsfrs.com/farm-credit-watch-was-rural-america-set-up-for-another-farmland-bust/ IIs history about to repeat itself? In rural America, that could be the case, as the Federal Reserve is acting too aggressively to raise interest rates to deflate the inflation that has erupted in recent months. Older farmers and ranchers, and bankers, who have studied financial history (or lived through it) remember the farm crisis […]]]>

IIs history about to repeat itself? In rural America, that could be the case, as the Federal Reserve is acting too aggressively to raise interest rates to deflate the inflation that has erupted in recent months. Older farmers and ranchers, and bankers, who have studied financial history (or lived through it) remember the farm crisis of the 1980s when the Fed raised interest rates to record lows. to reduce the rate of inflation. Given the rise in farmland prices in recent years, in part due to very low interest rates, sharply higher rates could burst the increasingly obvious farmland bubble.

The Fed’s very low rates in recent years, coupled with “quantitative easing”, which has lowered rates across the yield curve, have helped inflate farmland prices, as documented various reports. For example, the Federal Reserve Bank of Chicago’s May 2022 AgLetter reported that its district saw a 23% year-over-year gain in the value of its farmland in the first quarter of 2022.”

A chart released by the Federal Reserve Bank of Kansas showed that after a slight decline in farmland prices in the middle of the last decade that bottomed around 2017, farmland prices began to see significant annual increases. . On an inflation-adjusted basis, farmland prices in the Kansas Fed District last peaked in 2013 and nearly doubled from 2009.

The FinancialTimes reported on April 7 that “Land values ​​in the Midwest Grain Belt have increased 25-30% over the past year as auctions draw intense bidding for available land.”

In the years leading up to the farm crisis of the 1980s, farmland prices, which had nearly doubled on an inflation-adjusted basis since 1971, crashed, leading to thousands of farm bankruptcies and economic distress across the country. rural America.

A variety of factors contributed to inflating this bubble, including the liberalization of collateral practices within the Farm Credit System authorized by the Farm Act of 1971. Far worse, FCS institutions set their interest rates on loans based on their cost. average of funds, which meant that in the rising interest rate environment of the late 1970s and early 1980s, the FCS constantly undervalued its loans, further inflating the farmland bubble.

Over the past few weeks, the Fed has started to hike interest rates – the question now is how fast and how far. These rate increases, however, come at a particularly difficult time for U.S. agriculture, as inflation drives up the cost of a wide range of farm inputs, a situation compounded by supply chain challenges for these. month.

Worryingly enough for many areas, from California to the Mountain West and parts of the Midwest, is a severe drought, “about as bad as we’ve ever seen,” according to a Kansas banker. The severity of the drought, its extent and duration is the big unknown.

Two other uncertainties affecting farm income, and therefore farmland values, are the outlook for federal government payments and the effect of the war in Ukraine. The U.S. Department of Agriculture’s Economic Research Service has predicted a continued decline in direct payments to farmers by the federal government, with payments in 2022 expected to be just over half of what they were in 2019. ; this outlook is hardly positive for the value of farmland. While the war caused a global spike in wheat prices, this effect on farm incomes may be quite transitory.

History will hopefully not repeat itself, with rising interest driving down farmland values ​​and triggering an increase in farm bankruptcies, but given the virtual certainty of significantly higher interest rates over the coming years, now is the time for agricultural lenders, including the FCS, to be particularly cautious in forecasting farmland values ​​over the very long term.

Consolidation continues within the FCS

Two recent announcements demonstrate continued consolidation within the FCS that is leading to FCS associations that are larger and further removed from their member-borrowers than ever before. Currently, there are 65 FCS associations, ranging in size from $37.8 billion (FCS of America) to Delta ACA of Dermott, Arkansas, with $33 million in assets. Here is a link to a list of loans and total assets for the 65 associations as of March 31.

Two mid-Atlantic associations – AgChoice of Mechanicsville, Pennsylvania, and MidAtlantic Farm Credit of Westminster, Maryland – will merge to form a new association that will have approximately $5.85 billion in assets, making it the 11th largest association. At the other end of the scale, Delta ACA is so small that it could not find a merger partner. Consequently, it is being liquidated and its loans transferred to another association.

Considering all the consolidation that has occurred within the FCS, as of March 31 of this year, the six largest multi-state FCS associations held just over half of the total assets of the 65 associations. The median-sized association had $1.44 billion in assets, and the bottom half of associations, by asset size, held less than 10% of the association’s total assets as of March 31.

Consolidation will undoubtedly continue within the FCS, especially in areas of the country, such as Texas, the Low Plains states and the Southeast, where smaller associations tend to be concentrated. One of the troubling consequences of all this consolidation has been the emergence of a few very large associations—10 now have over $10 billion in assets—that will be difficult for the Farm Credit Administration and Farm Credit System Insurance Corporation to resolve if a large association experience financial difficulties. As the previous article pointed out, rural America is not immune to another round of financial hardship.

Although it is easy to see on the map of FCS associations the extent of the consolidation that has occurred, the FCA does not publish data on the number and location of FCS branches, but as the associations they -these have reported occasionally, they have consolidated and branch closures. Not only are office closures driving FCS lenders away from the farmers and ranchers they lend to, but these lenders are likely to be less in touch with local agricultural conditions, which could increase the risk of FCS loans, particularly on the lending market. agricultural real estate.

Editor’s Note: If you have any questions for Bert, feel free to email him at Bert@ely-co.com.

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Rising interest rates mean it’s time to eliminate your credit card debt https://r43dsfrs.com/rising-interest-rates-mean-its-time-to-eliminate-your-credit-card-debt/ Sat, 25 Jun 2022 14:00:20 +0000 https://r43dsfrs.com/rising-interest-rates-mean-its-time-to-eliminate-your-credit-card-debt/ (NerdWallet) – Credit card debt can be difficult to manage even at the best of times, but ever-higher interest rates are adding to that challenge. The Federal Reserve announced a 0.75% increase in the federal funds rate – its biggest hike in nearly 30 years. Increases in this rate tend to make borrowing more expensive, […]]]>

(NerdWallet) – Credit card debt can be difficult to manage even at the best of times, but ever-higher interest rates are adding to that challenge.

The Federal Reserve announced a 0.75% increase in the federal funds rate – its biggest hike in nearly 30 years. Increases in this rate tend to make borrowing more expensive, which means maintaining a balance on your credit card can become more expensive.

But by creating a plan to pay off your credit cards in the coming months, you can save money on interest. Whether you’re tackling debts one at a time or consolidating under a fixed rate product like a personal loan, there are strategies that can help.

Why You Should Prioritize Credit Card Debt

Most credit cards have a variable interest rate, which means the rate can go up and down depending on a few factors, including market conditions. While fixed-rate products like personal loans may not see as much of a change in interest rates when the federal funds rate rises, variable-rate products like credit cards likely will.

Higher rates on credit cards mean people will start paying more for a balance, at a time when household budgets are already stretched due to rising consumer costs, says property expert Jeff Arevalo. -be a financier at the non-profit credit counseling agency GreenPath.

It can also mean that progress on other important goals, like saving for a house, is being sidelined as more people focus on making ends meet. However, Arevalo says there is still plenty of time to get ahead of a rising rate environment.

“When [the Federal Reserve increases] interest rates, it can take a month or two for it to have a full impact on credit cards, so ideally consumers can be proactive,” he says. “If you know these changes are coming and you’re carrying these higher credit card balances, the key is not to be paralyzed by fear.”

Tackling Your Credit Card Debt: First Steps

Brittany Davis, a certified financial counselor who works with people struggling with credit card debt, says the first steps to getting out of debt can be the hardest for clients.

First, you have to face the extent of your debt. Davis advises keeping track of your balance, minimum monthly payment, and interest rate for each credit card to get an overview of what you owe.

Then, she says, you can use an online tool, like a debt repayment calculator, to enter the numbers and compare different strategies. Two popular winning strategies are the avalanche and snowball methods. With the avalanche method, you start with the debt with the highest interest rate and work your way down, which generally saves you time and money on interest. With the snowball method, you start with the smallest debt and progress gradually, which builds motivation.

Another advice from Davis: Stop using your credit cards for now, which means looking at what sites and apps they’re already linked to. While you might remember not using a credit card when you make a big purchase, it’s the small, recurring expenses like monthly subscriptions that surprise you.

“Money moves fast now,” Davis says. “It’s easy to forget where our maps are linked. If you’re really serious about not using a credit card when paying, be sure to switch those accounts to a debit card.

Other Strategies to Fight Credit Card Debt

If your debt feels too overwhelming to deal with the avalanche or snowball method, there are other strategies that can help lighten the load.

Negotiate with your creditors. It never hurts to phone your creditors and ask what they can do for you, says Davis, especially if you already have a relationship with them. Your bank or credit union may provide a lower rate, waive fees, or provide a higher credit limit, which may reduce your use of credit and help you access low-interest financing at home. ‘coming.

Beware of the effects of what you ask. For example, extending a higher credit limit may require high credit demand, which may temporarily knock a few points off your credit score.

Consolidate your debts. If you have high-interest debt on multiple credit cards, consolidating is a smart move, especially if you qualify for a lower rate than you’re getting on your current debt.

A 0% balance transfer card is one of the best ways to consolidate your debt if you have good or excellent credit (FICO score of 690 or higher). These cards charge 0% interest for a promotional period – sometimes up to 21 months – so if you transfer your debts to the card and pay it off during this period, you won’t pay any interest. Some cards charge a balance transfer fee, usually 3% to 5% of the total transferred.

If you can’t qualify for a balance transfer card, a debt consolidation loan is another good option. These loans are available to borrowers from all credit backgrounds, but they charge interest, which is fixed over the term of the loan, so you’ll make the same payment each month.

Contact a credit counseling agency. Finally, you don’t have to go it alone. Arevalo recommends finding a reputable, nonprofit credit counseling agency that can help you budget, negotiate with creditors, or get into a debt management plan.

A debt management plan typically consolidates credit card debt at a lower interest rate and gives you a three to five year repayment plan. You may be charged a start-up fee and monthly fee for using this service.

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8 side effects of a bad credit score https://r43dsfrs.com/8-side-effects-of-a-bad-credit-score/ Tue, 21 Jun 2022 20:06:46 +0000 https://r43dsfrs.com/8-side-effects-of-a-bad-credit-score/ A credit score is a number lenders use to decide how likely they are to be repaid on time if they extend credit to a borrower. The credit score is calculated based on the information contained in the credit report, which is a record of the borrower’s credit history. A higher credit score indicates less […]]]>

A credit score is a number lenders use to decide how likely they are to be repaid on time if they extend credit to a borrower. The credit score is calculated based on the information contained in the credit report, which is a record of the borrower’s credit history. A higher credit score indicates less risk and a lower credit score indicates more risk. If you have a lot of unpaid debt that is giving you a low credit score, consider a debt consolidation loan for bad credit so you can be on your way to a higher score.

If you have a low credit score, you may have difficulty getting approved for a loan or line of credit. You may also be offered less favorable terms, such as a higher interest rate if you are approved. In some cases, you may not be approved for credit at all. Therefore, it is important to understand what factors contribute to a low credit score and take steps to improve your creditworthiness before applying for credit.

Here are 8 side effects of having a low credit score:

1. You’ll have a harder time getting approved for loans and credit cards.

2. You will likely pay higher interest rates if your credit is approved.

3. You may have trouble renting an apartment or getting utilities activated on your behalf.

4. You may be denied job opportunities or offered a lower paying job.

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5. Insurance companies may charge you higher rates or deny you coverage altogether.

6. You could be denied cell phone service or face higher monthly bills.

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Second load of new mortgage business up 48% in April: FLA https://r43dsfrs.com/second-load-of-new-mortgage-business-up-48-in-april-fla/ Mon, 20 Jun 2022 11:37:51 +0000 https://r43dsfrs.com/second-load-of-new-mortgage-business-up-48-in-april-fla/ The volume of new second mortgage business increased by 48% in the year to April 2022, according to the latest figures from the Finance and Leasing Association (FLA). The total number of new deals in April was 2,802, worth £127m, a 54% increase on the previous year. Of the new deals, 53% were for consolidation […]]]>

The volume of new second mortgage business increased by 48% in the year to April 2022, according to the latest figures from the Finance and Leasing Association (FLA).

The total number of new deals in April was 2,802, worth £127m, a 54% increase on the previous year.

Of the new deals, 53% were for consolidation of existing loans, 16% for home improvements, and 25% were for both loan consolidation and home improvement.

However, on a monthly basis, the figure represents a decrease from 3,058 new deals, worth £139million in March.

For the three months to March, 8,520 new second charge deals were completed, worth £385million.

The numbers rose for the 12-month period to March 2022, with 29,432 worth a total of £1,285m, representing an 83% increase in value over the previous 12 months.

Commenting on the latest new business figures for the second mortgage market, Fiona Hoyle, FLA Director of Consumer and Mortgage Finance and Inclusion, said: “The second mortgage market has recorded another strong performance in April, with annual new business volumes just 4% below the pre-pandemic peak.

“Of the total number of new agreements written in April, 53% were for consolidating existing loans, 16% were for home improvements, and another 25% were for both loan consolidation and home improvements. “

Meanwhile, Freedom Finance chief commercial officer Andrew Fisher said the current economic environment could create a growth opportunity for second-tier mortgage lenders.

“The second mortgage market continues to show continued growth and we expect this to accelerate throughout the year as people look to capitalize on real estate equity following the surge. real estate prices during the pandemic.”

“As the cost of borrowing rises and household budgets are tight, debt consolidation is likely to be another major theme in the current inflationary shock, and second mortgages may be a timely and favorable to erase or reduce existing debts.

“Given the recent increase in interest rates and potential further hikes from the Bank of England, those with longer term solutions may be reluctant to remortgage as they would likely switch to a higher rate. expensive and could also face hefty Prepayment Fees – second mortgages meet the needs of these customers very effectively.

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Student borrowers get a rare victory as the Senate approves a fix https://r43dsfrs.com/student-borrowers-get-a-rare-victory-as-the-senate-approves-a-fix/ Thu, 16 Jun 2022 21:23:00 +0000 https://r43dsfrs.com/student-borrowers-get-a-rare-victory-as-the-senate-approves-a-fix/ The Senate has approved a proposal that would allow borrowers struggling with student loan debt related to a spouse or ex-spouse to separate those loans. For many, it could also pave the way for their loans to be terminated under a federal loan forgiveness program. If approved by the House and signed by President Biden, […]]]>

The Senate has approved a proposal that would allow borrowers struggling with student loan debt related to a spouse or ex-spouse to separate those loans. For many, it could also pave the way for their loans to be terminated under a federal loan forgiveness program.

If approved by the House and signed by President Biden, the legislation would close a loophole created in the 1990s that allowed married couples to consolidate their student loans at a lower interest rate. Congress shut down the program in 2006, but never got around to separating the loans.

Nearly two decades later, borrowers are still chained to each other, even through divorce. And in some cases, borrowers are responsible for a debt related to an abusive former spouse.

An added benefit for some borrowers is that they can now become eligible for the Federal Civil Service Loan Forgiveness Program. The program allows long-serving civil servants such as teachers and firefighters who qualify to have their loans forgiven.

The Joint Consolidation Loan Separation Bill approved by the Senate on Wednesday would allow borrowers affected by spousal consolidation to separate their loans based on the original percentage they contributed.

“Now, if you contributed 70% of the student debt, you will be liable for 70%,” says Sen. Mark Warner, a Virginia Democrat who is a co-sponsor of the legislation. “Thousands of people were stuck with obligations, sometimes from a domestic abuser, it can be tens of thousands of dollars.”

For borrowers like Angela Powell, who lives near Dallas, going through the Senate is one step closer to freeing her ex-husband from debt. She says he hasn’t made regular debt repayments since 2016 and the burden of double loans has thrown her into forbearance and troubled financial situations.

The prospect of getting off a loan and finally closing this chapter of his life has Powell beaming: “I feel like I can lose some of my weight now. Thank you, Jesus!”

“A bit of hope crept in,” says Cynthia Malone, a licensed clinical social worker in Columbia, Missouri. “There’s a bit more bounce in my step today.”

Malone, like some of those borrowers, hopes this bill will be the solution she needs to get her loans forgiven. In their current form, these consolidated loans are not eligible for public service loan forgiveness, but if the House and President Biden sign off soon, some borrowers can separate their debts and apply for forgiveness.

The current PSLF waiver expires in October, so time is running out.

Representative David E. Price, the North Carolina Democrat who sponsored the bill in the House, looks forward to the next step: “We are optimistic that a bill that has passed the Senate at the unanimity will be taken up by the Chamber.”

Copyright 2022 NPR. To learn more, visit https://www.npr.org.

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Amid Rising Interest Rates and Inflation, the ClickStart Mortgage Emerges as the Most Affordable Option for Borrowers https://r43dsfrs.com/amid-rising-interest-rates-and-inflation-the-clickstart-mortgage-emerges-as-the-most-affordable-option-for-borrowers/ Tue, 14 Jun 2022 08:04:04 +0000 https://r43dsfrs.com/amid-rising-interest-rates-and-inflation-the-clickstart-mortgage-emerges-as-the-most-affordable-option-for-borrowers/ ClickStart Mortgage is a marketplace that offers wholesale mortgage prices from reputable mortgage companies. In today’s market, where interest rates are rising and inflation is making it harder for ordinary Americans to buy a home, ClickStart Mortgage emerges as an innovative marketplace that offers cheaper wholesale prices from top lenders. country mortgages. They are based […]]]>

ClickStart Mortgage is a marketplace that offers wholesale mortgage prices from reputable mortgage companies.

In today’s market, where interest rates are rising and inflation is making it harder for ordinary Americans to buy a home, ClickStart Mortgage emerges as an innovative marketplace that offers cheaper wholesale prices from top lenders. country mortgages. They are based on Scottsdale, AZ. Traditional retail loans no longer benefit the end consumer. This not only costs more, but also negatively impacts the customer experience.

ClickStart Mortgage discovered a way to solve this problem first hand. All it took was technology, time and effort to build a strategic relationship with the most reputable lenders in the country. Through these relationships, ClickStart Mortgage can offer its clients lower rates and better terms. Saving them thousands of dollars compared to traditional loans.

What is the difference between retail interest rates and wholesale interest rates?

Retail interest rates are what 90% of people get when applying for a mortgage. They are obtained when a normal consumer directly contacts a big box lender i.e. Rocket Mortgage, LoanDepositAmeriSave, Wells Fargo, Chase, Bank of America, etc. These companies have a lot of overhead. From employee payroll, executive salaries and office expenses to a multi-million dollar annual advertising budget, several contributing factors are costing the end consumer more and leaving them with higher interest rates.

Wholesale interest rates are the exact opposite. Cheaper, more convenient and easier to qualify. They are obtained when a consumer uses a third-party lender like ClickStart Mortgage to negotiate rates on behalf of their customer. ClickStart Mortgage has forged strategic relationships with these large lenders, allowing them to utilize a backdoor wholesale side that is not available to retail customers. Since ClickStart Mortgage finds its customers themselves and is not employed by these lenders, they are able to offer ClickStart Mortgage at a much better price and, in return, ClickStart passes those savings on to their customers.

The different types of loans available with ClickStart Mortgage are home purchase, home refinance, home equity lines of credit and debt consolidation.

The loan process is simple. It works as follows:

– Complete the mortgage pre-approval application first.

– Second, get options based on the criteria.

– Third, ClickStart Mortgage compares interest rates with their wholesale network of lenders.

– Then select the best offer that best suits your needs.

Some lenders that ClickStart Mortgage works with are AmeriSave MortgageRocket Mortgage, LoanDeposit, Caliber Home LoansHomepoint and many more.

Jack Humphres is the co-founder and CEO of ClickStart Mortgage. The other co-founders are Christopher Rutherford, Christopher Boczand Judge of Devon. All have decades of experience in the mortgage industry.

Jack Humphres has worked in the financial industry since 2012. He has held senior positions in renowned banking and mortgage companies such as Wells Fargo, Rocket Mortgage, AmeriSave Mortgage, and others. He, along with the other co-founders, saw the need for a mortgage marketplace to improve the customer experience and provide better pricing and transparency.

Jack Humphres said, “Customer experience is at the forefront of who we are and everything we do. We are nothing without our customers, and it’s our way of giving back and putting them first. I have seen a big disconnect from my years of experience in this industry, all the big companies I worked for were satisfying their bottom dollar instead of giving their customers the rates they deserved. why I decided to walk away and start this company. Consumers deserve better, and I will make it my mission to make sure they get it. Our plans are to continue to develop our ecosystem. We are building a business and a culture that will live on for decades. We are also currently working on a house search site Click Start Homes. This is where customers will be able to see new real estate listings as they come on the market, check current home values, sell their homes, and connect with top real estate agents in their area. It will also help real estate agents and brokers by leveraging our brand and connecting us with new clients.”

To get the best interest rates. To buy, refinance or withdraw cash, visit: https://clickstartmortgage.com, email contact@clickstartmortgage.com or call 800-701-7908.

For updates, follow ClickStart Mortgage, @clickstartmortgage on Instagram and Facebook.

About ClickStart Mortgage:

ClickStart Mortgage is a marketplace that offers wholesale mortgage rates from the nation’s top lenders. They have their headquarters at Scottsdale, AZ.

The organization has been able to utilize its wholesale side due to its experience working with major lenders in the industry. They have exclusive backdoor access to provide you with exceptionally low interest rates through these strategic connections.

Customers can use ClickStart Mortgage to compare and find the cheapest mortgages instead of acquiring expensive quotes directly from large lenders. ClickStart Mortgage takes advantage of these connections and passes the savings on to its customers.

ClickStart Mortgage is currently a partner of AmeriSave MortgageRocket Mortgage, Caliber Home Loans, LoanDepositHomepoint and several other companies.

Media Contact

Company Last name: Click Start Mortgage

Contact person: Support

Email: contact@clickstartmortgage.com

Town: Scottsdale

State: Arizona

Country: United States

Website: clickstartmortgage.com

Source: www.abnewswire.com

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More than 9 million people are eligible for the Student Loan Forgiveness Program, according to the report: Are you eligible? https://r43dsfrs.com/more-than-9-million-people-are-eligible-for-the-student-loan-forgiveness-program-according-to-the-report-are-you-eligible/ Sun, 12 Jun 2022 13:58:00 +0000 https://r43dsfrs.com/more-than-9-million-people-are-eligible-for-the-student-loan-forgiveness-program-according-to-the-report-are-you-eligible/ (NEXSTAR) — More than nine million Americans could qualify for federal student loan forgiveness under a program already in place, according to a new estimate. The Student Loan Protection Center released a new report on Thursday that looked at government data and found that millions of public service workers are likely eligible for debt forgiveness […]]]>

(NEXSTAR) — More than nine million Americans could qualify for federal student loan forgiveness under a program already in place, according to a new estimate.

The Student Loan Protection Center released a new report on Thursday that looked at government data and found that millions of public service workers are likely eligible for debt forgiveness under the loan forgiveness program. of the civil service, but have not yet filed the documents to start the process.

The Public Service Loan Forgiveness Program, or PSLF, was created in 2007 to help employees of nonprofit and government organizations cancel their student loans after ten years of payments (120 payments in total). The overall approval rating among applicants was low – only 1 in 5 of the 1.3 million borrowers seeking debt relief through the PSLF were on track for relief by 2026, according to a September 2021 report from The Washington Post.

In 2021, the U.S. Department of Education announced a change that temporarily waives some PSLF requirements to provide borrowers with credit toward loan forgiveness, regardless of their federal loan type or they had been enrolled in a specific payment plan. This waiver is currently due to expire after October 31, 2022.

As of early May 2022, the federal student aid office reports that only about 127,000 borrowers were eligible for a rebate under the PSLF’s limited waiver.

Of the nine million public service workers, according to the SBPC, who are eligible for a rebate under the PSLF, less than 15% have even filed paperwork to track their progress toward debt cancellation. According to the SBPC, California, Texas, Florida and New York have the most public service workers with student loan debt.

The Department of Education has not yet responded to Nexstar’s request for comment regarding SBPC’s report.

What you need to know about qualifying for the PSLF

As explained above, the PSLF aims to grant eligible civil servants debt forgiveness after a certain number of payments.

Eligible borrowers must:

  • Be employed by a U.S. federal, state, local, or tribal government or nonprofit organization (federal service includes U.S. military service)
  • Work full-time for this agency or organization
  • Have direct loans (or consolidate other federal student loans into one direct loan)
  • Make 120 qualifying payments

Under the current PSLF exemption, eligible borrowers can receive credit for payments made on other types of loans, under any payment plan, before consolidation or after the due date. . Those who have received the teacher loan forgiveness can apply for the period of service that led to their PSLF eligibility, if they can certify PSLF employment for that period.

How to determine if you qualify

The first step in determining your eligibility is to visit the FSA website and log into your account. You will be able to search for your employer in the FSA database and add information about your employment. Once you have found your employer, you will be able to see if they are eligible for the PSLF.

Next, according to SBPC’s step-by-step guide, you’ll want to determine what type of federal student loan you have. Direct loans are eligible for the PSLF while other loans must be consolidated into a direct consolidation loan. Until the end of October 2022, previous eligible payments you have made on a non-direct loan will count towards the 120 necessary payments that PSLF requires for forgiveness.

Once you have completed the steps above, you will need to confirm your employment. You should then be able to submit your PSLF form.

The FSA has created a help tool to guide borrowers in completing the form.

Who is eligible for already approved student loan forgiveness?

Although widespread student loan forgiveness has yet to become a reality, some US borrowers have already received debt relief. About 1.3 million borrowers have seen $25 billion in student debt forgiveness since President Biden took office.

So far, thousands of borrowers have received $6.8 billion in debt forgiveness “thanks to PSLF improvements”, according to the Department of Education. About 690,000 other borrowers saw a total of $7.9 billion in student loans forgiven through releases due to borrower defenses and school closures. More than 400,000 borrowers have received more than $8.5 billion in debt forgiveness through total and permanent disability release.

Biden will likely announce his plans for more widespread student debt forgiveness in July or August, The Wall Street Journal reported Monday.

WXIN’s Matt Adams contributed to this report.

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CFPB settles with payment processors and landlords | PC Weiner Brodsky Kider https://r43dsfrs.com/cfpb-settles-with-payment-processors-and-landlords-pc-weiner-brodsky-kider/ Sat, 11 Jun 2022 00:25:52 +0000 https://r43dsfrs.com/cfpb-settles-with-payment-processors-and-landlords-pc-weiner-brodsky-kider/ The CFPB recently issued a consent order against two payment processors and their owners – individually – resolving an administrative enforcement proceeding based on alleged violations of the Consumer Financial Protection Act and the Sell By Rule. telemarketing. Payment processors provided account management and payment processing services to consumers across the United States who were […]]]>

The CFPB recently issued a consent order against two payment processors and their owners – individually – resolving an administrative enforcement proceeding based on alleged violations of the Consumer Financial Protection Act and the Sell By Rule. telemarketing. Payment processors provided account management and payment processing services to consumers across the United States who were enrolled in debt relief programs. The consent order requires payment processors and individual owners to repay consumers $8.7 million in fees and pay a civil penalty of $3 million. In addition, individual owners and one of the payment processing entities are permanently excluded from the debt relief payment processing and account maintenance sectors.

The CFPB made several specific findings of violation in the Consent Order:

  • payment processors designed and implemented policies and procedures that allowed student loan debt relief service providers to levy advance fees in violation of the TSR;
  • the payment processors were affiliated with debt relief service providers that required consumers to place funds for debt relief service fees in accounts operated by the payment processors in violation of the TSR;
  • payment processors were paying commissions to third-party marketing companies for consumer business referrals in violation of the TSR;
  • payment processors have engaged in deceptive acts or practices by falsely representing that they are independent of debt relief service providers in violation of the CFPA; and
  • payment processors engaged in deceptive acts or practices in violation of the CFPA when they failed to deliver on their promises to consumers to withhold fee payments to debt relief service providers until confirmation that (1) the consumers complied with their debt consolidation agreements and (2) the debt relief service provider had won the charges.
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Using personal loans for home improvement https://r43dsfrs.com/using-personal-loans-for-home-improvement/ Thu, 09 Jun 2022 03:36:33 +0000 https://r43dsfrs.com/using-personal-loans-for-home-improvement/ Other ways to pay for home renovations Getting a personal loan for home renovations isn’t the only way to cover this big expense. If a personal loan isn’t what you had in mind for your home improvement needs, explore the other options on the table. Credit card A credit card might be the most accessible […]]]>

Other ways to pay for home renovations

Getting a personal loan for home renovations isn’t the only way to cover this big expense. If a personal loan isn’t what you had in mind for your home improvement needs, explore the other options on the table.

Credit card

A credit card might be the most accessible way to pay for your home renovations. This is especially true if you already have a credit card in your wallet with a high enough limit. You will not need to complete another loan application. Instead, you can start covering costs with your plastic right away.

But there’s a big downside to using your credit card for a home improvement loan. It’s the high interest rates associated with credit cards. That higher interest rate can mean paying a lot more in finance charges for the same home improvements.

If you need to jump-start the home improvement process right away, consider credit cards as a temporary solution. But look for a more permanent option in the form of a lower interest rate loan.

Home Equity Loan

A home equity loan is essentially a second mortgage based on the equity you have accumulated in your home. Equity is the difference between the current value of your home and the outstanding balance of your mortgage. So if you own a $250,000 home and still owe $100,000 on the mortgage, then you will have $150,000 in home equity.

You cannot borrow all the capital you have built up in a house. But depending on your situation, you could tap into a relatively large loan amount. After receiving the lump sum loan amount, you will make regular monthly payments for a set number of years.

If you default on the loan, the lender has the right to foreclose on the home. For homeowners who can commit to another mortgage payment and want to make lots of upgrades, a home equity loan might be a good choice.

Home Equity Lines of Credit (HELOC)

Like a home equity loan, a home equity line of credit (HELOC) is based on the equity you have accumulated in your home. But unlike a home equity loan, a HELOC is a revolving line of credit that you can draw on as needed.

When using a HELOC, the loan details will look more like a credit card. This is because you can withdraw funds when you need them throughout the draw period. However, you will still need to make regular monthly payments to pay off this balance. And don’t forget that this monthly payment is in addition to your current mortgage payment.

If you’re not sure how much your home renovations will cost, this type of financing gives you the flexibility you need to cover the costs. But you will use your home as collateral for this line of credit. With this, the lender can seize your home if you are behind on your payments.

Refinancing by withdrawal

A cash refinance allows you to take out a new mortgage with different loan terms. If you have built up equity in your home, this type of loan allows you to withdraw a lump sum.

Of the financing options on this list, you’ll likely get the lowest possible interest rate with a cash refinance. But make sure you can get an interest rate lower than your current mortgage rate before you jump in.

You will need to know the cost of your home improvement project before finalizing your cash refinance. Otherwise, you risk not getting enough to complete the project. You will not be able to withdraw the necessary funds with this financing solution.

Plus, you’ll have significant upfront costs with a cash refinance. Essentially, any closing costs you paid for your original mortgage will have to be paid again for your new loan. Typically, closing costs run into the thousands of dollars. Take the time to crunch the numbers before you go ahead with a cash-out refinance.

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Woman who wiped out £60,000 debt in five years explains three tips to fix your finances https://r43dsfrs.com/woman-who-wiped-out-60000-debt-in-five-years-explains-three-tips-to-fix-your-finances/ Mon, 06 Jun 2022 13:51:28 +0000 https://r43dsfrs.com/woman-who-wiped-out-60000-debt-in-five-years-explains-three-tips-to-fix-your-finances/ Nikki Ramskill was just 18 when she pulled out her first credit card shortly before starting medical school – despite having “no idea” about money. By the time she reached her thirties, the now fully qualified doctor was £60,000 in debt and unsure how to settle her finances. The money she owed consisted of credit […]]]>

Nikki Ramskill was just 18 when she pulled out her first credit card shortly before starting medical school – despite having “no idea” about money.

By the time she reached her thirties, the now fully qualified doctor was £60,000 in debt and unsure how to settle her finances.

The money she owed consisted of credit cards, loans and overdrafts, and she had also received a £3,500 tax bill from HMRC.

But it wasn’t until Nikki took time off work to travel that she realized “how bad” her debt had become.

She admits her five-month break only made her finances worse – but Nikki says it also gave her the boost she needed to reassess her situation.







Nikki says traveling helped her realize how serious her debts had become
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Nikki had around £10,000 in savings at the time, but said it was nowhere near enough to cover her travel and bills at home, including a flat she partly owned in London.

She had traveled through Australia, New Zealand and Southeast Asia.

“I was trying to pay my bills and I was also trying to pay for my trips. That’s when I realized how bad it had gone,” she explained.

Do you have an incredible debt story to tell? Let us know: mirror.money.saving@mirror.co.uk

“I had always wanted to travel, so I really wanted to go, but being away gave me time to think. I panicked because I had no money coming in.

“That’s when I thought ‘oh my god, this is terrible’. I was on a chance of a trip of a lifetime that I may never do again.

“As soon as I got home, I decided to do something. I was about 31 when I finished traveling.

“The highest level of debt I was incurred in was £60,000. I made my situation worse by traveling and being out of work for a while.

Nikki had previously tried using 0% balance transfer credit cards to clear what she owed, transferring her debt to an interest-free arrangement, but Nikki soon discovered she was no longer accepted for these cards.

Generally, only those with the best credit ratings are accepted for 0% balance transfer credit cards.

After her travels, Nikki then tried to settle her debt using the snowball method – this is when you start by paying off the smallest of all your loans first, before moving on to the next largest.

The idea is that by paying off a debt, you’re more motivated to keep going.

But after moving from working in the hospital to training as a GP, Nikki found her salary had dropped by around £1,000 and said she was no longer able to pay her reimbursements.

That’s when she decided to talk to her bank about a debt consolidation loan and find out if it would be right for her.

A debt consolidation loan involves taking out one loan to pay off all of your existing debts. So, instead of making many refunds to different companies, you only make one refund per month.

Nikki said it was the second time she tried to consolidate her loan, as the first time “didn’t work out” as she continued to spend on her credit cards.

“I cut up all my credit cards and didn’t use them because I didn’t trust myself. I had to go cold turkey,” she said.

“The good thing was that it cut my payments in half. The other good thing was that the interest rates I was paying were much lower.

“My credit cards were at 11% APR and my loan at 6.2%. There were no arrangement fees or prepayment fees.

“The downside is that people who have everything consolidated into their mortgage run the risk of not learning a lesson. If you want to do this, you must eliminate all use of debt.

“I was lucky. I was in a good job and spoke to a risk bank manager in person. It’s not for everyone.

It took Nikki around five years to pay off £60,000 in debt. At the time, she was earning around £2,800 a month.

She paid back £10,000 through the snowball method, around £40,000 through her loan, and then the remaining £10,000 was left to her by her father who sadly passed away.

Debt consolidation loans – the pros and cons

Before opting for a debt consolidation loan, the first thing to check is whether you can reduce the costs of your debt in another way.

Nikki says she was no longer able to take out a 0% balance transfer credit card, but if that’s an option for you, it will be a cheaper way to settle your debt.

The idea of ​​a debt consolidation loan is that it can help simplify your finances, so you don’t have to keep up with lots of debt – but it’s not for everyone.

For some people, this may mean that you are able to consolidate a number of expensive debts into one loan at a lower rate, so you spend less on interest each month.

But high fees can also apply, especially for those who want to make early repayments, says Sarah Coles, senior personal finance expert at Hargreaves Lansdown.

“You have to check the costs carefully. Some of these loans will spread out the repayments longer to make the monthly payments more affordable, but that means the interest goes up,” she said.

“Some debt consolidation loans will be secured by your home, so if you miss payments, your home could be at risk. Debt counselors would never suggest taking out a secured loan to pay off unsecured debt.

“You should also check the termination fee for an existing loan agreement – and if there are any prepayment charges. This may not be an option at all if you have a bad credit history. “

Ms Coles also points out that you can sometimes end up with just one unmanageable payment, which won’t leave you any better off than before you took out the loan.

You should always seek free debt advice before taking out a debt consolidation loan, to make sure it’s the right path for you and to understand how much you’ll be paying back and for how long.

Three tips if you’re in debt and struggling

Nikki, who now runs her website The Female Money Doctor to help inspire others in debt, offered the following advice for anyone struggling:

  • Tell someone ASAP: “My other half knew about my debt but didn’t know the extent of it,” Nikki said.
  • Talk to a Free Debt Advisor: “There’s no shame in talking about money.”
  • Don’t procrastinate: “Get help and decide quickly what you want to do.

There are free organizations that will help you clear your debt:

Always be wary of companies that try to charge you for debt help, as you can get advice without paying a dime.

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