Artist's rendition of "marie" (or is it a photograph?)

The countess divorce continues to snare its share of the headlines. My previous take on the struggle garnered the following response from a reader by the name of “sheri” on March 23, 2009 at 9:58 a.m. (Thank you for reading our payday loan blog, sheri!) Here it is, with her comments in bold and mine in italics:

“Get the facts buddy.”

OK. So you want me to take your word for it that you’re privy to inside information? Establish some credibility to allay my doubts… then we’ll talk about whether I’m your “buddy.”

“He (the filthy rich George David) bullied, coerced and threatened her into the POST-nup agreement. Then HE had her quit her job so that she could be with him when he traveled for business ect.” (sic)

Great. Now make me believe you. Show me corroborating evidence or sources.

“HE filed for divorce and she went to Sweden and had a weekend affair. HE had been having affairs with multiple women at that point and puts his mistress up in his Avon home.”

Again, simply because you say so does not persuade me. I don’t pretend to be an insider, but I do utilize multiple sources for information. Since you have called me out, the onus is on you, sheri, to tell me WHY I’m wrong.

“HE was angry with her when she had a miscarriage and wouldn’t visit her, BECAUSE HE was busy with his mistress.”

Sounds like that would be terrible behavior. But again, show me something.

“HE gifted her with those jewels, but they aren’t hers, they are in his name so he could cheat on taxes.”

If this is true, so what if he cheated on his taxes? There are much more serious issues in play here, as there are in the world at large… and besides, the IRS isn’t even a government agency and is illegal (see http://www.christianparty.net/irs.htm).

“Shall I continue? You sexist jerk.”

sheri, if that’s all you can offer, please don’t continue. If you want to have a dialogue, I welcome it… but let’s avoid name calling. It is sexist on your part to assume that because I am a man and take a position that questions Marie Douglas-David’s motives in reneging on a legal agreement that – so far as I have seen was not forced upon her via any of the means you allege – that I am a “sexist jerk.” That tends to deflate any credibility you hope to establish here.

Prove me wrong, sheri. Then CLICK HERE to continue reading this article.

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It’s been a torrid morning and it’s left me in a ratty mood. If I had staff working in my office I would fire everyone right now! However, mine is a one-man business. It’s kept pretty busy, or as busy as I want it to be. It allows for such pleasures as a nap after lunch, a visit to a grandchild, or an extra-long lunch hour with a friend. The office is a few steps away from the bedroom and it boasts all modern conveniences such as a computer, fax and telephone.

It’s not all fun and games

The biggest disadvantage of my business is the long hours – I work 24 hours a day. This doesn’t mean that I am working all the time, but the office is open to anyone who calls.

Financing the business

The financing arrangements are simple. I finance everything. I have a partner who makes no contributions at all. When there is a cash crisis, I apply for and receive a Payday Loan which sees me through to the next payday.

Why do I feel like the IRS is now my business partner?

My Partner the IRS

I have a partner, aka the Government, alias the IRS, also known as the Income Tax Department and secretly known by me at various times of the month as “The Bloodsucker,” “The Parasite,” “The Thief” and some shorter 4 letter versions of all the above.

My partner knows everything

Because we are such close partners, we meet regularly. I, as the active partner, divulge all the intimate secrets of the business. I tell him about my old clients and about my new clients. I boast about the amount of work I have been doing in order to properly impress him. He, being the sleeping partner, simply gazes at everything and remains silent.

The partners meeting

I was at his office this morning. We decided a long time ago to meet there and not in the place where I do the actual work. Unlike my desk which is always covered with stacks of papers, little notes on scraps of paper and the back of coffee-shop napkins and a hundred reference books, his desk is clear, containing only a computer screen and keyboard. Sometimes I wish I could be as organized as he is.

The partnership arrangement

We have a partnership agreement. It is simple and straightforward and is based directly on the sharing of income. This is what led to the argument this morning. After I had formally tabled the trading results for the past year, my partner looked at me, smiled, nodded his head in delight and said “thirty-seven point three percent.” I laughed and thumped the table with my fist saying, “very funny indeed! Got any other jokes for me?”

“I’ll check it,” he grumbled and went back to the keyboard and the screen and then said, “I beg your pardon, you are right. I made a mistake. Thirty-seven point one percent.”

This time I hit the top of his desk with the palm of my hand, sending off a loud bang and causing the keyboard to leap into the air.

My partner is upset

“There is no need for that,” said my partner. “We have an agreement, after all.”
“What about your contribution?” I yelled. “What did you do to justify your share?”
“I am upset by your attitude,” he said.
So my partner is upset? Who cares!

You may think that with all of the other problems the government is dealing with they don’t have time to worry about whether you did your taxes right. However, the opposite is true.

In the last 10 years the IRS has more than doubled the amount of audits it conducts. It uses a complicated formula to decide who it will audit, but there are a few steps you can take to decrease the chances that it will be you.

Take advantage of technology

There are plenty of web sites out there that will let you submit your taxes online. Filing electronically is helpful in a lot of ways. Forgetting to sign tax returns is a very common mistake, but tax software and web sites won’t let you submit a return without an electronic signature.

Most sites and software programs also have built-in programs that check for mistakes on your paperwork so you can catch and correct mistakes before you submit your taxes.

Keep track of donations

Taxes are a good example of a time when doing the right thing can come back to bite you. Deductions for large charitable donations will raise red flags for the IRS. Average charitable donations are usually no more than 2 percent of a person’s income. If you have donated  more than that, make sure you explain what the donation was for and why it is so big. Also, it’s very important to include receipts.

Proof to back up big deductions

Other large deductions will raise red flags, too. Many medical bills can earn deductions, but if you have an especially large medical bill that amounts to a large deduction, make sure you have careful documentation. Make sure you have copies of your bills, especially if they amount to more than $50,000.

If you’re itemizing deductions, remember that any deductions for meals or entertainment that cost more than $75 requires a receipt.

Extension does not defer payment

If you file for an extension on your taxes, remember: An extension only puts off submitting your tax forms. It does NOT put off the date you must pay if you owe money to the IRS. Any taxes you owe are due by April 15. If you can’t pay the full amount you owe, you must set up a  payment plan before April 15.

Steer away from credit cards

Already millions of Americans have used credit cards to pay off their taxes this year. Using a credit card to pay tax bills is a huge mistake. With convenience fees and interest, it could take years to pay off a tax bill. When people owe taxes, the average amount is $2,200. Including convenience fees, if a person made minimum payments at 12 percent interest it  could take up to 14 years to pay off that amount.

Unemployed or underfunded

If you owe less than $25,000 in taxes and you can pay it off within five years, you can arrange a payment plan with the IRS. You will have to pay interest, but the rates are generally a lot more favorable than a regular loan. And the IRS interest rate will be a fraction of a credit card interest rate.

When you need a little bit of extra cash, there are few options as fast, convenient and discreet as payday loans. Yet during tax time, the eyes of some consumers may be captured by the tax refund loan ads of big-box tax preparation services like H & R Block and others. However, tax refund loans do consumers an expensive disservice. This is the focus of a recent article by personal finance author Thursday Bram. She writes for the finance blog Investopedia that tax refund loans are products that should be handled with extreme caution – if they must be handled at all.

Payday loans are cheaper and much more flexible. Why waste money? Pay a flat fee of $15 to $30 per $100 loaned and be done with it. They are not difficult to pay on time, and numerous studies show that as high as 90 percent of customers do pay off their cash advance on time.

Tax refund loan numbers not in your favor

Bram shows that according to National Consumer Law Center research, 12 million taxpayers took tax refund loans in 2004, which is a staggering figure. Imagine how much money they could have saved if they’d explored their options more fully. Sure, it seems easy. The tax preparer offers an advance payout that’s available immediately. How convenient; no need to wait for the IRS to get around to your return and either mail or wire the funds. Once fees for the service are factored in, however, the tax preparer takes a large part of the person’s tax refund.

Bram suggests some alternatives, such as adjusting your W-4 with your employer to reduce withholdings. Cash Advance Mojo suggests something along the lines of an online payday loan if waiting for adjustments isn’t an option.

Of course tax refund loans are a good deal for the preparers. Otherwise, they would not be pushing them to the public this time of year. For one thing, since the loan cannot be more than what the consumer would receive in their refund, the odds that the tax refund loan will be repaid on time is extremely high. If the preparer files all paperwork properly (which big-box tax preparation companies tend to guarantee), how can they lose?

The IRS has tried to crack back tax refund loans

Have I got a tax refund loan to sell you...

They have tried, but nothing has stuck. But the law hasn’t ignored tax refund loans by any means. In 2002, H&R Block settled with the New York City Department of Consumer Affairs over these predatory loans. In 2006, the company went to court again, this time with the State of California.

Bram brings up another troubling ethical issue with these loans: tax preparers can “inflate expected tax returns to improve their profits. While this procedure is unethical, the gamble can sometimes be worthwhile. These tax preparers essentially bet that the IRS will not catch the changes made to their clients’ tax returns and charge higher fees to make a profit.”

Tax refund loans – steal from you, lie to the IRS

Something new is coming. Bram writes that the IRS will roll out the Customer Account Data Engine (CADE) by 2012. Among other things, this can process a consumer’s return within 24 hours and issue refunds within three days. This should effectively eliminate the need for tax refund loans. Thus, if a consumer is in a tough place financially around tax time, they won’t have to wait for any refund money. However, at other times of the year, the need for emergency cash beyond what the budget covers can be met with payday loans.

If you need assistance with tax trouble click tax resolution/settlement.

Former President George W. Bush

You may need payday loans after reading this.

Julia Sullivan of National Spending Journal has some bad news for you. If you were lucky enough to receive an economic stimulus check in 2008, that amount will be deducted from any refund you’re due to receive in 2009. Think of it as a Three Stooges-style “nyuk nyuk,” complete with a belt to the chops.

That’s right, you weren’t being given free money like you thought. That was an advance on this year’s tax refund. Doesn’t this news come at a great time for Americans who are wondering if they’re going to have a job tomorrow? Gosh, I’m tickled.

The government takes your money and gives it to bad banks

Remember how good that $600 dollar check felt? American workers were having a tough time then. Now, things are much worse. If you received more than $600 due to a family-sized refund, expect a family-sized reduction this time around. This could very well be part of the economic stimulus incompetent or unrepentantly greedy banks receive under President Obama’s watch. Let’s hope he changes his mind about capping payday loans. They’re much cheaper than tax refund loans.

Here’s Sullivan’s blow-by-blow of what has happened. Apparently, the stimulus was a sign of a change to the 2008 tax code (that’s this season’s taxes). It was an elimination of the 10 percent tax on the first $6,000 in income (which is where the $600 figure for the stimulus checks came from). The  hope was that consumers would spend the money and stimulate the economy.

However, results were less than satisfying. Consumer spending is down, while saving has increased. But have we saved enough for a deeper winter? Guess we’ll all find out for ourselves. Until then, remember that payday loans are an option if you need a short-term bridge over surprise expenses. If you can’t remember how much “stimulus” you received in 2008, check with the IRS here. For more on the “stimulus” program, click here. Plus, check out the video below. Some are trying to turn this stimulus fear into a scam. If you need assistance with tax trouble click tax resolution/settlement.

If you need a loan you have come to the right place

If you need a loan consider a payday loan which will be due usually the payday after next or an installment loan where you get to chose your pay dates and how many weeks you want to stretch your payments. We have a safe and secure application process that will find a lender to approve your application. You may be able to get spendable funds in as little as two hours after completing the application.
Apply Now!

Timothy Geithner

Your payday loan source keeps you updated on the nation’s financial news.

The United States is one step closer to having a new Banker in Chief. Timothy Geithner’s nomination today was approved by a Senate panel, and next the full senate will vote. Despite concerns about Geithner’s mistakes on his taxes at the beginning of the decade, he was approved 18-5.

Obama says he hopes the full Senate will approve Geithner quickly to expedite implementing the stimulus and bailout plans in the works. Geither will head up the $825 billion American Recovery and Reinvestment Plan and the distribution of the remaining $350 billion in Troubled Asset Relief Funds.

A big job

According to Wikipedia, the Treasury Secretary “is responsible for formulating and recommending domestic and international financial, economic, and tax policy.” The secretary also is the top financial adviser to the president. Geither will be very influential in how the stimulus and bailout plans are implemented.

Furthermore, Geithner will be involved in making long-term economic policies. As the economic landscape in the country changes over the next four years, Geithner will be responsible for creating policies that will govern the nation’s finances for years to come.  He could even be involved in making policies that apply to payday loan companies.

Obama’s first request

Before Obama was given access to the other half of the TARP funds, he promised more transparency in regard to how the money is spent. Many politicians and other citizens were disgruntled about the way the first half of the TARP funds was handled. The main complaint from the Senate and the public was that the Treasury didn’t track how the money was used.

Geithner, if his nomination is approved, will be responsible for keeping Obama’s promise to track where the TARP money goes and the effects it has. He will also need to present this information to the public in order to follow through on the promise of transparency.

Full disclosure

Geithner has done pretty well so far at being transparent about his personal finances. He didn’t hesitate to talk about the mistakes he made on his taxes at the beginning of the decade. He disclosed the amount and nature of the mistakes, and repaid all back taxes and interest.

The IRS audited his taxes for 2003 and 2004 and found that he had mistakenly not paid his taxes in full because he worked for an international company that does not automatically deduct taxes for Social Security and Medicare. He then took it upon himself to re-evaluate his own taxes for 2001 and 2002 and made reparations for those years.

Money management

Despite Geithner’s honesty and transparency regarding his taxes, some senators argue that making those mistakes in the first place makes him disqualified for the Treasury Secretary post. The five “no” votes regarding the Geithner’s nomination came from Republicans.

The five dissenters said Geithner’s tax mistakes were a serious error for an official who would oversee the IRS. Even some Democrats who voted “yes” expressed disappointment that the man who will likely oversee the nation’s finances made mistakes on his own taxes. But they said because of the urgency of the economic crisis, they approved him so that recovery plans could quickly be implemented.

Check with your payday loan source for more news on the economy.

NEW YORK - APRIL 15

But let’s think about it. Since it’s time to file your income taxes, you may be thinking about the size of the refund you are entitled to. If you experience a financial setback at this time, it’s only natural to be interested in the possibility of receiving your tax refund money early, right?

Be careful – tax refund loans aren’t as good as they seem

Tax refund loans, also called instant refund loans or refund anticipation loans, seem like a great thing if you need cash right now. But the costs are steep. Origination fees range from $29.95 to $89.95, and electronic filing fees of $40 are also common. All you typically need to apply is a year-end pay stub, proof of employment and identification. Sure, you can receive all or a portion of your tax refund (up to about $5,000) within a couple of days, but why would you want to when payday loans are available without origination or “filing” fees?

According to About.com, “the fees for the average refund of just under $2,000 extrapolate to an annual percentage rate of 222.5 percent. Yet 12 million taxpayers paid over $900 million dollars in fees last year just to get their refunds a little faster.”

People think they need tax refund loans

Have they heard of no fax payday loans? They a much more attractive option. Yet the new trend persists.

In Atlanta Journal-Constitution coverage of this outrageous phenomenon, we see that people are indeed using tax refund loans to cover cash emergencies. Graphic artist Pat Cameron had medical bills to cover, so he went to Jackson Hewitt for a tax refund loan.

“I know they charge so much, but this will get me through the first of the month,” he said.

The IRS doesn’t endorse such programs, but neither do they openly speak out against them. They encourage taxpayers to use free electronic filing services, which directly deposit any refund monies due into a consumer’s checking or savings account in about 10 business days. For those who can show hardship, there are even special programs available. But if even that is not fast enough, faxless payday loans are a much better option than tax refund loans.

Recession drives people to desperate ends

That’s exactly the category tax refund loans fall under: desperation.

Overdue bills, foreclosures, rent and many other ominous signs are threatening the financial well-being of consumers. Numerous big-box tax preparation companies like H & R Block, Jackson Hewitt and others are swooping in with these high fee, high interest loans.

Suzanne Boas, president of the Consumer Credit Counseling Service of Greater Atlanta, is quoted on the matter in the Journal-Constitution

Generally, we don’t think it’s a good idea to pay such an exorbitant rate to get what would be due to you anyway in a couple of weeks.

Consumers, payday loans are a better option!

If you are due a tax refund, you will receive it in a couple of weeks if you are using free electronic filing with direct deposit. Don’t go the route of tax refund loans unless paying exorbitant fees upon fees, plus high interest are OK with you. Logically, it’s not the best choice. If you need quick cash for an emergency and can’t wait until you have your tax refund safely in your bank account, try payday loans. They’re cheaper, fast and quite discreet.

If you need assistance with tax trouble click tax resolution/settlement.

Yesterday in Part II of this series I addressed some great solutions for helping you eliminate debt with some balance transfer strategies. These strategies were primarily for those of you who, although struggling with debt had not yet defaulted on any payments and were still holding on to some reputable credit; perhaps you’ve gotten payday loans to stave off the fees. You can review the article by clicking on the link below.

“The Beginning Of The End | Eliminating Consumer Credit Debt”

Today, as promised, we are going to jump sides and discuss some strategies you can use to eliminate debt if you are further along in your struggle and have missed or defaulted on several payments resulting in a low credit score. This perhaps has prevented you from taking advantage of the low interest balance transfer options.

Poor Credit Strategies for Eliminating Debt

In debt and overdue? There is still hope!

As poor as your credit may be, the credit card companies still want you to do business with them. But a poor record of missed payments and the like will prevent you from creating any new accounts with additional creditors as they will no doubt see you as risk. They only want your business under two conditions: the first condition being that you have some reputable credit and the second being that you currently owe them money. The second is what you will need to leverage to your own advantage.   Payday loans to keep from missing a payment after an expense can help you keep a good payment history.

Your creditors may not be happy with you, but as long as you owe them money, they are willing to do some surprising things to get some, if not all, of that money back!

Negotiating With Your Creditors

Often times, if you are defaulting on your payments, creditors will be willing to negotiate a settlement with you. At this point they will start to focus more on what they can get back from you and not so much on what you still owe. Credit debt can often be negotiated down to around 25 to 50 cents on the dollar so if you had $50,000 in consumer credit debt, you could likely negotiate that down to as low as $12,500. This would be a dramatic change in the amount of financial stress you are currently shouldering. However, there are some catches that you must be aware of when committing yourself to these negotiations.

Consider The Consequences

First of all, negotiating down your debt will not allow you to finish paying off what you owe and then walk away with a spotless credit rating. Your credit score will be negatively affected for a period of seven to ten years before finally dropping off your credit report. Therefore, you will want to take careful consideration of your financial plans in the future.

If you are already defaulting on your payments, your credit is already blemished. Late payments of 30, 60, and 90 days or more, have already been reported to the credit bureaus, and will plague your credit score for at least thirty-six months before disappearing. So keep this in mind as well.

The big question for you then would be, “is it worth it?” Depending on your debt load, it just may be.

Bankruptcy May Be Your Best Option

Bankruptcy may be your best option

Another thing to consider if choosing to negotiate your debt down is how much will you still owe once the debt is negotiated? Furthermore, how long will it take to pay off the negotiated balance?

Whatever debt is forgiven during the negotiations is looked at as “phantom income” by the IRS, so depending on the amount forgiven, you could be looking at a hefty tax bill come the end of the year. Consider also that this might bump you into a different tax bracket that may be a disadvantage to you. The last thing you want is a bill from the IRS that you cannot afford to pay. Your current financial problems pale in comparison to what they would be if you get yourself in trouble with the IRS, and payday loans alone won’t be able to pay off the fees they may hand you.

Also, if the amount of the negotiated balance is 50% or more of your yearly income, it may be just better to claim bankruptcy. This is not something to be proud of, but the fact is this, your credit is going to be marred for quite sometime as is, and if it will take you longer then 7 to 10 years to pay off your negotiated balances then bankruptcy is your best option as it will roll off your credit report in the same amount of time. The only difference is that you wont be burdened by a debt in the mean time.

Bankruptcy is not fun to think about, but it may be the best thing you can do for both yourself and your family. Once done, you will be building your credit from scratch. Learn from your past mistakes and move on.

To your financial health,

by Personal Money Store

Your Payday Loans & Financial Education Resource