Recent times of economic crisis has seen a lot of people struggling with their finances and falling in the debt trap. This is because almost all of them have exposed themselves to several loans which are beyond their capacity to hold looking at their income. The situation led people to live their life from paycheck to paycheck. Any disruption in their salaries saw them striving to meet their expenses. Most of them were found to struggle with their debts and the repayment of the same became a huge burden for them. Such circumstances forced people into gaining knowledge about how their life really gets affected by the loans they take and what are the factors that affect their finances. [Read more…]
One incontrovertible fact is that the insurance industry in the UK is always changing. This dynamism requires businesses and service providers alike to adapt constantly and at SSP, this is where we specialise. Finding newer and more effective ways to operate is really at the heart of much of this change, as observed in the rising importance of aggregator channels and policy add ons.
When winter arrives the bills for living invariably go up. After all, electricity and gas companies seem to forever be increasing their prices when people need their services most, and Christmas can make a huge dent into the bank balance. As such, there are many people trying to think of ways in which to raise a bit of extra cash at the moment. Fortunately, there are things that people can do to get themselves out of tight financial situations. Whether you want to sell Acer laptop or set up a craft stall, here are a few ideas that will bring in some pennies this winter. [Read more…]
The Internal Revenue Service (IRS) can consider a loan that has been written off or settled by your creditors as a taxable income. In other words, you are liable to pay taxes on the forgiven debt amount you owed to your creditors.
How forgiven debts are justified as taxable income
Generally, creditors write off debts after a certain period of time, say for instance, one, two or three years after you’ve defaulted on your loans. It is the creditors who then would stop all sorts of collection activities to get back their loan money, declare them as uncollectible and report about the same as lost income to the IRS. This the creditors do to minimize their tax burden.
We all have different aims in life, and we all operate in our own way. This is especially true when it comes to business, as one person could work happily in an organisation that another person would hate. This is why the question, “is it worthwhile becoming a freelance business consultant?” is tricky to answer, as everyone has their own circumstances to deal with.
Do you want to lower your multiple bills as well as save money at the same time? When you’re in a debt rut you may aim at organizing your debt and tips to lower your financial stress. If you think consolidation can solve your problem, then you’re mistaken. This is because most of the people aren’t aware of the drawback of different debt consolidation method. You can decide whether or not consolidation is a good option for you only after considering the drawbacks of its different types of consolidation loan. Here are some of the drawbacks of different types of debt consolidation loans: [Read more…]