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Posts Tagged ‘bank’

Did your bank or employer receive an IRS levy directed at you?

One of the worst feelings is when your your work notifies you that they have a Notice of Levy from the IRS instructing them to keep most all of your next paycheck. Equally bad is when your bank notifies you that they have a Notice of Levy from the IRS telling them to deliver the funds in your bank account to them. When the IRS complies with the law, a Notice of Levy is never a surprise. 26 USC § 6330 provides in pertinent part:

(a)  Requirement of notice before levy
(1) In general
No levy may be made on any property or right to property of any person unless the Secretary has notified such person in writing of their right to a hearing under this section before such levy is made. Such notice shall be required only once for the taxable period to which the unpaid tax specified in paragraph (3)(A) relates.

26 USC § 6330 provides this respecting the timing and manner of service of the notice:

(a)(2)  Time and method for notice
The notice required under paragraph (1) shall be-
(A) given in person;
(B) left at the dwelling or usual place of business of such person; or
(C) sent by certified or registered mail, return receipt requested, to such person’s last known address;
not less than 30 days before the day of the first levy with respect to the amount of the unpaid tax for the taxable period.

When you receive the aforementioned notices and comprehend them timely, you should see that 26 U.S.C. § 6330(e) provides that as soon as a Collection Due Process Hearing (CDPH) is timely requested “the levy actions which are the subject of the requested hearing…shall be suspended for the period during which such hearing, and appeals therein, are pending…” This provision renders the request for a Collection Due Process Hearing (CDPH) a highly effectual method to block an IRS levy on a bank account or paycheck.

In the instance in which a levy was received by an employer but the notice had not been served as required by the above statutes, I have seen the IRS fax a release of levy to an employer in as little as two days subsequent to CDPH hearing request being sent. Now, knowledgeable employees will be able to never miss getting their full paycheck. My contention is that almost anyone could bring a halt to an IRS levy by timely requesting a CDPH hearing as provided in 26 U.S.C. § 6330(b)(1). I make available the forms to competently request a CDPH hearing in a situation where the statutorily required notice has not been sent at www.irsterminator.com.

Timely requesting the hearing is of the highest priority in order to make these statutory provisions work. 26 USC § 6330(a)(3) specifies that the information included with the notice the IRS sends you shall include:

“The notice required under paragraph (1) shall include in simple and nontechnical terms-
(B) the right of the person to request a hearing during the 30-day period under paragraph (2);”

However, if the IRS never served you with a notice, it is not possible to verify when the 30 day period begins and ends. The free videos at www.irsterminator.com explain how to inform the IRS that their failure to serve you with the statutorily required notice renders your request for a hearing timely and entitles you to the suspension of collection activities including the levy at your bank or employer. The challenging part is to keep collection activity suspended permanently and those videos discuss plans that I have come up with to accomplish that.

Low interest credit cards are something everyone who has credit, wants to have! The ability for you to save interest, increases with each drop in your credit card interest rate.

My name is James Cameron, and I am a consumer credit expert. This article is only a sample of my favourite credit card market info, for my best secrets and tips, you need to visit my full article here -> low interest credit cards.

Reality of the situation is, a low interest card is worthwhile? Why wouldnt you jump at one? You might have heard that they can cost you alot more long term? I’ll show you a little more about them, that you might have never known.

I was recently employed in one of Australia’s top banks credit division, and have worked in personal finance for more than 8 years. My tips and secrets will help you to maximise whats in your pockets, not the banks! It certainly has for my mates and for my family and me.

Some credit card providers will entice you into signing up to their credit card by offering a period of low, really low or sometimes even zero interest. For example, 0% credit cards that are targeted at first timers or students, pop up frequently on TV. 

Why would they do this? Well, credit card providers know from years of statistics, that card users will tend to be the most thrifty in their first year of owning a credit card, so the money they make off it in 12 months is usually small…

After a year goes by, credit card users are 90% more likely to rack up debts and spend more, much to the happiness of card providers…

This is not often good for you, because after the low rate period finishes, the bank can tie you down into a higher than market interest rate!

Another annoying aspect is that when you exceed you credit limit on a low rate card, your often charged alot more in fees and penalties than you would be for a normal card. I can tell you which ones are the worst too!

Credit card companies also know much more about your spending and borrowing than you might think…especially when your banking is done with your card provider!

Above is only a sample of my favourite credit card saving info, for my best secrets and tips, you need to visit my full article here -> low interest credit cards.

Bank Foreclosure and how to avoid it.

Bank foreclosure, or just foreclosure is initiated by the banks if you have not been fulfilling the necessary mortgage agreement obligations which you have signed with the bank for regular monthly loan payments and in such a situation the bank or lender will have to sell your home in an auction or otherwise and use the sale proceeds to get back their loan amount. In case you fail to pay your bank this installment regularly the bank will start initiating a process to recover this loan by selling your property for which the bank will start legal proceedings to obtain a court order to sell your home for clearing the outstanding mortgage amount and this process is referred to as Bank foreclosure, or more commonly as just foreclosure.

Foreclosure is not an unusual thing with many home buyers and these buyers at the time of purchasing a home think that they will be able to repay the loan regularly without any problem; however, after sometime they find that their expenses are more than what they earn and mortgage payments being major expenditure item find it difficult to repay and hence default on the loan repayments.

Home buying is a lifetime dream of many people and once they purchase it they would not like their homes being taken away; this is not only due to sentimental reasons but also because of the financial problems you may have to face while trying to find a new home and hence you should avoid foreclosure of your home at any cost.

Tips

There are a few tips in particular that will help you avoid foreclosure on your home. Prepare a household budget of your household income and expenditures and the income should include that of all earning family members. Then you must list down all expenses including that of your mortgage payment expenses.

The objective of preparing your budget is to monitor the expenditures against income and to facilitate this, you must make a list of expenditure items in the descending order of their value; this exercise will indicate the high, medium and low value items of your expenditure and then you could decide the expenses that are essential as well as nonessential. For example, you may be paying bills which could be postponed for payment later or you could totally avoid that expenditure.

The banks lend money to you for the purchase of your home and both you and the bank entered into an agreement for this loan as per which you have to pay certain amount of money every month to your banker as a repayment to your loan to the bank. This cannot be done by the banks unilaterally and hence they approach the court for permission to sell your home to get back their outstanding loan amount for the mortgage.

Foreclosure is a very common problem, as many people go into the home buying process thinking that they will be fine, only to find out one they are actually in it that they have so many other bills or bought a house that was too expensive and they are simply unable to make their mortgage payments

Of course no one wants to have their home taken away from them, not only for sentimental reasons but also because you will be in a lot of financial trouble and have to go to the effort of finding a new home…so many problems, which is why it is important that you make sure you do not have foreclosure put onto you.

Tips

You may find the following suggestions of immense help in case you are keen to avoid foreclosure of your home. As a first thing you must ensure that there is a household income versus expenditure budget. Make a list of your household expenses, both essential and nonessential and compare the total expenditure with that of your total household income. It is best to write out the amount that you and your partner are making each month, as well as the total amount of all your bills.

Set your bills in order of priority, making your mortgage one of the most important of course, so that you can see where your money is going and make sure that it is getting to the right places first. For example, you may be paying bills which could be postponed for payment later or you could totally avoid that expenditure.