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How I Paid Off $12,254 of Debt in 1 Year With John Cummuta’s Transforming Debt Into Wealth System

AdamHofstetler — Thu, 31 Dec 2009 05:05:22 +0000

When many people think of John Cummuta’s Transforming Debt Into Wealth System they may be thinking that this is too good to be true. He says you can eliminate all your debts including your credit card debt and your home mortgage in 5 to 7 years with the current income you are already making. Does this scream scam to you? For me it was not.

Over the course of 12 months, using the principles in the Debt into Wealth debt elimination program I was able to pay off and eliminate over $12,000 worth of debt. This was card debt that I was paying 15 to 18% interest on per year. This saved me thousands of dollars a year in interest charges.

When you eliminate your credit card debts you can earn a guaranteed return on your investment of 15%, 18%, all the way up to 29.99% on your money. Instead of the credit card companies getting rich off your debts, you will be the one getting rich.

And I was very ecstatic when I was able to pay off my credit cards and have my balances finally reach zero. Can you imagine the feelings you will have once you are through paying off your credit card companies?

John Cummuta does not teaching the voodoo magic super secret system to get rid of your debts. He teaches you a proven system that allows you to take advantage of your creditors just like they have been taken advantage of you and kicking you when you are down for years.

And you do not have to make major changes to your lifestyle to make this happen either. You do not have to live off Ramen noodles to pay your credit card bills.

John Cummuta’s Transforming Debt Into Wealth System works. It worked for me and helped me eliminate over $12,000 of credit card debt in one year and it can work for you too. When it comes to eliminating your debts, there is no better system out there.

Discover how you can take advantage of the 75% off sale on the world’s best-selling personal debt elimination Debt Into Wealth system by John Cummuta.
This debt elimination program has been around for years and has helped over 2 million people eliminate all their credit card debt including the home mortgage in 5 to 7 years… and then create so much wealth you will be able to retire a debt-free millionaire. Eliminate your debt now.

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What are merchant accounts and why credit card machines are needed?

ClintJhonson — Thu, 31 Dec 2009 04:58:58 +0000

The merchant accounts are a service offered by the processing banks in alliance with the different companies of credit cards like American Express, Visa, Mastercard and so on. These enable the business to receive the credit and the debit cards as a mode of payment. Generally, most of the businesses experience a boost in their profits by 20% to 50% by just being able to accept the credit cards. The credit card machines which are also known as the POS Terminals or point of sale terminals happen to be an electronic device which is utilized to request as well as to attain the electronic authorization associated with the credit cards of the customers from various credit card companies.

In the industry of merchant services all the merchants are divided into two broad categories. One is the ‘Swiped’ merchants or those business owners who conduct their business in person and will therefore swipe the credit cards of their customers though the credit card machines. The other category is that of ‘Non Swiped’ business owners and this consists of those businesses which are done via phone orders, mail orders as well as ecommerce. Here the credit card of the customer is not swiped by a merchant and so for these merchants the banks charge higher rates as these kinds of transactions involve a higher possibility of fraud.

When you are applying for the merchant accounts then you are precisely making an application for the loan (which is non-secured) against an undertaking by you to comply with certain goods or services. Because it happens to be a loan your bank has to identify whether your business is legitimate and that in an event of repayment or a charge back, you are going to repay the amount which is paid by your customer. Owing to this, while making an application for the merchant accounts different kinds of identifications will need to be provided by you to the bank. These could be your driver’s license, number of tax id and so on.

The bank with which you apply for merchant accounts are also going to have the credit check so as to ascertain the score of your credit on the whole, and also the type as well as the rate of processing that is to be granted you. Once submitted with correct paperwork the application will take 24 to 48 hours for approval of the merchant accounts and the same time to program the credit card machines. By and large the whole procedure takes nearly four days from the submission of the application to the time you can accept the credit cards.

Before you apply for merchant accounts you must know the differences between credit card machines offered by different companies. They are basically of 4 types. One is the terminal with an attached printer, second is the terminal without an attached printer, thirdly the credit card machines which are wireless and lastly those that can keep different merchant accounts at one time for the different users. The last category of credit card machines is very useful for people who need to utilize one machine for varied purposes.

So, both merchant accounts as well as credit card machines are needed for the success of any business today.

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Credit card services for high-risk businesses

ClintJhonson — Sat, 26 Dec 2009 19:23:45 +0000

While all traders need an account with a good merchant services to get things going, those in high risk businesses have a higher need for access to good credit card services. High-risk businesses are businesses, which, as the name implies, have a high level of risk involved. Such businesses invariably involve handling of large amounts of cash compounded with potentials for fraud, non-payments, counter claims, delay in delivery etc.

The types of businesses that generally come under the high risk category are gambling, online pharmacies, pornographic content businesses, chat services, internet auctions, telemarketing, replica products businesses, MLM marketing etc. All merchant services do not offer their services to a high-risk business. Further, credit card services charges for high-risk businesses are high. And above all, those who offer merchant services for the high-risk category are choosy in selecting their customers.

Companies that provide merchant services for the high-risk group evaluate their potential customers using different yardsticks before offering credit card services. One of these criteria is the length for which the trader has been in business. If he has been managing his high-risk business for quite some time and has shown reasonable success in it, the merchant services company may not be hesitant to offer its services.
The next thing that the company would scan is the trader’s credit history and the current credit status. A satisfactory score there would ensure the merchant services provider that he is unlikely to be a financial liability for them. If the trader had already used the merchant services of another company, the new company would scan the record of his dealings with that company as well. Even if the previous one he had was not a credit card services for a high risk business, so far as there were no charge backs on that standard account or no payment defaults, the application is likely to be viewed favorably.

Getting proper credit card services for his high-risk business will be beneficial for the business owner in a great many ways. First of all, merchant services that offer their services for a high-risk business generally agree to process all types of credit cards. Further, though credit card services charges for these businesses are high, merchant services mostly give round the clock customer support in return. Transaction facilities for currencies of most countries are also likely to be part of the agreement of credit card services for high-risk business. They also do real time online credit card processing.

A trader is free to choose either a local or overseas merchant services provider. When he avails local credit card services, there will be the advantage that the same laws on monetary transactions bind him and the company that provides the services since they are both under the same political jurisdiction. It will also be easier to have face-to-face discussions, should necessity arise for that. On the other hand, where the merchant services provider is in another country, sometimes the trader could get tax benefits by rightly balancing the tax laws of both countries.

Enhance your business volumes with credit card services. For more information on credit card processing and merchant services, please do visit our site or contact us.

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What if I lost my last year tax return?

pettersmith — Mon, 30 Nov 2009 14:23:46 +0000

It happens every year. Just when you get motivated to get rolling on your taxes, you realize you can’t find the return you filed last year.

First off, don’t panic if you can’t find the return. Yes, you need it to know what you claimed last year and how those claims relate to this year’s return. All is not lost, however. The IRS will provide you with a copy of your past tax returns if you ask nicely. Here is how to go about it.

The IRS will not send you the actual income tax return. The agency, however, will send you their version of it. This is known as a tax return transcript and is a layout of the information you provided.

It is essentially your return, but doesn’t look like it. You can rely on the transcript as though it was your original return.

When you contact the IRS to get the transcript, it is important to understand there are two types available. As is usual with the IRS, there are two choices just to confuse you. The first is the tax return transcript that is essentially the return you
filed. The tax account transcript is your original return as modified by any changes made by the IRS or you. Which one is the correct one? If the IRS has not contacted you about an issue with the return, it is the tax return transcript. If they have, it the tax account transcript.

The IRS will give you any return for the past three filing years. The service is free. To get the copy, you can call the IRS at 800-829-1040. Alternatively, you can get a copy by filling out and mailing in IRS Form 4506-T. It takes two weeks to a month for the agency to get the copy to you. If you discover you have a problem just before the relevant filing deadline, file for an extension so you don’t run afoul of filing laws. Remember, you have to pay any taxes due regardless of the
extension, so try to guesstimate what you will owe.

If you lose a past tax return, there is no need to panic. The IRS will be happy to send you a copy. After all, an audit agent probably has the file on their desk as we speak!

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Filing for Bankruptcy Chapter 13

John Penn — Tue, 29 Sep 2009 13:17:05 +0000

A lot of people end up looking at bankruptcy chapter 13 when they get into financial difficulties out of which they simple can’t find a way out. Most of them choose to file a bankruptcy chapter 13 where the court will take your entire claimed debts and find you a plan for repayment that matches with what you can actually afford. If you are on the verge of bankruptcy, you should first explore the various bankruptcy alternatives available.

For those people who have at least some money to spend on creditors every month but not as much as what the creditors expect them to pay the bankruptcy chapter 13 is the right option. This kind of bankruptcy permits a person to come clean and pay all that he owes but then there will be a bad mark on his credit report for having gone through such a process. Today, if you are looking for bankruptcy alternatives you do not even have to leave the comfort of your home. Just go on the Net and you will find several bankruptcy alternatives to choose from.

Although the bankruptcy chapter 13 leaves a bad marking on your credit report, it is still worth it for people who cannot afford to pay what they owe their creditors any other way. When you reach this point at some time you should keep in mind that there is also a chapter 7 besides the chapter 13. In chapter 7, the court decides whether the person filing really does not possess the means to pay back the debt through bankruptcy chapter 13. Each case will be different and the reasons could be varied. But in contrast to chapter 13, the judge might discharge all of the person’s debt so that he doesn’t owe anything at all in case of chapter 7.

Although the chapter 7 may seem more attractive than the bankruptcy chapter 13, it is fully dependent on what the judge decides. Which chapter you file does not depend on you or on your lawyer. The exact chapter you will eventually file will be based on the decision that the judge makes using the information and case presented by your lawyer. Hence it is extremely important that you hire a lawyer who knows what he is doing.

Try to use the services of a lawyer who has a lot of experience with bankruptcy chapter 13 and chapter 7 as he will know how to present your financial details in order to achieve the desired results. Still, you cannot be sure that you will be approved for the bankruptcy chapter that you attempt to file for but at least you will have made an effort to increase your chances. You can also check other bankruptcy alternatives as you can file the bankruptcy chapter 13 and the chapter 7 only once each every seven years.

If you are on the verge of bankruptcy, check out the bankruptcy alternatives here and while you are at it learn more about bankruptcy chapter 13 as well!

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The Banker’s Perspective

Bruce Kaufmann — Wed, 09 Sep 2009 04:27:16 +0000

You sell a product. The banker sells loans. So you and your banker probably have the same perspective when it comes to business, right? Well, not quite. Selling loans is different than selling a product. Let’s think about it for a minute.

How do you work with customers? You deliver the product, they pay you, the transaction is completed. What the customer does with your product after that is important to you, but not critical to the survival of your business. You do not ask your customer to return the product when he is done with it. In fact, the last thing you want is to get the product back; if you do, that means there is a problem.

How does the banker work with you? He gives you his product (the loan), you use it, you return it to him when you are done, and you pay for the product (in the form of interest) when you are done with it. What you do with the product/loan while you have it is of great concern to the banker, and he very definitely wants you to return it when you are done using it. The last thing the banker wants is for you to keep the loan proceeds; if you do that means there is a problem. To make sure you give it back, the banker requires you to sign a loan agreement, a personal guarantee, and a pledge of your personal assets.

Can you imagine if you tried that? What if you could say to your customer: “Please buy my product. You will? Here it is and, oh by the way, you know I want it back when you are done, right? Yes, you paid for it, but you still need to return it to me when you are finished.”

Here is the crucial factor: You have to get rid of your product to achieve your target return on investment. The banker has to get his product back to achieve his target return on investment. Why is that? It has to do with leverage.

A bank is a very highly leveraged business entity. This is a fancy way of saying that the bank’s owner only uses about 10% of his own money in the business; the rest is borrowed. Can you do that? Of course not! As a general rule, most companies must have at least 30% of their own money as capital if they are going to survive over the long term.

Being highly leveraged means the bank cannot absorb any significant loss. It takes only a few unpaid loans to wipe out a bank’s capital. You can better absorb a loss than the banker can, assuming you and the banker are properly capitalized. Here’s an example, assuming you are 30% capitalized and the bank is 10% capitalized (a bit high, as many banks’ capital ratio is between 5-10%):

	Bank	Company
Assets	100,000	100,000
Liabilities	90,000	70,000
Capital	10,000	30,000
Loss	2,000	2,000
Adjusted Capital	8,000	28,000
Reduction in Capital	20%	6.7%

If only five $2,000 loans are not paid, the bank’s capital is gone. Zero. If you lose $10,000, you still have $20,000 in capital. A $10,000 loss and the bank’s capital goes from 10% to 0%. A $10,000 loss for you means your capital goes from 30% to 22%.

This is important for you to know and understand when you approach a banker for financing. Since they cannot afford significant losses, they are not going to make loans they consider risky, i.e., won’t be repaid. You need to make it as easy as possible for the banker to understand that you are a good credit risk. Keep in mind the banker looks at many deals every day, searching for the few that are low risk.

How do you make it easy for the banker? By remembering that there are three basic questions the banker needs answered:

What is the purpose of your loan? Once you receive the funds, exactly how will you use them? What caused the need for you to borrow in the first place?
How will you repay the loan? This deals with amount, source and timing. Will you repay the loan in one lump sum at the end of a specific period of time? Will you be making periodic payments and, if so, how often and how much? Regardless of amount and timing, what exactly is the source of funds for repayment; in other words, where will the money come from to repay the loan?
What collateral can you offer? The best laid plans can go awry. If your primary repayment source is no longer available, what alternative sources of funds do you have? Savings? Personal funds from a guarantor? Liquidation of assets?

So the next time you need financing for your business, remember the banker’s perspective. Give him the information he needs so you can get the loan you need. When you show you understand his requirements, you make it easy for him, and easy for him to grant your loan request.

For more articles on Credit Management, visit Kaufmann’s Capital Comments.

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Where’s the Money?

Bruce Kaufmann — Fri, 28 Aug 2009 23:47:18 +0000

     Many business owners find that they require outside capital to finance the startup, ongoing operations and growth of their business. Unfortunately, many don’t know where to go to seek funds, or they don’t realize that there are different types of money sources, each with its own financing criteria. As a result, business owners waste a lot of time and effort speaking to the wrong person, or speaking to the right person but giving the wrong information. So let’s take a look at the various types of lenders out there, and what each is looking for.

     First you must recognize that each of these entities is in the business of investing. They expect a return on their investment—in some cases a very sizable return—and if they can’t see, very quickly, how they can realize that return, they will quickly move on to the next deal.

     Also understand that the decision to invest isn’t just based on how much money you are requesting. (In fact, in most cases, entrepreneurs severely underestimate how much money they will really need.) The important criteria are whether you have a viable plan and if you have the management team in place to execute the plan. Think of it this way: if the investor isn’t confident you can make your plan happen—and thus make money for the investor—why should he invest in you?

     Here’s a quick summary of the financing sources available, what they are looking for, and how they like to structure their deals:

Private Investors provide you with equity for your business. Typically, it is their own money that they are investing. They are not lending against assets; instead, they typically take an ownership position in your business, or at least have the right to acquire an ownership interest under specific circumstances. They take the highest risk of any financing entity and thus expect the highest rate of return—30% or higher is not unusual. Private investors also have a definite time frame in mind; most expect to be out of the deal within three to five years. Their role is to give you the money to get started and get established.

Commercial Banks are highly regulated institutions and thus there are specific limits as to the type of lending they can do and the structure of their loans. Since commercial banks are financial intermediaries (which means that the money they use is not their own), and since they are highly leveraged (which means they finance their business with a lot of debt and very little equity), they cannot afford to incur large losses. This means they are going to be very risk averse. Banks do not take an ownership interest in your business, but they will require you to pledge most of your assets, as well as personally guarantee your debt. Since the risk they take is relatively low, banks charge a market rate of interest, usually the prime rate (published in the Wall Street Journal) plus a margin.

Factors, Finance Companies, Leasing Companies are grouped together because their financing is asset-specific and is secured, or collateralized, by the assets that are being financed. Two of these differ from banks in that they actually own the assets they are financing. To clarify, if you obtain bank financing, you pledge your assets as collateral to secure your loan. With factors and leasing companies, you continue to use the assets, but you either sell the assets to these entities, or they “loan” the assets to you for use in your business; in exchange, you get cash for operating your business. Also, be aware that a commercial bank has multiple assets securing its loan, which minimizes its collection risk. These entities only have one asset securing their loan, and sometimes they do not have recourse to you. As a result, they incur a higher risk and will expect a higher return on their investment than a commercial bank.

Factors finance accounts receivable. Typically, they will only accept specific receivables, those that are from established, creditworthy companies. If you sell to such companies, factoring may be the best financing alternative for you. If you already have a line of credit with a bank, you can still use factors to cover any financing needs that exceed your bank lending limit.

Finance Companies finance your accounts receivable and inventory, if you have any. You would typically use a finance company if you have an existing, operating business, but you cannot obtain bank financing because you are too risky for a commercial bank. This would typically happen if you have too much debt, sales and profits are erratic, and you have incurred significant operating losses in recent years. The finance company will establish a lending limit called a borrowing base, and will carefully monitor all disbursements and payments for receivables and inventory, which will be used to secure your loan.

Leasing Companies finance the equipment you use in your business. Just about anything you use in your business, from computers to desks to manufacturing equipment can be financed with a leasing company. When structuring their deals, leasing companies focus on your monthly cash flow, and structure a deal with payments that you can afford. This implies a higher interest rate, of course. Although leasing companies technically own the equipment, you are often responsible for maintenance and repair.

     To learn more about dealing with financing sources, I recommend you read Are You a Nutrition Label or a Picture? and Can You Really Make it Happen?

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Applying for Government Grants: How to Gather Background Information

John Penn — Tue, 25 Aug 2009 10:24:12 +0000

You will not be able to write a competent project proposal to get funding from government grant programs if you do not have background information. Gathering background information is different from researching the available grants that will be suitable for your company. Background information is internal research. You will have to identify your company’s problems, needs, and capabilities. Most importantly, you also need to identify the growth opportunities that can be brought about by government funding. Once you gather the necessary information, then you can confidently start writing the formal project proposal.

In organizing the background information for grants, you have to focus primarily on three principal aspects. First you should develop a concept. Then based on the project concept, you should design a project program. The last element is identification of expenses needed for the project. So when submitting an application to Canada grant programs, make sure that the three elements are reflected in your project proposal.

When developing a concept, you have to ensure that the project grants will be attuned to the vision and overall goals of your company. If you are a single proprietor seeking Canada government grants, then developing a project concept would be easier. All you have to do is to assess your business, determine the problems of your company, and seek a project that will solve the problem and improve your business. If you have partners, then it would be best to sit with them in a formal meeting. During the meeting, you and your partners should make a SWOT (Strengths, Weaknesses, Opportunities, and Threats) analysis of the business. Based on the results of your analysis, then you can effectively identify what type of project will boost the viability of the business. From these, you can now search for the appropriate grant programs.

Once you found the right grant programs for your business, you can now create the complete program template for the entire project. You need to carefully study the types of grants, the requirements needed during the application process, and if the amount of the grant would be enough to solve your company’s problems. You should also formulate the general timetable for the project. Aside from the timetable, you also need to identify measurable outcomes of the project and assign milestones that will signal the success of your venture. To make it easier for the reviewers to understand your project program, you can simply provide practical measures on how your company intends to evaluate and assess the implementation of the project.

After finalizing the concept and the program, you are now ready to make the budget for the project. You have to note that you can not pin down all the expenses of the project unless you are finished in finalizing the timetable of your project program. Make sure that the cost of the project will be reasonable enough so that the grant money can be utilized more effectively. You also have to include projected financial gains in the budget to show to the grant reviewers that the government money will be used to promote growth and development. The budget should be realistic, doable, and backed by solid financial analysis.

Do you want to know how to get Canadian government grants? Visit our website today and learn how you can effectively apply for loans and grant programs provided by the Canadian government.

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Creating a Realistic Budget for Small Business Grants Application

John Penn — Mon, 24 Aug 2009 12:32:14 +0000

When you apply for Canada government grants, the first step that you need to take is to create an acceptable business proposal or business plan. A proposal is composed of several sections. There should be a formal cover letter or letter of intent that introduces your proposal. The official application form should be attached to your proposal. And the most important part of your application paper is the body of your proposal that provides details about your project. Within the proposal body, the most critical section is the budget summary. When you apply for small business grants, reviewers normally go straight to the budget section of your proposal.

This means that you have to do your best in creating the budget of your business plan or project proposal. In most cases, the budget will make or break your application for small business grants. If you create a sloppy budget full of inconsistencies and unsupported data, then your small business grants proposal will surely go to the disapproved files. On the other hand, if you create a realistic budget that is properly supported by believable data and organized thoroughly for easy reading, then your chances of getting Canada government grants would be higher also. So when you create a proposal for small business grants, you have to take time to draft your budget then review and re-read it to make sure that you can get the grant.

A budget for a project proposal will mostly consist of data, figures, and charts. The sad thing is that a page full of numbers will be difficult to understand. A very busy grant application reviewer may not have the time to look in your indicators to see the merits of your budget. So you should avoid stuffing the budget section with pure numbers and figures. What you should do is to organize the figures into easy to understand tables and charts. You can also include a qualitative statement that briefly describes the data at hand. With the combination of visual aids and data description, the reviewers can easily understand your budget proposal for Canada government grants.

Believability is also a big factor in making a budget for your proposal. You have to create a realistic budget for the entire project or business plan. Then you have to break down the budget into projected expenses and income. You have to explain and fully justify the expenses with supporting data and testimonial descriptions. The income projection should also be realistic. There are also times when a specific agency that provides Canada government grants will ask you to reconsider or rework your budget. This is a good sign that your proposal has been reviewed positively. So you need to make adjustments for such negotiations while fully considering the costs of the entire project.

Getting Canada government grants would be easier if you know how to prepare the correct budget proposal. The grants reviewers will surely take a second look at your proposal if you can provide an easy to understand, realistic, and achievable budget.

Do you want to know how to get Canada government grants? Visit our website today and learn how you can effectively apply for loans and small business grants from the Canadian government.

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Government Grants or Loans: Which is the Best for Your Company?

John Penn — Thu, 20 Aug 2009 15:34:28 +0000

The Canadian government offers funding opportunities for small business owners. The government has an annual budget for small business loans and grant programs. So if ever you need funding and more capital for your business, all you have to do is to apply for Canadian government grants. But there is also another option open for you. You can get government funding by applying for official loans. In most cases, it would be easier to acquire a government loan instead of grants. But there are also cases when grants can be more favorable for your company.

There are several types of government loans. You can apply for a low interest loan or a no interest loan from the financial institutions of the Canadian government. Because these are obligations, there are some forms of repayments that have to be made. For example, the financing institution that extended the loan may require you to pay certain percentage of the principal every month. There are also loan programs that will collect repayments once your business starts earning. The terms and conditions for each type of loan can vary from one institution to another. So you have to read the terms of loan programs carefully and find out which one would be best suited for your company.

Canadian government grants, on the other hand, do not require repayment. In the cases of grants, the government extends special assistance for special sectors and promising businesses. Grants are very favorable for your business because these are free money that you can use to start or expand your company. However, applying for Canadian government grants is more difficult than applying for a loan. You also need to show proof that your company has the right fiscal capability to wisely handle government funds. In lieu of repayments, the government will monitor the disbursement and use of the funds and will require you to submit progress reports. The good thing is that government grants offer substantial funding amount which will really boost the capitalization needs of your company.

It is up to you if you want to choose government grants or a government loan. Both programs are beneficial for your business. In fact, you should explore these two programs so you can find out if your company will qualify for a loan or for a grant. There are also funding opportunities where the Canadian government will guarantee your loans from the commercial banks or lenders. In other cases, the Canadian government will invest in your company by infusing additional capitalizations. These are variations of the overall grants programs of the Canadian government. They are principally designed for your business so you should take advantage of such programs in order to improve your capital reserves.

The Canadian government offers two types of assistance for small business owners. You can get a loan with easy repayment terms or you can apply for a grant where the Canadian government will extend official assistance for your business. Both options are advantageous for your company. Just choose which one would be best suited for your company’s needs.

Do you want to know how to get Canadian government grants? Visit our website today and learn how you can effectively apply for grants and loans from the Canadian government.

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