Catholic funding – Catholics Come Home Boston http://catholicscomehomeboston.org/ Mon, 20 Jun 2022 08:49:34 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://catholicscomehomeboston.org/wp-content/uploads/2021/07/icon-2021-07-05T154232.929.png Catholic funding – Catholics Come Home Boston http://catholicscomehomeboston.org/ 32 32 [COLUMN] Customer compares Chapter 13 with various alternatives for $60,000 credit cards — https://catholicscomehomeboston.org/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ Sat, 18 Jun 2022 19:57:30 +0000 https://catholicscomehomeboston.org/column-customer-compares-chapter-13-with-various-alternatives-for-60000-credit-cards/ THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone. They own a house that is […]]]>

THE client is 50 years old and married. He owes $60,000 in credit cards. He pays $2,000 a month in minimum credit card payments to keep the $60,000 current. His wife is not jointly and severally liable on these cards. She only owes about $2,000 in credit cards alone.

They own a house that is currently worth $1 million with a mortgage of $300,000. So their equity in the house is at least $700,000. The client’s home exemption is $600,000. This means there is $100,000 of non-exempt equity. According to the liquidation analysis, compared to Chapter 7, the customer will have to pay off the entire $60,000 of Chapter 13 credit cards over five years in 60 equal payments, without interest. All payments made under the Chapter 13 plan pay off the principal balance as there is no applicable interest.

The Chapter 13 plan payment is about $1,000 per month for 60 months, which will pay off all $60,000 in credit cards in five years. If the client makes all 60 payments according to the confirmed plan, the court will issue a discharge order at the end of the 60th payment. The discharge order will state that the customer owes zero or nothing on the credit cards at the end of the 5th year. Can creditors still sue the client for unpaid interest, absolutely not! Legally, the customer no longer owes anything on these cards.

Additionally, while the customer is on the plan, creditors cannot sue, call, or otherwise contact the customer to collect on the cards. The customer has peace of mind. He doesn’t have to worry about being sued. They can’t garnish his wages or take money from his bank accounts. The bankruptcy court protects the client’s residence from any attached creditor lien. Thus, in Chapter 13, the automatic bankruptcy stay protects the client, including all of their assets and home. This is the order of the bankruptcy court directing creditors to cease and desist from all collection efforts against the client and its assets. Pretty cool!

The client pays their plan payments to the Chapter 13 trustee, a court officer whose responsibility is to ensure that all plan payments are distributed to creditors who have filed their proofs of claim. The trustee ensures that all payments are distributed to the correct creditors. In other words, the trustee can’t get away with your money. This is another reason why the client will have peace of mind in Chapter 13. It pays the trustee who is under the supervision of the bankruptcy court.

What other alternatives are there before the customer decides to seek Chapter 13 relief for his $60,000 credit card?

One option he had was to get a $60,000 loan with very high interest to pay off all his credit cards. There were many offers from lenders for these alternatives. Payday lenders have branched out into this type of medium-term, high-interest loan to avoid regulation. The offers are $60,000 at 50% to 100% interest. Does it make sense to get this type of high interest loan? No, this is not the case. The client could end up losing his house if he got this loan. He will live a life of pain. He is expected to pay off a $60,000 principal loan with $90,000 to $120,000 in three to five years. Compare it with zero or no interest in chapter 13.

Another option he had was consolidation. He was actually in consolidation and was paying $1,800 a month for 60 months for six months to a “consolidator”. A “consolidator” is not an officer of justice. He is a businessman and consolidation is his business. What if he decides to close his business? Well, that’s the risk you take. One issue that arose was that two creditors did not agree to toe the line and sued for $30,000. Compare this to Chapter 13 where the court shields the client from all lawsuits and collection efforts. All collection efforts, including legal action, stop the minute the customer’s Chapter 13 is filed.

He also had the so-called “settlement” option. He can negotiate directly with creditors or use a third party to “settle” the debt at a price lower than what is owed. The client actually received several offers from various creditors to cancel part of the debt owed with a lump sum payment. For example, Creditor A will agree to accept 70% of what is owed $10,000 as settlement. Thus, for a payment of $7,000, the creditor will consider the case closed. Good luck raising the $7,000. Maybe you can do UBER at night and not sleep at all. After three months, you could have $7,000. The problem is that they want the $7,000 up front, not in three months. And, the other creditors do not agree to settle, they prefer to sue you immediately to recover their money.

Another option is to get a $60,000 HELOC or home equity loan and use the proceeds to pay off all credit cards. The interest rate for the HELOC is lower because the client’s home will be used as collateral for the loan. The client will have to obtain a second mortgage on his house for $60,000. Remember that HELOC loan interest rates fluctuate. When mortgage rates rise, as they did yesterday, and will rise for the rest of the year to rein in the high inflation at that time, the customer will end up paying double-digit interest on HELOC. And, if he stops paying on the HELOC, guess what happens? The creditor can and will seize his house.

It’s really no surprise that the client chose chapter 13 relief to protect his home from levies, lawsuits, wage garnishment, bank levies and just put an end to all those harassing phone calls for collection, and the unwanted risk of foreclosure of the client’s home through a HELOC loan. Peace of mind, no interest and full legal protection from the bankruptcy court. Trustee guarantees that your payments are distributed to the correct parties.

Of course, if the client’s net worth was $625,000, they would only have to pay a little over $400 per month for 60 months. At the end of the plan, $35,000 is discharged or wiped out. He doesn’t have to pay the full $60,000, he only has to pay $25,000 of the $60,000 cards because according to the liquidation analysis, only $25,000 is not exempt.

If you need debt relief, schedule an appointment to see me. I will analyze your case personally.

Disclaimer: None of the above is considered legal advice and there is no attorney-client relationship between reader and attorney.

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Disclaimer: None of the above is considered legal advice to anyone. There is absolutely no attorney client relationship established by reading this article.

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Lawrence Bautista Yang specializes in bankruptcy, business, real estate and civil litigation and has successfully represented over five thousand clients in California. Please call Angie, Barbara or Jess at (626) 284-1142 for an appointment at 20274 Carrey Road, Walnut, CA 91789 or 1000 S. Fremont Ave., Mailstop 58, Building A-10 South, Suite 10042, Alhambra, CA 91803 .

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7 different types of loans you should be aware of https://catholicscomehomeboston.org/7-different-types-of-loans-you-should-be-aware-of/ Fri, 10 Jun 2022 17:55:56 +0000 https://catholicscomehomeboston.org/7-different-types-of-loans-you-should-be-aware-of/ Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation. These types of loans come […]]]>

Consolidation loans can be an attractive option for borrowers who struggle to make multiple loan payments each month, as they can potentially lower your monthly payments and interest rate. Before consolidating, it is important to understand the types of consolidation loans available and their impact on your overall financial situation.

These types of loans come in different forms, each with their own advantages and disadvantages. Here are the most common types of consolidation loans.

1. Home Equity Loan

This type of consolidation loan uses your home as collateral. If you default on the loan, your home could be foreclosed. However, home equity loans often have lower interest rates than other types of consolidation loans.

2. Personal loan

Personal consolidation loans are unsecured, which means they do not require collateral. This makes it a good option for people who don’t own a home or don’t have any assets to use as collateral. However, because they are unsecured, personal consolidation loans often have higher interest rates than other types of consolidation loans.

3. Balance Transfer Credit Card

This type of consolidation loan allows you to transfer the balance of your other credit cards to a single card with a lower interest rate. However, most balance transfer credit cards have an introductory APR of 0% for only 12-18 months, after which the interest rate changes to regular APR.

4. Student loans

Student loans can help you finance your education and avoid accumulating too much debt. There are many different types of student loans, so it’s important to shop around and compare interest rates before choosing one.

There are two main types of student consolidation loans: federal consolidation loans and private consolidation loans. Federal consolidation loans are available from the US Department of Education and can be used to consolidate multiple federal student loans into one loan with one monthly payment. Private consolidation loans are offered by private lenders and can be used to consolidate federal and private student loans.

5. Payday loan

A payday loan is a short-term, high-interest loan that is typically used to cover unexpected expenses or emergencies. Payday loans should only be used as a last resort, as they can have very high interest rates and fees.

6. Title loan

A title loan is a type of secured loan where you use your car as collateral. Title loans usually have very high interest rates and should only be used as a last resort.

seven. Credit line

A line of credit is a flexible loan that can be used for consolidation, home improvement or other major expenses. Lines of credit generally have lower interest rates than other types of loans, making them a great option for saving money on interest payments.

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What is an installment loan and how does it work? https://catholicscomehomeboston.org/what-is-an-installment-loan-and-how-does-it-work/ Tue, 07 Jun 2022 11:50:41 +0000 https://catholicscomehomeboston.org/what-is-an-installment-loan-and-how-does-it-work/ An installment loan is a lump sum of money that you borrow and then repay at fixed intervals. Installment loans are often used to finance a major purchase, such as a house, car or boat, or to fund education, although you can get an installment loan for almost any reason. If you’re wondering what an […]]]>

An installment loan is a lump sum of money that you borrow and then repay at fixed intervals. Installment loans are often used to finance a major purchase, such as a house, car or boat, or to fund education, although you can get an installment loan for almost any reason.

If you’re wondering what an installment loan is, you’ve come to the right place. Learn more about how installment loans work, the pros and cons, and how to get an installment loan.

What is an installment loan?

An installment loan is a type of loan that lets you borrow money and pay it back in equal monthly installments or another predetermined schedule. You repay the principal loan amount, plus interest, in fixed monthly installments until you have repaid the loan.

Installment loans usually have a fixed interest rate that does not change for the life of the loan. However, some installment loans, such as private student loans, have a variable interest rate that can change while you pay off the loan.

Some installment loans also charge an origination fee to process your application. Depending on the type of installment loan, you may have to pay a prepayment charge if you prepay the loan. But if you don’t make payments according to the repayment terms or make late payments, you could incur additional charges and hurt your credit score.

Installment loans work differently from revolving credit, like a credit card. Revolving credit, like a credit card or line of credit, lets you borrow money and pay it back over and over again, while making payments on an installment loan until it’s due. refunded in full. Payday loans are also different from installment loans in that you repay a payday loan in a lump sum instead of fixed installments.

Types of installment loans

Installment loans can be secured loans, which means they are backed by collateral, or unsecured loans, which are not backed by collateral. Mortgages and auto loans are two types of installment loans that are secured. Examples of unsecured installment loans include student loans, personal loans, and debt consolidation loans.

Mortgages

A mortgage is one of the most common types of installment loans used to purchase a house, condo, or land. Your home is collateral for a mortgage, so if you don’t make the payments, your lender can foreclose on your property. Most mortgages are repaid at fixed interest rates over 15 or 30 years. Your home is collateral for a mortgage, so if you don’t make the payments, your lender can foreclose on your property.

Car loans

Auto loans are also installment loans which are secured loans. Since your vehicle serves as loan security, it can be repossessed if you don’t repay your car loan. Repayment terms generally range from 24 months to 84 months, with the most common being 72 months.

Student loans

A student loan is an installment loan, whether you borrow from the federal government or a private lender. The standard repayment term for a federal student loan is 10 years. Federal student loans have a fixed interest rate. For private student loans, repayment terms vary by lender. Private student loan interest rates can be fixed or variable.

Personal loans

A personal loan is a form of installment credit that you can take out for almost any reason. You borrow a lump sum of money and then repay it at regular intervals. Common reasons for taking out a personal loan include medical bills, home improvement projects, debt consolidation, or paying for a wedding or vacation.

debt consolidation loan

A debt consolidation loan is a personal loan you use to combine multiple debts into one monthly payment, often at a lower interest rate. Since more of your monthly payment goes toward the principal balance, a debt consolidation loan can reduce the time it takes to pay off debt. APRs range from 6% to 36%, depending on your credit score.

Home Equity Loans

A home equity loan, or second mortgage, is a type of secured loan that lets you borrow against the equity in your home. You repay it at a fixed interest rate on a set schedule. It is similar to a home equity line of credit (HELOC) in that both allow you to borrow against the equity in your home, however, a HELOC is a type of revolving credit that usually has a rate of variable interest.

Buy now, pay later

Buy now, pay later services like Klarna and AfterPay offer a form of tiered credit. You typically split the purchase price into four interest-free installments. Installment payments are charged to your debit or credit card.

Advantages and disadvantages of installment loans

Installment loans have several advantages and disadvantages that you should be aware of.

Advantages of the installment loan

  • Predictable payments. Personal loans have a fixed repayment schedule and most have fixed interest rates. As you know the amount of your monthly payments, you can integrate them into your budget.

  • Lower interest rates. Installment loans often have competitive interest rates that are much lower than credit card interest rates, especially if you have good credit. The best installment loans have rates as low as 2.99% APR. This is one of the reasons why installment loans are often a good choice for debt consolidation.

  • Allow you to finance major purchases. An installment loan is often the only way to borrow enough to finance a major purchase, such as a house, car or boat.

  • Less impact on your credit score. Taking out an installment loan hurts your credit score less than charging a credit card or line of credit. Your credit utilization rate, or the amount of open revolving credit you use, is 30% of your credit score. You want your credit utilization to be as low as possible. Unlike revolving credit, installment credit does not affect your utilization rate.

Disadvantages of the installment loan

  • Risk of borrowing too much. Unlike a line of credit where you can borrow as much or as little as you want, with an installment loan you need to decide how much to borrow up front. This could cause you to borrow too much money.

  • Costs. Many installment loans have fees, such as origination fees, documentation fees and prepayment fees, which can increase the cost of borrowing. Missed payments can also result in late fees and hurt your credit.

  • Risk of loss of warranty. Many installment loans are secured loans, which means they are backed by collateral. A mortgage and a car loan are two examples. If you don’t make payments, you could lose your warranty.

Frequently Asked Questions (FAQ)

What is the difference between a personal loan and an installment loan?

A personal loan is a type of installment loan. It is usually an unsecured loan that can be used for almost any purpose. Because personal loans are generally not secured by collateral, they have higher interest rates than mortgages and car loans. However, they often have lower rates than a credit card.

Are installment loans hurting your credit?

An installment loan can hurt your credit slightly in the short term because you can lower your average credit age and get your credit report thoroughly investigated. However, an installment loan is generally much better for your credit than shopping with a credit card because you are not increasing your credit usage.

Can I pay off an installment loan sooner?

Yes, you can usually pay off an installment loan sooner, but check the loan documents to make sure you won’t incur a prepayment penalty. Also, look at the interest rates of any other debts you have. Installment loans often have lower interest rates than other types of debt, such as credit cards. Tackling higher interest rate debt first is usually a better bet.

Robin Hartill is a Certified Financial Planner and Senior Writer at The Penny Hoarder. Send your tricky money questions to AskPenny@thepennyhoarder.com.

This was originally published on The Penny Hoarder, which helps millions of readers around the world earn and save money by sharing unique job opportunities, personal stories, giveaways and more. The Inc. 5000 ranked The Penny Hoarder as the fastest growing private media company in the United States in 2017.

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Orange Credit announces the launch of a low-interest loan https://catholicscomehomeboston.org/orange-credit-announces-the-launch-of-a-low-interest-loan/ Wed, 01 Jun 2022 02:00:00 +0000 https://catholicscomehomeboston.org/orange-credit-announces-the-launch-of-a-low-interest-loan/ SINGAPORE – Media OutReach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridging loans and payday loans. The launch of […]]]>

SINGAPORE – Media OutReach – June 1, 2022 – Orange Credit, a legal and licensed lender in Singapore, has announced the launch of its latest loan, with a loan interest rate as low as 1% per month. This new initiative will be used for its personal loans, bridging loans and payday loans.

The launch of the new 1% loan by Credit Orange does not include administration fees, according to the applicable terms. Eligible applicants with an annual income above S$30,000, no outstanding loans from other approved lenders, as well as outstanding unsecured loans from banks not exceeding three times the amount of their monthly income may apply for the ready.

This lending initiative was born out of Orange Credit’s advocacy of responsible borrowing and lending to the public with the aim of minimizing personal debt in Singapore. Thus, Orange Credit is dedicated to going through the disposable income of borrowers, in addition to assisting borrowers with debt consolidation loans in Singapore. This comes from the fact that she strives to focus on the priorities of her clients in order to provide the optimal solutions to their financial worries.

Orange Credit is a reliable and licensed professional lender in Geylang that offers flexible, easy and fast cash loans with quick and hassle-free loan approval in Singapore. Orange Credit has steadily expanded its customer base since its inception by offering a variety of loans, such as debt consolidation and business loans in Singapore, to ease the financial concerns of people in need and businesses that have intend to grow. With no hidden fees, all documentation is straight forward and simple. This allows Orange Credit to speed up loan procedures, which results in quick loan approvals.

For more information about Orange Credit and its reliable range of money lending services, please visit https://orangecredit.com.sg/.

#OrangeCredit

The issuer is solely responsible for the content of this announcement.

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How to get out of payday loan debt in Colorado https://catholicscomehomeboston.org/how-to-get-out-of-payday-loan-debt-in-colorado/ Tue, 31 May 2022 23:21:48 +0000 https://catholicscomehomeboston.org/how-to-get-out-of-payday-loan-debt-in-colorado/ Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow. Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The […]]]>

Despite all the pros and cons, payday loans are still the most convenient option for meeting immediate cash needs. Payday loans can cost you a lot more in the long run than you originally planned to borrow.

Payday loans can quickly become a trap for borrowers due to their high interest rates and fees. The bill is coming due and they take out another business loan with even more fees because they can’t pay it. Many predatory lenders abandon their customers using deception and trick consumers into approving loans in states where payday loans are illegal.

Below are some of the key facts about Colorado payday loan laws to help you make an informed decision about payday loans. Also, I will discuss how to get out of living payday loans in Colorado.

5 Important Colorado Payday Loan Laws You Should Know

1. In Colorado, the payday loan is legal at a lower cost.

2. The maximum amount that can be borrowed through payday loans in Colorado is $500. One or more payday loans can be used to meet the $500 limit. Although payday loans in Colorado do not have a maximum term, they have a minimum term of six months.

3. Payday lenders can charge up to 20% of the loan amount in finance fees for amounts up to $300. For every $100 above the first $300 borrowed, lenders can charge up to $7.50 in addition to standard financing fees. The law allows lenders to charge a 45% interest rate if a borrower renews a payday loan.

4. The law allows repayment plans. However, the terms of these plans may differ between lenders as long as they are legal.

5. Collection of unpaid debts is restricted under Colorado payday loan laws. For “insufficient funds” penalties, lenders can charge up to $25. Lenders can sue borrowers for unpaid payday loans for the full amount of the loan plus attorney’s fees. Borrowers can only be sued if they have closed their current accounts before repaying the loan or debt in full.

Lenders are required to issue refunds for the prorated amount of APR when borrowers repay payday loans in full before the end of the APR loan term.

5 Ways to Get a Payday Loan Solution in Colorado

You need to pay off your debts as soon as possible because these loans come with higher interest rates that accrue until you pay off the debts. Usually, you have to pay the debt when you get your next paycheck, but lenders allow you 30-day payment extensions.

It can seem impossible to get out of a payday loan when you have one. Fear not, there are ways to get the payday loan solution and get back on your feet. The sooner you can pay off a payday loan, the better.

Here are some of the ways to escape the clutches of a payday lender:

1. Make full payment

It is advisable to repay your entire loan. This is undoubtedly the best way to eliminate your debt. Most lenders also prefer it. With the help of a well-planned budget, you can afford it. When you make your payments in full, you don’t have to worry about incurring additional debt.

Some states won’t allow you to get a new payday loan unless the previous one has been paid off. Once you have made the full payment, you can make sure to improve your financial health.

2. Opt for an extended payment plan

You can work out an Extended Payment Plan (EPP) with your payday lender. This will allow you to repay the loan in smaller installments over a longer period without incurring additional fees or interest.

Review your finances and determine the largest amount you can quickly pay for your loan each month before speaking with your lender. Make an appointment with your lender to discuss your loan restructuring before the last business day before your loan is due.

If you need to sign a new loan contract for your PEP, study the terms carefully before signing. This way you will avoid unpleasant surprises along the way.

Remember that not all payday lenders will participate in a PEP. However, it’s always good to find out about your lender’s flexibility if you can’t afford to repay your loan on time.

3. Consolidate your payday loans

Why should you consider a payday loan consolidation to pay off your predatory debts?

Usually, when there is a high interest rate, all of your monthly payments go towards paying the interest rate payments. Interest payments are the minimum monthly payments you must make. So, if the minimum monthly payment is high, you are not aware of making further payments. Your principal remains intact and your payday loans remain the same. Therefore, lowering the interest rate through negotiations will help you pay off your debts quickly.

You can also avoid collection agents because the payday loan consolidation company will deal with your creditors. Thus, you can lower the interest rate on your payday loans to make full repayments on them; you can also make one-time monthly payments to pay online.

Various companies offer such services. However, not all of these companies are legit. Contact a reputable debt consolidation company to enroll in a consolidation program.

4. Settle your debts

Debt settlement allows you to get out of your debt situation. It will serve as a proposition to your creditors that you are unable to repay your debts in full and therefore you only wish to repay part of your total debt. Most lenders and financial institutions will refuse to enter into a settlement agreement with you and will discuss the lump sum you will offer. However, if you reach a reasonable settlement agreement, all you will see is profit!

The first step is to approach your creditors and lenders on your own and ask them to reduce your overall principal amount to a discounted lump sum. The second step is to locate a reputable debt settlement company or law firm and hire them to complete the task. Following the second path will increase your chances of success. Working out a settlement agreement on your own is a difficult task.

5. Consider taking out an alternative payday loan

Consider getting an alternative payday loan (PAL) if you belong to a credit union. The National Credit Union Administration allows federal credit unions to provide members with loans ranging from $200 to $1,000. When applying for PAL, the credit union may only charge an application fee of up to $20 to cover the actual costs of processing the application. The borrower must have been a member of a caisse for at least one month.

Getting a PAL can be a great way to pay off a payday loan and get out of high interest rates. The term of these loans usually ranges from one to six months. For six months, the same borrower can receive up to three PAL.

Can you file for bankruptcy to get out of payday loan debt?

Bankruptcy should always be a choice of last resort. Filing for bankruptcy has many long-term consequences that will hurt your credit for years. This is why it is essential to evaluate all other possibilities before embarking on this path. If you have too many obligations and not enough money to pay them off, bankruptcy may be possible. Payday loans and your other debts could be erased in a bankruptcy filing.

Tips

You should avoid going into debt again. Payday loans are dangerous. Make an effort to increase your income and avoid living paycheck to paycheck. Payday loans are never a long-term answer to your financial needs, but they can definitely hurt your financial situation. Also, many illegal payday lenders use your bank account details for theft and other illegal actions. I hope you will agree that payday loans should be avoided at all costs. Manage your money better for a secure financial life.

Lyle Solomon has extensive legal experience as well as in-depth consumer credit and drafting knowledge and experience. He has been a member of the California State Bar since 2003. He graduated from the McGeorge School of Law at the University of the Pacific in Sacramento, California in 1998 and currently works for the Oak View Law Group in California in as lead counsel.

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What Can You Do If You Can’t Pay Your Loan? https://catholicscomehomeboston.org/what-can-you-do-if-you-cant-pay-your-loan/ Tue, 31 May 2022 07:08:20 +0000 https://catholicscomehomeboston.org/?p=3266 Sometimes life brings surprises. It is best to act earlier rather than later when you discover that you’re unable to make the payments on any of your loans. It is easier to act quickly and minimize the financial damage and also the inevitable cleaning up is easier by preventing the problem from getting any worse. Sometimes, the […]]]>

Sometimes life brings surprises. It is best to act earlier rather than later when you discover that you’re unable to make the payments on any of your loans. It is easier to act quickly and minimize the financial damage and also the inevitable cleaning up is easier by preventing the problem from getting any worse.

Sometimes, the solution is simple. It’s feasible to sell your car and get an alternative that is a less costly (but secure) vehicle if you’re unable to manage your auto payment–or take a break from driving for a period of time. However, it’s not always simple, but there are a few methods that can help you remain on top of the game.

If You Don’t Pay

Then you’ll fall behind on your loan in the event that you stop paying your payments. The loan will be more expensive due to fees, penalties, and interest accrue on your account due to. Your credit scores also will fall. It could take a few years to rebuild, but you can restore your credit and get a loan again, usually within several years.

Don’t lose the possibility of a successful outcome. The prison for debtors was banned within the U.S. long ago, therefore you shouldn’t have to be concerned about threats by debt collectors of dispatching the officers to your house. However, you must be aware of legal documents and the requirements to show up before a judge.

It’s the worst thing that could occur. It’s not enjoyable. It’s stressful and frustrating But you can get through it, and you will be able to stay clear of any worst-case scenario.

When You Realize You Can’t Pay

You should have enough time to pay before your next installment is due. You have the option of taking action before you’re declared late with any payment in the event of being late. There may be a few alternatives at this moment.

Pay Late

It is best to pay your loan on time, however a little delayed is preferable to late if you are unable to make it happen. Make sure to send your loan payment to the bank within 30 days from when the date is due. The late payments won’t be reported by credit bureaus in a lot of circumstances, meaning your credit will not get damaged. 2 This allows you to choose between refinancing or consolidating your debt.

Consolidate or Refinance

It is possible that you would prefer an alternative loan. Consolidating using consolidating with a personal loan can result in lower interest rates and a smaller amount of required payments, particularly for loans that are toxic such as credit cards and payday loans. In addition, a new loan generally will give the borrower more time to pay.

You may opt to take out a personal loan that you’ll repay over the course of three or five years. If you pay it off later, it could be more costly than the interest rate, yet it could not be the case. It is possible to come out better than you were, particularly if you’re trying to get rid of payday loans.

Apply for a new loan prior to when you start to fall behind on payments. The lenders don’t want to accept those who are already behind. You can begin by applying for unsecure loans through the banks or credit unions that are part of your area, as well as online lenders. Make an application for the loans simultaneously to avoid damage to your credit and select the most advantageous deal.

Use this calculator to see how your monthly payments and total amount due could alter if you are offered an additional interest rate.

Communicate With Lenders

Speak to your lender if you anticipate difficulties in making your payments. There are options available to assist you, such as changing the date of your due or the option of allowing you to skip payments for a period of time. You may even be able to bargain an agreement.

If you’re unable to pay the loan and propose a lower amount than the amount you owe, and then check to see if the lender accepts. It’s unlikely to work unless you convince the lender that you’re not able to pay the loan, but it’s an alternative. Your credit will be impacted when you settle the debt, but you’ll at least can put the debt behind you.

Prioritize Your Payments

It is possible that you will have to make difficult choices about the loans you can pay off and which to pay on time. It is common sense to keep making monthly payments on your home or auto-loan, but to not pay for loans that are unsecured, such as credit cards and personal loans. credit cards when you have to. The reason is that you do not want to be kicked out of your home or have your car seized.

The damage to your credit can also be problematic however it won’t affect your daily life in the same way. You should make a list of your obligations, and make an informed decision about each one. Your health and safety should be your top priorities.

Try Secured Loans

Consolidating your loan with a secured one will allow you to be approved when you wish to pledge assets as collateral, however, you’ll run the risk of losing your assets if it’s not possible to pay back the loan. Your home could be put up for sale during foreclosure in the event that you put your home in the hands of a lender, making the situation difficult for the family and you. Repossessed vehicles can cause you to be unable to work or earn a living.

Federal Student Loans

There are other options if you’ve borrowed money for your higher education through the government’s loan programs. The loans that are backed by federal funds offer benefits you won’t get in other places. However, these advantages come at a cost and that’s because these loans cannot be discharged during bankruptcy.

Deferment

You may stop paying for a short period of time if you are eligible for deferment to allow you some time to recover your feet. It is an option in periods of unemployment, or in other financial challenges for some borrowers.

Income-Based Repayment

It is possible to reduce the number of your monthly payments if aren’t eligible for deferment. The income-driven repayment plans are designed to make payments reasonable. You’ll be able to make an extremely low amount of payment to reduce the burden your income is very small. 

Payday Loans

Payday loans are distinct due to their extremely expensive prices. These loans could easily put you into a spiral of debt and the day comes when you’re unable to make payment. 

Consolidating payday loans is one of your alternatives when you aren’t able to make the payments or trade anything in order to rack up cash. Transfer the loan to a lender that is less costly. Also, credit balance transfers from credit cards could save you money and save your time. Make sure to be aware of the fees associated with balance transfers and avoid using your credit card for any other purpose than the payment of your payday loan.

It may be possible to block payment on the check to reserve funds for more important payments in the event that you’ve already written an advance cheque to a payday loan company, however, this could lead to legal issues as you’ll still owe the cash. Talk to an attorney local to you who is knowledgeable of the laws of your state prior to stopping the payment. You’ll be required to pay an acceptable fee to your bank, even if you choose to do so.

Credit Cards

Paying in installments with a credit card is also a matter that requires particular care. You should at least make the minimum payment, if it is possible however, more is more beneficial. The credit card company could raise the interest rate to an even higher penalty rate in the event that you stop paying. This could cause you to reconsider the importance of what payments to avoid and which to make.

Get Help

You may think you’re not financially able to seek assistance if you’re struggling in making loan payments However, you’re not in the position of being all on your own.

Credit Counseling

The credit counseling process can aid you in better understanding the situation and come solutions. A different perspective can be beneficial, particularly from someone who deals with consumers just as you do every day.

It is essential to choose a trustworthy counselor who’s not trying to offer you something. Counseling is offered for free in many instances. Your counselor might recommend a debt management strategy or a different method of treatment, based on the circumstances. 

Bankruptcy Attorneys

A bankruptcy lawyer can aid but don’t get shocked when they suggest declaring bankruptcy. It can help you solve your issues, however, there are other options available.

Public Assistance

Additionally, you can find public assistance in many places. Local utilities, the national government as well as other agencies offer assistance to those who are struggling to pay their bills. These programs may offer enough help to ensure keep on top of your loan repayments and stay clear of more drastic measures. Begin your search on USA.gov, and contact your local electricity and phone providers about any current programs.

Moving Forward

The majority of these are temporary solutions. There will be a need for an ongoing plan to ensure you’re paying the expenses. The stress of life is reduced when you don’t need to put out fires on a regular basis and can be able to invest in your future goals.

Emergency Fund

It is essential to have savings account for emergencies. The extra cash you have can help you to avoid issues regardless of whether it’s $1000 to help you get out of a bind or three months’ expenses for living. You’ll not need to borrow in the event of a breakdown when you have enough cash in your reserve, and you’ll be able to pay for bills without interruption. The main challenge is building your savings account for emergencies, which means spending less than what you earn.

Understand Your Finances

It is essential to have a solid grasp of your spending and income to make sure you are successful. Keep track of every dollar that you invest for a minimum of one month. The longer the period, the more beneficial it. Be sure to include any expenses that you only pay annually, for example, property tax or insurance premiums. You won’t be able to make the right choices until you know the exact location of your money.

You may need to make more money or spend less money, or both. Most common strategies to get results quickly include doing more work trimming expenses or selling things you don’t require. To achieve long-term success, you must work on your professional development and spending habits that pay dividends over the years.

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Financial management skills to reach your business goals faster https://catholicscomehomeboston.org/financial-management-skills-to-reach-your-business-goals-faster/ Wed, 18 May 2022 13:41:29 +0000 https://catholicscomehomeboston.org/financial-management-skills-to-reach-your-business-goals-faster/ Finances have a significant impact on our overall health and quality of life. Having a plan helps you manage your money, save for emergencies, and invest in your future. It doesn’t matter if you are married, single or elderly when it comes to financial matters. This guide will walk you through five easy steps to […]]]>

Finances have a significant impact on our overall health and quality of life. Having a plan helps you manage your money, save for emergencies, and invest in your future. It doesn’t matter if you are married, single or elderly when it comes to financial matters.

This guide will walk you through five easy steps to take control of your money and achieve your financial goals:

1. Assess your current financial situation

Start by looking at your current financial situation to see how you can improve your money management skills. You can better understand the strengths, limitations and opportunities for improvement in your business by assessing your financial situation. This information will help you achieve your business goals.

Pay attention to important items on your bank and credit card bills, such as paying for a house or student loan, or the cost of food or car maintenance. To get a better idea of ​​your financial situation, compare these numbers to your income. If you can’t pay off your credit cards every month because your expenses exceed your income, find solutions to reduce your expenses.

2. Monitor your business expenses and budget

Before making purchases, keep track of your business expenses and make sure you have enough money set aside to cover them. Make a list of your expenses, even the smallest ones, so as not to exaggerate in impulse purchases.

If there are necessary purchases you need to make but you don’t have the necessary cash, get easy tribal loans for bad credit from Heart Paydays.

Please check costs at many retailers for the most affordable choice. Make a list of everything you need before you go shopping, whether it’s food or household items. Coupons are another way to save money.

3. Use financial intelligence to control your debt

To avoid a financial crisis, it is essential to have a solid knowledge of the different financial instruments. Credit card debt is the most common type of debt, and it usually results in a lot of debt accumulating.

You can prevent financial difficulties by knowing how to effectively manage your debt. It’s best to only use your credit card to make purchases that you can repay in full at the end of the month. Buying the item if you can’t afford to repay it in full will cause your debt to accumulate.

Credit cards and high interest loans can hinder wealth growth. Don’t accept same day advances from Viva Payday Loans and use them to pay off debt if you have multiple credit cards. Consolidating credit card debt lowers your interest rate and eliminates the need to pay many creditors.

Paying all your payments on time is the best way to manage your debt.

4. Save money and invest

You should set aside a percentage of your monthly income for the future. This will help you avoid financial difficulties. When things go wrong, you can depend on your savings.

You can also use your funds to invest – research high return but low risk investment options. Investing is essential to securing your financial future and achieving financial independence.

Committing to a monthly savings goal can be difficult. However, you can make it easier for yourself by setting reasonable goals and automatically transferring money from your checking account to a savings account.

Consider consulting a financial advisor or taking a money management program if you can’t increase your money. Securing your future is an essential part of sound financial management. This implies that you need to start saving and investing early if you want a decent retirement.

Conclusion

To become proficient in financial management, it takes a lot of time and effort. Mastering these abilities may seem difficult at first glance, but it will become second nature long enough if you stick with them. Remember, the sooner you master these abilities, the more secure your future will be.

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Common Reasons Borrowers Depend On Payday Loans https://catholicscomehomeboston.org/common-reasons-borrowers-depend-on-payday-loans/ Fri, 13 May 2022 13:05:28 +0000 https://catholicscomehomeboston.org/common-reasons-borrowers-depend-on-payday-loans/ Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term […]]]>

Payday loans are a useful source of credit, but come with a negative media narrative. Fortunately, the purpose of the mayhem was the high interest rate, which was eliminated several years ago with the introduction of regulation. Payday loan borrowers enjoy legal protection and for this reason it has gained popularity over traditional short term bank loans.

LoanPig.co.uk offers good opportunities and short term loans for everyone to get a loan easily and quickly. The APR will be high, but you will pay it very soon. Even the amount of fees involved will be less than traditional bank loan processing. Moreover, if the repayment is made on time, it is an excellent option that gives you a space of 5 to 6 months to restructure your finances.

Common reasons why borrowers depend on the type of payday loan

There are several reasons why borrowers choose to choose payday loans. It’s a magic way to get cash flow to your bank account fast.

During unemployment

Source: forbes.com

Unemployment is a phase that hits a person emotionally and financially. This is a point that no one wants to experience, but which can suddenly put you in a financial situation where it becomes difficult to manage your basic needs. A personal loan is an attractive option because –

  • You have access to instant cash
  • You persist in your lifestyle before you find yourself unemployed
  • You think unemployment isn’t a big deal
  • You are breathing deeply and feeling motivated to look for another job opportunity

It is wise not to choose payday loans but to try other means. You can get jobseeker’s allowance. Also, reduce spending of your savings as much as possible. Accept any type of job until you land your dream job.

To merge other debts

Many borrowers apply for payday loans to pay off other debt. It could be credit card debt or a loan from another lender. It’s a wise move when the advertised interest on the loan is less than the debtor already owes.

Usually, the change can be bad because there are other bills, which can add up to a huge amount. Borrowers can choose the debt consolidation feature. It bundles all loans together making it easy to repay and less risky than using the payday option.

Avoid humiliation

Source: incomepassifmd.com

You can borrow small loans from friends and family, which is less risky than choosing a professional loan service. In addition, there are virtually no worries about interest payments.

Unfortunately, there are stories that borrowing from friends or family caused friction, which damaged their relationship. Therefore, many people prefer to go to a lender and pay interest. You can avoid the embarrassment and humiliation of taking out a loan from someone you know personally.

Holiday loans

At Christmas, parents look forward to giving their children objects or things they want. Payday loans seem to be the best answer. They receive the necessary funds for the holiday period, which are reimbursed with the New Year’s salary.

Parents may be tempted to borrow large sums to buy everything their children dream of, but overlook the cycle of debt. It is difficult for parents to explain to their children that the requested gifts are unaffordable, especially when Santa Claus is supposed to bring them. Be sure to consider your financial capacity before applying for a payday loan.

Support during bad credit ratings

Source: upgradedpoints.com

Payday loans have a bad reputation, so many people borrow from banks or other lending institutions. Here, if your credit score is not good, your loan applications are denied. Alternatively, payday loan services approve loans for bad credit. Approval is based on other criteria like affordability. However, rather than applying for a payday loan, it is better to work on improving your credit score by paying bills and debts on time consistently for more than 6 months. A high credit score will give you access to easy loans in the future.

Pay the bills

Payday loans are an attractive option to pay the high utility bill. Nevertheless, it is wise to look for ways to reduce your utility costs. Find ways to control energy use, such as better home insulation instead of wasting money on gas. Thick curtains can keep the heat inside and are not an expensive switch. Never leave the shower running for hours, have time limits to reduce wasted hot water.

For urgent medical treatment

Source: vitalrecord.tamhsc.edu

Medical bills must be paid or they will accumulate like any other type of debt. Urgent medical treatment or surgery is one of the main reasons people depend on short term loans. However, to circumvent personal loans, it is best to have adequate health insurance coverage, as a medical crisis can be expensive.

To pay mortgage payments

People debate that missing a mortgage payment is worse than getting a payday loan. This is because the mortgage provider begins to assume that you cannot afford the house. If you persist on late payments, they take action against you. You should discuss an appropriate repayment plan with the mortgage lender or downsize your home instead of applying for a payday loan.

Pay an overdraft

The unregulated overdraft is scary. You get penalized, and with payday loans, people avoid that. Steps should also be taken to ensure that you are not overdrawn.

Pay an unexpected debt

Source: experian.com

Everyone wants to stay miles away from debt, but it can happen unexpectedly. For example, your father died and you inherited his debt. You will need to erase it as soon as possible. You will use the payday loan to escape from this situation.

Things to know

As another type of loan is hard to come by, payday loans have become popular for raising capital quickly rather than waiting and missing opportunities or in times of emergency. People who are in desperate need of money and don’t have time to go through the traditional loan approval process, which takes time, gets rejected and repeats it with another lending institution, find an option fast payday loan to pursue.

Bank loans are open to investigation, while a direct payday lender does not prioritize where the borrower will use their money. Disclosure to the payday lender about your loan is for statistical purposes only. You can use the amount to treat yourself or go on an excursion or pay a deferred installment, the determining aspect of the approval will be your ability to repay the borrowed amount.




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Can you get a jobless loan? Here’s what you need to know https://catholicscomehomeboston.org/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Thu, 12 May 2022 17:41:28 +0000 https://catholicscomehomeboston.org/can-you-get-a-jobless-loan-heres-what-you-need-to-know/ Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed. So […]]]>

Getting a loan can help you in many ways when you are in a tough financial situation, however, for some getting a loan is not as easy as it is for others. Many people who need a loan cannot get a good deal because of their credit score or even because they are unemployed.

So what can you do if you are unemployed? Well, the bad news is that you may not be able to get a loan if you are unemployed. The majority of lenders will want you to have a permanent and regular stream of income, as this ensures that you have the funds to pay back.

However, this is not the case for everyone. Instead, you might find yourself able to get a loan from one or two lenders even if you’re unemployed, but the loan won’t be as good as if you were employed.

So how does it all work? Are you stuck vying for no credit check loans or do you have other options?

Can you get a loan while you are unemployed?

You can still qualify for a loan, even if you are unemployed. However, if this is your case, you will need either strong credit or another source of income to support you in this endeavor.

Unemployment can arise unexpectedly or by choice, as would be the case with retirement, lenders will still sometimes consider lending to you, as long as you are able to persuade them that you will be able to make regular payments on time.

This is the main concern of the lender.

A lender will generally want to see three things on an application. These include a good and solid credit history, a good credit rating and regular income.

A strong credit history means you have a good history of paying loans or credit on time with little to no late payments, especially recently.

Your credit rating should be as high as possible, the higher the better. Some lenders will have a minimum score that they accept. The higher your credit score, the lower your APR, the lower your credit score, the higher your APR.

Lenders should also know that you can make repayments every month. Technically, this doesn’t have to come from a paycheck, however, you should at least have a reliable source of income that will be enough to cover expenses on a monthly basis and to cover loan repayments.

What should you think about?

There are many types of loans you can get, but probably the most popular are personal loans. With these loans you should consider the same things you should consider with any other type of loan.

There will be short and long term financial factors and consequences of taking out a loan that you should be wary of.

Here are some things you should think about.

Can you make payments on time?

First, if you’re unemployed, or even employed, being able to make payments on time is a big deal.

You should always ask yourself if you can make the minimum payment on time every time. Late payments will not only affect your credit score, but they can also lead to late fees. If you can’t repay the loan, your lender may even go further.

This means debt collection agencies and a negative credit report, if your loan is secured they can take your property, or you can even be sued.

Understanding these factors is very important to ensure that you get what you need from a loan and that a loan will not be a bad idea for you.

What are the loan terms and risks?

It is wise to make sure you understand the terms of the loan. Read the fine print and write down the important things. This includes payments, fees, penalties, interest, etc.

However, also be aware of the risks, consider the best-case scenario, then consider the worst-case scenario, and don’t go for it unless you’re happy with both.

Consider if this loan is really the best thing for you, what might happen if you are unable to make the payments, and the interest rate, what this will mean for your actual total payment.

Don’t forget to consider the consequences if you don’t repay the loan, could you end up losing your house or your car?

What are lenders thinking?

Remember that each lender will have different credit policies that they will use to determine if the borrower is most likely to repay the loan. It is a risk assessment.

So even if you don’t have a job, some lenders accept alimony, disability benefits, unemployment benefits, social security payments, pensions, child support, interest or dividends, etc.

What types of personal loan can you get?

If you are employed, you could get a secured or unsecured loan. Secured loans are tied to an asset of yours and you risk losing that asset if you do not repay the loan in full. Unsecured loans do not have this risk but usually have a higher interest rate.

You could also get a payday loan (although risky) as well as cash advance or debt consolidation loans!


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What are the different types of personal loans? https://catholicscomehomeboston.org/what-are-the-different-types-of-personal-loans/ Tue, 10 May 2022 15:50:08 +0000 https://catholicscomehomeboston.org/what-are-the-different-types-of-personal-loans/ No one wants to be in a position where they have to rely on a loan to help them out financially, but we all have to accept that we may end up in that position eventually. Personal loans are one of the most common types of loans that people end up taking out at some […]]]>

No one wants to be in a position where they have to rely on a loan to help them out financially, but we all have to accept that we may end up in that position eventually.

Personal loans are one of the most common types of loans that people end up taking out at some point in their lives, and the reason is that personal loans have no specific purpose.

While mortgages, car loans, student loans, etc. have very specific purposes, personal loans can be for almost anything…almost.

But there are also many different types of personal loans you can get too, and each type is better suited to a person for different reasons. So, before you go looking for installment loans in Lexington, let’s take a look at the types of personal loans.

Explain personal loans

Personal loans are a type of installment loan, which means that you repay them in installments. This loan is given to you without even needing to use the money for anything specific.

Some lenders will allow you to check your offers online without affecting your credit score, but others will not, and when applying you should be aware that you will be required to disclose your personal and financial information and agree that they obtain firm credit. .

This can have a negative impact on your credit score, but only in a very minor and temporary way.

If you qualify, you will get different offers and can repay over different time periods, with different interest rates and payment rates.

The interest rates for these loans are usually fixed rate, and they will often remain fixed in monthly installments for the duration of the loan activity. You may also have to pay an administration or origination fee, and you will not get it back.

Should you avoid personal loans?

There are three particular types of personal loans that we recommend you avoid. These are payday loans, title loans and pledge loans.

Payday loans are short term and come with huge fees. They’re not always bad, especially if you’re money wise, but they tend to leave borrowers in a cycle of debt that often ends with taking out new loans to pay off old ones.

Title loans are easy, but you must use your car as collateral. Repayment terms can be short and interest rates high, this can add to the wear and tear on you in the long run, especially if you can’t afford it and find yourself at the end of a repossession.

Pawnbrokers can be a good alternative to payday loans, but you risk losing your items to the pawnbroker and you will often have to pay fees if you want to extend the repayment term.

What are the types of personal loans?

So, knowing all of the above, what are the different types of personal loans you can get?

Here are the main types of personal loans you are likely to come across.

Not guaranteed

Unsecured loans are loans that are not backed by collateral to protect the lender. Instead, they will usually have a higher cost in their interest rates, which means they may offer you a higher APR.

That being said, you are not putting any of your assets at risk by taking out an unsecured loan.

You will still be assessed on your credit score, income and debts, and you could get a rate of 6-36%.

Secure

Secured loans are the loans that are safe for a lender because you have to post collateral. This could be your house, car or other material possessions. This is often the case with mortgages and car loans.

If you are unable to repay the loan, your house/car may be repossessed.

Fixed rate

The majority of personal loans are fixed, which means the rate you pay and the monthly payments you make to repay the loan will remain the same for the life of the loan.

These fixed rate loans are great for keeping your monthly payments consistent on long-term loans.

Co-signed

Co-signed loans are best if you have bad credit and cannot qualify on your own.

Someone else will co-sign the loan, but they won’t have access to your funds. That person will still be in trouble if you don’t make the payments, though.

A person who is a co-signer will generally have great credit.

Floating rate

Variable rate loans are calibrated by banks, and depending on how it goes up and down, your loan will do the same. You will usually get a lower APR for this, and there will often be a cap on how much this can change over time.

They are not widely available, but are usually found on shorter term loans.

Debt Consolidation

Debt consolidation personal loans are actually a popular type of personal loan. This type of personal loan will take all of the loans you are currently paying off and consolidate them into one large lump sum.

This is ideal as it reduces the amount you have to pay. How?

Well, if you have multiple loans at different interest rates, it will cost you more in the long run, when you consolidate your loans into a personal debt consolidation loan, you only have one interest rate. interest with which you have to deal.

Credit line

Personal lines of credit are revolving credits, and they are much like a credit card, more than a personal loan. Instead of getting a lump sum of money, you will have access to a line of credit from which you can borrow as needed.

With this, you will only have to pay interest on the money you borrow

It works best when you need to borrow money for running costs or if you have an emergency.

This article does not necessarily reflect the views of the editors or management of EconoTimes

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