KOLKATA: The meeting over devolution of funds between the North Block and West Bengal finance minister Amit Mitra continued till late in the night on Friday with both sides using the best in their arsenal to set the records right.

Mitra, who took the brief of chief minister Mamata Banerjee, argued for the Debt Consolidation and Relief Facility (DCRF) as the state has committed itself to the Fiscal Responsibility and Budgetary Management (FRBM) Act, while Union finance minister Pranab Mukherjee insisted on the states submitting a roadmap on reducing the revenue deficit that has been promised by the preceding government to be zero in 2014-15.

The target is set for West Bengal, and the debt waiver asked by the CM has to follow the recommendations of the 13th Finance Commission. In that case, the Bengal government can always ask for a waiver that the Centre may allow by way of allowing the state to use the huge deposits under the National Small Savings (NSS) Fund.

But then, this facility cant wipe out the Rs 2.20 lakh crore loan that has been heaped on the state government over the years. The West Bengal CM thus wants a political solution to the economic rot that has set in before she took over.

Mamata Banerjee is not interested with the total corpus of the central assistance that often comes as loans or grants where the state has to gather at least 30% of the expenses to avail the fund. More so, because like other states, Mamata Banerjee is also burdened with the additional liability of the pay revision payout.

The Centre, on the other hand, has its compulsions, too. The 13th Finance Commission has set the parameters of fund devolution for states based on four criteria – population of the state in 1971, area, fiscal capacity distance and fiscal discipline – which is why the Centre wants the West Bengal government to place a full-fledged state budget with tax proposals that would meet the criterion for enforcing fiscal discipline.

Bengal got a large chunk of non-plan revenue deficit grant during the 12th Finance Commission period that it wont get any more. But the finances of three states namely West Bengal, Bihar and Uttar Pradesh did not improve, says the the 13th Finance Commission report. However, grants during the 13th Finance Commission period is likely improve largely for Bengal, the Union finance minister had said. In addition, the state government is likely to benefit from a little higher revenue sharing (32%) once the Goods and Services Tax is introduced.

We cant ask the RBI to ease the debt incurred through market borrowings and ways and means advance (WMA). But there are provisions within the law for the Centre to write off bad debt. The chief minister is vying for this waiver, a state official said. He added, One-time grants can never help unless there is a disciplined fiscal behaviour for the road ahead.

Sources said that North Block is insisting to know how and where Bengal proposed to poise its additional resource mobilization (ARM). This would entail revenue generation by imposing taxes. But Mamata has been resenting the very mention of the word tax, and was determined to steer clear of such anti-people measure at time when inflation had hit the skies. But now that her governments daily functioning is at stake — for want of funds — the chief minister has agreed to pass the financial bill in the Assembly session beginning August 10. The bill would have a few tax proposals, including the recent excise duty hike, which would generate Rs 200 crore annually.

The government would thus be tabling a budget (and not a vote-on-account) for six months starting October 1. In all, 26 departments would be presenting their budget during the forthcoming session. The finance minister would be giving an introductory speech, as well as the wrap-up statement, thus presenting a budget for six months.

That seems to be a pre-condition for the Rs 19,000 crore-plus package as calculated by the Centre. The state desperately needs the money to kick-start its slew of announcements. The Centre, too, is finally going out of its way to loosen the purse strings.

Prime Minister Manmohan Singh, who has intervened for the sanction of bailout funds, suggested that Bengals requirement could be over Rs 12,000 to bridge the gap on account of deficit (about Rs 8000 crore) and other reasons. The calculation sheet shows every month the states estimated expenditure to estimated income gap would be Rs 1,545 crore. The total expenditure on salary and allowances is Rs 639 crore. But now the gap looks like going up to Rs 19,000 crore.

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Some graduates are nearing a point where they need to make a decision on what they will do in terms of repaying their student loan debt, but there are many students who have in the past turned to consolidation options as a way to lower their overall monthly student loan repayment obligation, but with some competitors arising in the private student loan sector, there are options for students to use private loans as a way to consolidate these student debts. Also, there are some cases where private loans may be the only option that a student has if they want one consolidation loan for multiple debts, but this will depend on a graduate’s financial situation as to whether this is the case.

Yet, when it comes to using private loans as a way to consolidate student debt, some men and women may find an affordable option, in terms of the rate they receive and repayment plan that is offered, but many financial aid officials often counsel students to explore multiple options to make sure that they find the best fit for their financial situation. There are some student loans that are available from private lenders which, if this is a student’s only debt, can be repaid on a regular schedule but whenever students may have multiple student loans or a combination of private and federal student loans the costs can sometimes get to be too much for some graduates.

However, one of the reasons that private loans have not been the most popular choice among college students is because some lenders do not offer fixed rates, they may also come with higher interest rates than federal loans, and when it comes to a variety of repayment or forgiveness options there are some lenders that simply do not have these plans available. Keep in mind though, there are some banks that are attempting to compete with federal student loans and may have changed not only the availability of fixed-rate student loans but they may also have more consolidation and repayment options available to borrowers as well.

This is where students will have to research lenders in their area to see what they may be able to offer, as some students may feel that a private loan will be more affordable while others are in a position where federal loans will be best for their particular situation. Yet, concerning consolidation, if a student has a combination of private and federal loans and feels that getting a debt consolidation loan is in their best interest, a federal student loan consolidation option will not allow private loans to be consolidated and, as a result, students may even end up with multiple student loan repayment requirements even after they have consolidated.

This situation may be helpful for some, in cases where a high amount of federal loan debt may be in place but only a small private student loan, but this is the point where students must look at their financial situation to see what types of loans they have and whether consolidating is even in their best interest at all. However, if students do decide that consolidation on their student loan debts is going to be right for their situation, students must also look at factors like interest rates, whether they are fixed or adjustable, the repayment timeframe that they must meet, and if there are any options to help a student repay this consolidation loan if they are facing financial hardships as consolidating student loan debts through a private lender may offer fewer options or assistance plans if a student finds themselves in a difficult financial position.

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By Allen Schiff, CPA, CFE

1. Midyear meetings give you the opportunity to plan and discuss options such as equipment upgrades, debt refinancing, and debt consolidation, especially with the current prime rate at 3.25%.

2. Midyear meetings give you a chance to see how your practice is performing so far this year and if there are areas that can be improved upon to make sure your practice is even more successful for the remainder of the year.

3. Midyear meetings make sure you have accurately recorded transactions in your ledgers (books of original entry) with regard to new loans, loan payoffs, and new equipment acquired, and that the net income of the dental practice is fairly stated.

4. Midyear meetings verify estimated tax payments made thus far and estimated tax payments scheduled for future quarters, as well as verify current payroll withholdings along with anticipating future cash flow needs.

5. Midyear meetings allow you to discuss any changes that have taken place or will be taking place in your practice that your CPA could possibly assist with; ie marketing, staffing, establishing fee schedules, etc.

6. Midyear meetings allow face-to-face meetings whereby issues can be identified and discussed in a professional environment.

7. Midyear meetings provide an objective analysis of the financial results of your practice, as well as how those results compare to offices of a similar size for the most recent fiscal year.

8. Midyear meetings allow your CPA to evaluate productivity by doctor and hygiene department for the interim period, and allow him or her to recommend changes. This limits the exposure to six months, rather than 12 months.

9. Midyear meetings determine the necessity of equipment purchases that may involve financing as opposed to waiting for the year-end, which may not allow time for financing arrangements to be approved and executed prior to year-end.

10. Midyear meetings allow your CPA to see a snapshot of what the year will look like if things remain consistent, and offer suggestions to you regarding changes that may improve your bottom line by year-end ie, payroll issues, operating expenses that may be out of line, equipment purchases, etc.

Author bio

Allen Schiff, CPA, CFE, is a founding member of the Academy of Dental CPAs (www.adcpa.org). This group of very knowledgeable CPA firms across the nation specializes in practice-management services to the dental industry. He serves on the ADCPA Executive Committee and is the chairperson of the ADCPA Marketing Committee. Allen can be reached at (410) 321-7707 or ASchiff@Schiffcpa.com.

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As many Americans are still looking back on our most recent debt ceiling negotiations and factors related to our national debt, this has translated into the lives of many consumers in the form of a review of their particular financial position and how that changes that may need to be made so that they can more easily get out of debt and improve their financial position. While the national debt debate was long and has still caused debate among many men and women, when it comes to the personal finances of numerous Americans there are a few arguments that getting out of debt at the present time would be a bad idea, as many consumers are simply living beyond their financial means and are unsure of how to deal with this problem.

Sadly, personal debt in the lives of consumers have led to a bad credit situations and for those who are in a bad credit position in terms of their score and credit history there are some debt relief options that may be available but could be difficult to come by depending on the severity of consumer’s financial life. Bad credit borrowers have traditionally looked for ways to lower their overall debt repayment amount to various creditors as it is the inability to make certain payments that has led to a bad credit score in many cases but when consumers start looking for unsecured consolidation loans as a way to meet these debt repayment needs, some often overlook the costs that come with using this particular type of plan.

Secured loans available for bad credit borrowers are usually one of the options that these particular consumers have, but there are some cases where consumers have been able to get unsecured loans to meet their bad credit debt consolidation needs. However, the majority of banks that may offer these loans will now require some form of collateral since a bad credit borrower will be seen as a risk, particularly if they have a history of missed payments or financial problems. Yet, most consumers are aware of the costs that come with collateral related to a secured debt consolidation loan as someone in a bad credit position understands that they must offer some form of incentive to a lender before they can get the financing they need to consolidate their debts and begin repaying what they owe.

What consumers often overlook is the fact that a secured loan can be a drain on their personal financial life due to the fact that it could lead to higher overall costs, which is often the case with even a traditional consolidation loan. This is where consumers who may be in a bad credit position might falter as those who are looking for a secured debt consolidation loan may not have a great deal of funds to spare since missed payments may have led to their credit position. If this is the case, minimum monthly payments may be less for consumers who are able to acquire a secured debt consolidation loan but this repayment timeframe could last much longer and be more costly than other debt relief options.

It’s at this point that some advisers want consumers to either look over alternative options to a secured debt consolidation loan, speak with a financial professional like a credit counselor to further explore bad credit debt relief options, and make a more educated decision on what route will be best for their particular situation. If the consumer is in a predicament where they may miss payments on their secured loan they will obviously lose collateral and, in cases where a home or a car may have been presented to a lender this could be problematic when these items are repossessed.

While some consumers feel that a secured loan is best for their situation, it needs to be understood that bad credit debt relief is something that should not be entered into lightly and consumers are often advised to explore their options and even talk with outside professionals before making their decision, as it will ultimately come down to a consumer’s situation and their choice as to what debt relief option they take, but without knowing all the options some men and women may take a less than desirable route.

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Despite the name, Legal Helpers does not provide legal representation to consumers or otherwise act in an attorney capacity, the cease-and-desist order says.

Legal Helpers, located at 233 S. Wacker Drive, responded that no part of its business is unlicensed and that Hyslip is an attorney licensed in Ohio. It said all documents are reviewed by an attorney licensed in the state.

In at least one case, IDFPR said that the firm accepted payments from a client but did not settle the clients debts. The client, identified as TG, paid more than $3,400 in payments to the firm and its subcontractor, Florida-based Eclipse Servicing Inc.

The firm charges nonrefundable fees that include a $500 retainer, a $50 monthly charge and 15 percent of the total debt.

Earlier this year, Attorney General Lisa Madigan filed a suit against the firm, also known Macey, Aleman, Hyslip amp; Searns.

The suit alleged that Legal Helpers charged upfront fees for debt-consolidation services, which became illegal in Illinois last year through the Debt Settlement Consumer Protection Act.

The act forbids debt settlement companies from charging upfront fees and requires that they only collect fees if a consumers debt is settled. Attorneys are exempted, allowing them to charge upfront fees.

Jason Searns, Legal Helpers general counsel and managing partner, said the state does not recognize the Legal Helpers as a law firm, because like many other national law firms, one of its partners is not licensed in the state.

What the state is trying to claim is that we are not a law firm because one partner is admitted (to practice law) in Ohio, even though two partners are admitted in Illinois, Searns said.

In the last year, Searns said that the company has reduced the debt of over 20,000 accounts nationwide. The debt, he said, was reduced by an average of 30 percent, after interest added by banks and legal fees.

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For thousands of people debt has become a part of their everyday life. People fall into debt in different ways: some may have lost a job while others may have experience an unexpected medical emergency that caused them to fall behind on their bills. In other instances, people may have simply overspent and got caught up in a credit card crisis. Whatever the means debt is a difficult situation, but it’s certainly one that can be resolved.

Many people can consolidate debt on their own by searching for low interest rate credit cards, but they must be sure to do their research to make sure the rate will not skyrocket to an outrageous annual percentage rate (APR) after a relatively short period of time. It’s wise to move the balance of current credit cards to the new, low-interest card to avoid continuous accumulated interest. However, there may be fees involved with balance transfers, so be sure to understand the consequences before making any decisions.

The due diligence process a person must conduct to understand credit cards and their rules can be the difference between drowning in debt and chipping away at it. Many people disregard the importance of investigation; they would rather place the blame on someone or something else–they’re playing the financial blame game. For decades advertisers having been pushing the philosophy of, if people want something, then they should have it. Budgeting or living a frugal lifestyle is not a component of that message, and by association, it’s not a component of the supposed American Dream.

The past few years have been really tough on people who don’t want to take the responsibility for their finances and, unfortunately, it’s been more difficult for those who’ve lost their jobs or suffered a medical condition. The latter may not have the access to the resources that were once available to them because of governmental budget cuts.

There is plenty of help available to people including debt consolidation companies, credit counseling agencies and the new Consumer Financial Protection Bureau (CFPB). The CFPB provides Americans with the information that they need to make proper decisions about credit, mortgages and loans while keeping an eye on the providers’ fairness, transparency and clarity. Credit counseling agencies help consumers consolidate their debt, give advice and offer tools on how to better manage money and form an debt-reduction plan. They also talk to creditors and negotiate lower monthly payments as well as interest rates, they can also help reduce or eliminate fees.

At the end of the day, the real answer of getting out of debt lies in people’s desire to change their spending habits. There may not be a magic potion to make debt go away, but for those people who have difficulty putting their credit cards away when there’s a sale at the mall, there is a message – financial responsibility, not debt, is a surer path to the American Dream. Get rid of the debt, live a more frugal lifestyle and enjoy the things that money or credit can’t buy; they’re everywhere, you just have to look.

Howard Dvorkin, CPA, is the founder of Consolidated Credit Counseling Services, Inc., and the author of Credit Hell: How To Dig Out of Debt. He is also personal finance expert and consumer advocate who has been helping people for more than 15 years.

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Economic consequences of defective loan consolidation programs puts many students even further in debt and destroys their confidence in government

Despite President Obamas quick and decisive focus on improving the terms of student loans — as he said in his 2010 State of the Union address, one of the most significant investments in higher education since the GI Bill, student borrowers are faced with a maze of complexity when they consolidate their student loans through the federal governments lending arm — Direct Loans. The Kafka-esque reality of the process that leads to severe financial problems for many students and their families could not be what he envisioned.

Student debt now totals $800 billion according to a May 17, 2011 NBC-TV broadcast — surpassing the total credit card debt of all Americans — and is the one form of debt that cannot be discharged by bankruptcy. Thousands of young professionals like one masters degree graduate of Carnegie-Mellon Universitys Information Design Program find themselves caught in a costly, time-consuming bureaucratic snafu as they navigate debt consolidation under the federal student loan program Direct Loans. Her saga exemplifies the inefficiency of government and belies the Administrations repeated commitments to transparency and efficiency. Well call her Lena — a die-hard supporter of President Obama but now also a disillusioned student borrower.

Lena applied in May 2010 to consolidate 6 student loans totaling $123,000. After taking 25 hours to gather relevant information and complete the almost unintelligible Direct Loans application, she then fell into a protracted cycle of silence and mistakes. Her loan servicer, American Education Services, erroneously informed Direct Loans that she had 17 loans totaling more than $200,000 with the result that the actual consolidation didnt occur until September 2010. During those four months, she spent more than 100 hours trying to coordinate communication between Direct Loans and the loan servicer, all the while continuing to pay $2,700 per month (65% of her after tax pay) to the original lender because she was afraid that not paying would ruin her credit. Convinced that she had protected her credit rating, she was horrified to get late notices and calls every day once the actual loan consolidation took place — it seems that the payoff amounts that had been finally sent to Direct Loans were out-of-date — this took another 3 months to resolve. In all, it seems she spent an extra $8,000 due to bureaucratic ineptitude, over 200 hours, trying to cope with 180 pieces of correspondence and 120 emails.

Lena is not alone — a quick web search finds others saying largely the same thing:

I consolidated with Direct Loans and have run across the most useless, ill informed, nasty, rude and purposely dense groups of employees I have ever dealt with. No one will give me their name, I imagine to avoid accountability. I dont know who to complain to as I already wrote and called my Congresswoman and several other Senators.

Comments on the web routinely characterize the debt consolidation as a nightmare, accuse the student loans of business practices that are deceiving and illegal, and in another common refrain recall examples of being treated as villains by customer service representatives. Virtually all of the web comments echoed the economic consequences Lena encountered — significant extra interest payments ranging from $8,000 to $14,000.

Even if the process had moved more quickly and smoothly, the supporting paperwork and explanatory information is mind numbing. The most critical decision that the borrower must make is which type of repayment plan to select — if they understand the following, they certainly earned their degrees:

You must choose the same repayment plan for all of your Direct Loans, unless you have both parent Direct PLUS loans (Direct PLUS Loans you received as a parent to pay for the education of a dependent student) and one or more of the other types of Direct Loans listed below (Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Consolidation Loans, and student Direct PLUS Loans (Direct PLUS Loans you received to pay for your own graduate or professional education), and you want to repay your Direct Subsidized Loans, Direct Unsubsidized Loans, Direct Consolidation Loans and/or Direct PLUS Loans under the Income Contingent Repayment (ICR) Plan or Income-Based Repayment (IBR) Plan. In that case…

The Paperwork Reduction Notice that appears at the end of the form has this gobbledygook sentence that says the time required to complete this information collection is estimated to average .33 hours (20 minutes) per response, including the time to review instructions, search existing data resources, gather and maintain the data needed and complete and review the information collection. Really? This is preposterous given the totally dysfunctional system.

The benefits promised by the student loan program are completely undermined by the gross inefficiencies in the processing system, lack of professionalism and empathy from customer service representatives and the severe economic consequences that result. This is inexcusable.

The people running this program need to re-connect with the students to gain their trust, loyalty and respect in the government so that interactions are more informed, more personal, more helpful and more efficient.

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Amid signs that the European debt crisis — which already has seen Greece, Ireland and Portugal seek aid from the European Union and International Monetary Fund — is now spreading to Italy, analysts at Goldman Sachs are predicting that while painful, debt consolidation will succeed as soaring borrowing costs force governments to act.

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Top Articles to Help You Lead A Debt-Free Life

• Debt Settlement: Debt settlement programs use a third party to negotiate lower balances and interest rates on unsecured debt. This type of debt management plan helps provide consumers an alternative to bankruptcy while reducing your outstanding debt.
• Debt Consolidation: “Debt Consolidation” is one of the most commonly misunderstood and misinterpreted personal finance strategies that consumers inquire about all the time. While some view it as a method of taking on new loans, others see it as a debt relief alternative. It is more important than ever for inquisitive consumers to have a very strong understanding of exactly what debt consolidation entails, and the impacts it can have on personal finances.
• Credit Counseling: There are a numerous options for consumers who want to start getting their finances under control after accumulating large amounts of debt, which could inevitably lead to credit problems further down the road. Consumers who are in control of most aspects of their finances, but still feel like they could use additional help managing their debt burden, could certainly benefit from the assistance of a consumer credit counseling service.
• How Do I Get Out of Debt?: Now that the national economy is beginning to recover and people are having a better time dealing with their personal finances, many consumers who found themselves sunk deep in debt over the last few years may be asking themselves the question, “How do I get out of debt?” Fortunately, there are a number of avenues consumers can take to get out of debt, each with benefits and drawbacks depending on how quickly people need to fix their financial problems.
• 10 Tips to Avoid the Debt Trap: Have you ever thought about why so many of the people you know are struggling with debt? Do you ever wonder why banks keep lending to certain individuals, even when they are falling behind on their payments? Did you know that debt problems are a leading cause of major societal problems, such as stress, divorce and alcoholism?
• Credit Management: Many consumers are finding themselves buried under a pile of mounting debt. With interest accumulating month after month in addition to late fees being charged, many consumers are finding it difficult to make just the minimum payments on their credit cards. Although this may seem like an endless battle, with a strict budget and some discipline there are credit management strategies and solutions that will allow consumers to reduce or even eliminate their debt.
• Credit Card Debt Reduction: In recent months, many Americans have made a greater effort to seek credit card debt reduction and reduce the balances they owe, but some may not know where to start. Fortunately, there are several options available for consumers thathave a financial goal to achieve credit card debt reduction.
• Credit problems: Paying down high levels of debt is one of the best ways to improve credit problems and increase one’s credit standing. But many people cannot do that so quickly, especially in this economy. About one-third of a credit score is based off of a credit utilization ratio, which is the total creditbalances divided by the total credit limits. A great target is to use no more than 30% of one’s available credit.

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Not all debt solutions are designed to help with problem debts. Some solutions, such as a debt consolidation loan, are simply designed to make managing your debts easier.

A debt consolidation loan doesnt actually reduce your debts in itself. Instead, it is used to pay off existing debts, thereby combining them into one new loan. By doing this, you may be able to reduce the amount you pay each month, and having one monthly payment instead of many could make budgeting simpler.

There are no universal limits as to how much debt people can consolidate with a loan – it all depends on how much you can borrow. You will probably be able to borrow more with a secured loan (only available to homeowners) than an unsecured loan, but you should be very careful about securing any debt against your home, as missing payments could result in repossession.

Plus, with any loan – whether secured or unsecured – its vital to be sure you can afford to repay it before you commit yourself.

How a debt consolidation loan can help

Lower monthly payments

A lot of people who consolidate their debts with a loan do so in order to reduce their monthly outgoings. Its quite simple – debts that would have taken three years to repay can cost a fair bit less each month if your new debt consolidation loan takes five years to repay. The debt will be a burden for longer, but you may be happy with that as long as it means your payments are easier to manage.

Makes managing your finances easier

Making one monthly payment to one lender can be a lot simpler than keeping track of several different payments per month, over different repayment periods.

Could reduce interest

Loans can carry lower interest rates than certain other forms of credit – say, some credit cards or store cards. So it follows that replacing those debts with a low-interest loan is likely to reduce the amount of interest you pay – over the same time period, at least.

If you extend your repayment period, however, youll be paying interest for longer, and that could increase the interest to be repaid overall. If your repayment period increases past a certain point, this could cancel out the benefit of having a lower interest rate.

Other ways to consolidate debt

With a credit card

A 0% interest balance transfer credit card enables you to transfer debts from other cards and then repay them without interest for a set period. This means youre likely to pay less overall, and each payment you make within that period will be going towards the debt itself, rather than a portion of it going towards interest.

However, this is only generally suitable for debts that can be repaid within the interest-free period, because the cards will charge interest after that point – and it could be at a relatively high rate.

With a mortgage

If youre a homeowner, your mortgage lender may allow you to borrow more on your mortgage to pay off other debts. One good thing about this is that it effectively spreads your repayments over the entire duration of your mortgage – meaning the actual impact on your monthly payments may be very small.

However, this additional borrowing will reduce the equity you have in your home – and again, securing a debt against property can put that property at risk if you dont keep up with repayments.

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