If you are wondering how long will a late payment account will stay on your credit report then keep reading because I will explain the length of time they remain on reports and other aspects of paying your bills late and your FICO scores.

Past due payments are widely misunderstood in todays world and to make matters worse not all late payments are the same and each type will affect your FICO score much differently.

Types Of Late Payments and How They Affect You

A Few Days Late- This will not have much of an effect on your credit scores and the only problems it will cause for you is that the lender may charge you fees, increase your interest rates or cancel the account but your scores will not be affected and the activity will not be reported.

Over 30 Days Late- Once your payment gets over 30 days late it will report to the three major credit bureaus and leave a negative mark on your report. On average it will also drop your score 50-75 points and if you extend it out to 60 days late your scores will drop further. You will also incur the penalties that the lender will assess to you that were mentioned above.

How Long Will Past Due Activity  Remain On Credit Reports

Like any financial records both good and bad any past due payments will remain on your report for seven years. However if you take some steps and do self credit repair you have a great chance of getting them permanently removed much sooner then the normal seven years!

Cash flow is critical to any professional service firm but especially small ones. How do you prevent clients from delaying paying their bills or worse not paying at all? Here are 10 tips:

1. Establish ground rules during the initial appointment with the client. If you don’t have a written payment policy, now is the time to write one. This policy should then be reviewed with the client in the first meeting. Include in the policy when payments are due and how overdue bills will be handled. Give the client a copy of the policy. Make sure that the client understands his/her bill payment responsibilities and agrees to them.

2. Offer different payment arrangements to make it easier for clients to pay. If you do not accept credit cards, now is a good time to consider doing so. By billing to a credit card you get the fee immediately and the credit card company has the collection problem if there is one.

3. Consider offering a discount for early payment and/or a penalty for late payment to encourage on time payment. This should be discussed at the initial meeting (It should be in the written payment policy.) and might be enough to persuade the client to pay early or at least on time.

4. Know the client’s bill payment process. Keep a record of the telephone number and name of the person who pays the bill for the client. If you do need to contact the client about the bill and are able to reach some agreement then you will know how to reach the bill payment person (often someone other than the client) to see if the check has been sent.

5. Call the client if the bill is more than 5 days overdue. Letters are not as effective as calls especially since you’ve been billing the client by mail and the client has not taken action. Sometimes just hearing your voice will inspire the client to put your bill on the top of the stack. Under no circumstances do you want to continue doing work for the client until the bill is paid. This is often difficult to manage when you are in the middle of the work but it can give you leverage with the client.

6. If you decide to send an overdue bill notice to the client, send it priority mail in the red and blue envelope from the post office. It will stand out, get more attention than regular mail and most likely be the first piece of mail the client opens.

7. First calls on an overdue bill should be just friendly reminders. Ask if you can expect the payment by a particular deadline. Call the person responsible for paying the bill on that deadline so you know immediately if client has lived up to his/her agreement.

8. If the client tells you he/she is having financial issues, try to work out a payment plan with him/her.

9. With accounts 90 day or more overdue decide if you are willing to write off the bill or if your next step is to send the bill to a professional collection service.

10. If you decide to use a collections service (you get at least part of your fee), let the client know in writing that you are going to do that.

There are numerous merchant processing services to choose from affording business owners the luxury of being able to accept credit card payments for the products or services they have on offer. And the good news is that research has shown it is not only profits that increase when payment is made in this way - there are many other benefits to be reaped too. Here are details of just a few of them.

Your business will reach a whole new dimension as far as its audience is concerned when you accept payment by credit card. These days, many people have taken to using credit cards as their chosen method of payment due to several reasons. It may be that they are collecting reward points or simply that they have overspent this month and need to rely on purchasing with credit as opposed to cash. Whatever the reason, it means your customer base will grow.

The size of an order placed using a credit card tends to be bigger than a cash or check spend and this is because the customer doesn’t see the cash disappearing from their pocket or bank balance which encourages them to be more indulgent.

It is estimated that as far as Internet purchases go, over 90% are settled by credit card. This in effect means you could literally lose 90% of your business due to not accepting credit cards as a means of payment.

It’s Convenient, Competitive and Impulsive

Allowing your customers to use a credit card is very convenient for them and they have become to almost expect this option as a way to pay for their shopping instead of carrying cash or checks around with them.

Do your competitors and rivals in business accept credit cards? If so, you need to keep up with the Joneses and offer your customers a service equal to what is available to them elsewhere.

When your customers pay by cash or check they immediately see the money leave their pockets or banks, yet by using a credit card, they are more likely to spend more on impulse buying because they know they can settle the total over a few months instead of having to pay straight away. After all, their impulse buying adds to your profits!

Merchant Accounts - Easily Accessible and Not Too Expensive

It’s becoming more and more straightforward and easy to open a credit card processing account. All you have to do is approach your financial establishment or even a private party and you will find all manner of options open to you, one or more of which is sure to meet your business needs.

If you are just starting out in business, private parties and on line company account suppliers are ideal as they don’t perform credit checks and there are no volume requirements set as part of the deal. You are also given the option of choosing a fee structure best suited to your particular business.

Merchant accounts opened through banks or some of the other financial establishments will carry out credit checks and may insist that you have a banking account with them. Nonetheless, the fees incurred when using such financial establishments may be negotiable and more often than not tend to be lower than the fees associated with private party and on line companies.

From the points made above it is evident that the acceptance of credit card payments has many advantages, so if you own a business it will be well worth your while to open a credit card processing account and watch the profits come rolling in.

Amendments to bank contracts have been made to include a clause stating that banks must prove that they have informed all tenants of the grace period before they are evicted. In August the law was passed in Illinois requiring 90 days notice. It is likely that further protection will be added on a state by state basis to ensure that tenants are not being treated unjustly. What else can be done? Some can sue their previous landlords for the sum of their unreturned deposits. Unfortunately, however, many landlords in these crises are bankrupt and there is no money to collect. Furthermore, President Obama passed the “Protecting Tenants at Foreclosure Act of 2009″ on May 20, 2009, that stated that those involved in a lease will not be forced out of their homes and that the lease will remain sound when a new landlord takes over.

Now, more than ever in recent years, renters are in dire need of stable rentable units and dependable landlords. Here is what this information means for a possible investors in 2009 and upcoming years:

Thousands of families are searching for reasonably priced rentable homes.

Contracts can and should be designed and negotiated to give leeway and show understanding for renters who have been unjustly evicted. Perhaps a lower priced deposit or a payment plan can be established to allow these people to get back in to stable homes.

Make the housing crisis a way for you to earn supplemental income and for families everywhere to obtain the stability and comfort they desperately need during this economic folly.

Cristina Sivak ILFLS Editor

ILFLS.com is the Chicago based, premium source for foreclosures, auctions, REOs and marketing lists specifically built for the investor by local real estate investors.

About the Author

ILFLS.com is the Chicago based, premium source for foreclosures, auctions, REOs and marketing lists specifically built for the investor by local real estate investors.

Payday Loan Lenders

Payday loan lenders or cash advance lenders are willing to give unsecured loans for any reason. Typically you will get a loan for $100 up to $1500 and will have to pay it back in a very short amount of time. These loans are good if you are in a tight spot and need some extra cash immediately. The money is usually available the next day or sometimes within hours. If you take out this type of loan, make sure you pay it back as quickly as you can. If you don’t, you will be paying a massive amount of interest as well as loan fees.

Unsecured Personal Loans

An unsecured personal loan is a loan given to the borrower with monthly payment terms. These loans can range anywhere from $250 up to $10,000. If you have bad credit don’t expect lenders to loan you very much money. This type of loan is better than a payday loan becuase the interest rate is lower and you have more time to pay it back.

Loan Tips and Advice

If you are applying for a payday loan or unsecured personal loan, make sure you research the lender who is providing the loan. Never pay any upfront fees for a loan. Make sure that there are no pre-payment penalties on your loan. If you take out a loan, make sure you pay it on time, every time. Don’t be late and don’t miss payments. This may cause the interest rates to rise and you will most likely be hit with excessive fees. Try to pay more than the minimum payment. By doing this you will reduce the loan amount as the extra money will go toward the balance and not the interest.

For More Information on Everything Related to Finance Visit: http://MrFinanceGuy.com

If you owe the IRS money you need to pay them. One of the ways you can do this is by setting up a payment plan. There are times when you should consider an IRS payment plan, and times when you may be better off with another option. That being said, you should at least know what a payment plan is all about, whether you qualify, and how to get started. Even if you do not know taxes right now, this could change sometime in the future. And if it does you will be glad that you know what is going on and how you can proceed.

An IRS payment plan we are referring to he is also known as an installment agreement. No matter what you call this you should know what you are getting into: the ability to pay your back taxes over the course of many months instead of all at once. Some people who owe money can afford to send one big check to pay off their liability. But on the same token, many people are not as lucky. If you are one of them you should consider requesting a payment plan from the IRS.

Remember, when you opt for an IRS payment plan you are going to owe your total liability in addition to penalties and interest. This may sound like a rip off, but remember, this is something that the IRS does to make things easier on you, the taxpayer. If it were not for IRS payment plans, those who owe a lot of money would never be able to catch up. So instead of looking at a payment plan as a bad thing, you should consider the good that can come out of this instead.

Overall, you should be considering an IRS Installment Agreement if you meet these two requirements: 1. you owe the IRS back taxes. 2. You do not have enough cash to pay a lump sum. Does this sound like you? If so, it is time to consider an IRS payment plan and all its benefits.

Structured settlement payments are a key part of any settlement between both parties and because it involves financial numbers, it automatically factor in some issues over taxation. Let this tiny bit of information illustrate how a long-term agreement can give you tax advantages.

When a person sues another person due to some sort of injury and wins the case, the claimant will receive monetary compensation for the loss through a settlement payment agreement.

Before, settlements come in the form of a lump sum but this proved to be very demanding on the spot for the paying party. The solution in the recent rimes is the payments which are gaining popularity because of its practicality and benefits for both parties.

As a substitute to a single lump sum payment, the claimant will be compensated a monthly settlement payment for an agreed period of time Choosing a series over the lump sum amount means a guaranteed source of long-term income for even a whole lifetime.

One of the highlighted benefits of these regular payments is the excellent tax advantages that come with it. It is basically income exempted from taxes unlike the usual salary or other forms of income like royalty or dividends.

For the record, there is no income tax on structured settlement payments since 1982. The tax savings itself makes this option of maintaining the long-term monthly payments very attractive. Over the entire period of the settlement, such savings is a big amount in itself.

A decade ago, there are problems with issues on the burden of taxation over transactions of transferring or selling of settlements. Insurance companies asserted that their clients or even their companies are at the losing end with the dealings in structured settlement selling.

When an individual sells, the annuity obligors suffer tax consequences. This became the source of several litigation in the past between insurance companies and settlement purchasers and annuitants.

With the enactment of the Structured Settlement Protection Act, it will further benefit these individuals receiving the monthly regular payments. Such regulation also clearly mandated that annuity providers will also not suffer from further tax consequences as a result. The law clearly states that annuity owners and providers do not owe any taxes as a result of these transactions.

Selling your structured settlement payments will make you lose many tax benefits in the process. Selling this guaranteed income has only an advantage of large yet single payment. Before deciding, it is best to consult with your financial advisor regarding selling your structured settlement payments. Your advisor will definitely help in defining with what you will lose in the process, especially the tax savings you will forego.

The UK Banking industry has certainly had a severe weathering by the financial storm which has been raging since the collapse of Lehman Brothers in the US and in the UK the melt-down of Northern Rock in August 2007. In addition to this, there have been serious changes that have affected one of the banks most significant areas of income, payment protection insurance. The banking sector has historically made around an estimated £1.6bn per annum (2006) from the sale of such policies.

What is PPI?

PPI which stands for Payment Protection Insurance is a type of insurance which typically will cover repayments on different forms of finance for a given period of time in the event that you are unable to meet payments due to sickness, accident, redundancy or sometimes death. PPI can be provided against the following types of agreements, motor finance, personal loans, credit cards, store cards, amongst others.

PPI has become an extremely controversial due to the alleged miss-selling of the policies which has occurred. According to Which? the independent advice service up to 50% of policies may have been miss-sold. In some of these cases the lender/insurer had failed to provide details on the various benefits of the policies, so the consumer may have often taken out the cover without really understanding what it was for!

Other examples of how the policies have been miss-sold include, self employed people that could not claim for redundancy, also where pre-existing medical conditions were not identified which in turn invalidated the insurance. In some identified cases the cover was added to the loan without any knowledge or consent from the consumer.

The Cost of PPI

The cost of credit insurance can vary. Typically the factors that influence the price are as follows, the type of finance you are taking, the term of the loan, the amount you are borrowing, and the company that has sold you the policy. As a rule Payment Protection Insurance can be considered to be an expensive form of cover and can make a significant difference to your monthly repayments on your loan as well as the amount that you pay in total.

How many PPI claims are successful?

According to recent statistics from the Office of Fair Trading only around one in every five claims on PPI policies is actually successful.

As recently reported by the BBC, the FSA has been unhappy with the speed with which Financial Services Companies have responded to the alleged miss-selling of PPI. In 2008 the Financial Ombudsman Service received 25,000 PPI complaints, making the insurance the biggest source of financially related public grievance. Examples of the organisations who have been fined for the miss-selling of policies include Credit Card Company Egg who were fined £721,000 and Alliance and Leicester bank was fined £7m.

I was told by a lender that the PPI was a requirement to get the finance needed I needed. Is this true?

Firstly there is absolutely no obligation to take out this insurance with any particular company, including the company through which you are taking out finance.

If you are looking at taking out PPI Insurance it is certainly recommended that you shop around to see if you can get a cheaper quotation, as often the stand-alone products are considerably cheaper than the “packaged” deal provided by the lender. Secondly, this is not a compulsory form of cover, and there is nothing in any of the loan agreements to state that you must have PPI in order to get finance, so this is a clear demonstration of where a policy has been miss-sold. You should in no circumstances let the lender tell you otherwise.

It is also worth noting that financial institutions are no longer allowed to offer the policies at the same time as selling the loans which they are often associated with, and there has to be a “breathing” time in-between the sale of each product.

I am interested in taking out PPI but don’t want to get ripped off. What do I do?

The best way to ensure that you get the right policy at the right price is to shop around. Compare different policies and prices, which can be easily done online through the various price comparison sites which are available.

Ensure that you read the small print extremely carefully, as there are multiple exclusions with these types of policies, and this will enable you to see that you are cover will be right for you.

My PPI policy may have been miss-sold to me. Can I make a claim for compensation?

This really depends on a number of factors, such as the circumstances under which you purchased the cover, the reasoning for why you feel that it could have been miss-sold, also when the policy was taken out. PPI came under the FSA umbrella in 2005, therefore any policies purchased before this time will not be covered by the current FSA regulations and guidelines.

The claims process has become easier as the volume of claims has increased. Therefore most claims management organisations will quickly be able to identify a valid claim.

However even if you are not successful in claiming, it is certainly still considered to be a good idea to speak to the provider and complain, as the FSA has been coming down increasingly hard on lenders that have potentially miss-sold this cover.