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Tuesday, March 5, 2013

Business Negotiating Techniques

Business negotiating can play an important role in our professional pursuits, the techniques involved can even be of help in our personal lives (outside of the office.) The truth is, we can even be negotiating without realizing it - it is an action that we do naturally from day to day. Perhaps you went to the mall over the weekend and asked for a reduction in the selling price of a faulty item, maybe you had some ideas of how to change something in your office.

Negotiating doesn't have to be difficult, but how effortless it can or can't be, depends on a few factors. One of the main factors will be how much is at stake and another factor that can make it a challenge is your mood - if you are upset or angry then negotiating can seem like the highest of hurdles. If you have low self esteem and the person or group you are negotiating with is full of confidence - this might be greatly intimidating for you.

The purpose of this article is to reveal some of the secrets to good business negotiation skills so that you can use them as you need - when in confrontation with colleagues or customers - or even with the big boss! You might also find that the advice here will be of use in more personal situations too.

Business Negotiating Techniques

Introduction To Negotiating

Simply put, negotiating is when two or more persons/groups will discuss their different needs and aim to come to a solution that satisfies either party. Negotiating is not a process that sticks to a set of guidelines and each case could be very variable when compared to the one before or to the next. How the situation develops will depend on the people involved and what skills/ideas/attitudes they have. What negotiating isn't, is a conflict. Too many make negotiating faults by believing they are under pressure to get the results swayed towards their ideas - using intimidation, force and even anger. Ideally, all involved should accept that the outcome will be favorable to both sides.

Negotiating Techniques

Let us have a look in more detail, the potentially successful business techniques of negotiation. First, you should use appropriate questioning to find out what the other parties needs are and what they dislike about your need and want for change. Take time to make sure that you fully understand their needs and if you must, use what we call 'listening responses' to clarify the situation. An example might be "If I am correct, you want to ensure that..."

Following this, it will be time to share your concerns and ideas. Don't make the fault of only declaring what you want, but always back it up with reasons as to why you want it a certain way. You have to give the other party a chance to understand your reasoning. You could discover through this, that both parties are aiming for the same goal or outcome, but their approach to reaching that goal is different.

Have your plan B's and C's at hand should you require them. Negotiating is all about discussing possible means of coming to an agreement, so you do need to be little flexible and have your options worked out beforehand. Take this one step further by detecting what the response of the other party might be and the solution to their responses.

Never allow anger or intimidation to get out of hand in business negotiating - you don't want to upset others. You are looking at possible solutions to make everyone involved reach satisfaction with the outcome. By no means should you try to intimidate others into thinking that their needs are questionable or wrong in the first place.

Business Negotiating Techniques
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Tuesday, February 26, 2013

How to Pay Back Taxes to the IRS Even If You Are Broke

Bad things do happen to good people. But that doesn't mean you can ignore them and hope they'll go away. Your IRS problems will only get worse. IRS problems can result from a number of causes including not having the money when back taxes are due, underreporting income, overstating expenses, or bad advice from a self-styled "expert" who is not a back tax attorney or Certified Tax Resolution Specialist. If you owe back taxes, you have a lot of company. One in six Americans (26 million people) has a tax problem.

The Internal Revenue Service is unlike any other creditor. If you owe back taxes and don't have the back tax help of a back tax attorney or Certified Tax Resolution Specialist, they will cheerfully financially cripple you with their unflagging aggressiveness, and seize your wages, bank accounts, property, etc. You must deal with them. They won't go away.

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #1: "Man Up" to Your IRS Problems. Ignoring the IRS's phone calls and letters is a big mistake. If you think you are in bad shape now, it will be exponentially worse when the penalties and interest pile up. Your IRS problems won't go away on their own - they will only get worse with time.

How to Pay Back Taxes to the IRS Even If You Are Broke

The worst thing to do is avoid tax obligations. I would rather owe my mother-in-law than land on the wrong side of the IRS. Having tax debt means you are going up against the most aggressive and brutal collection agency on the planet. The IRS has the broadest latitude of any creditor to pursue a delinquent taxpayer for tax debt owed, including wage and asset garnishments.

Even if you don't have the money to pay on time, there are ways to get tax help today to avoid financially crippling liens and levies in the future.

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #2: Don't Pay IRS Penalties. Since penalties can be a high percentage of the total amount owed to the IRS, it usually makes sense to consider requesting the IRS to reduce all penalties to zero before you pay the IRS. This is where an experienced tax attorney or Certified Tax Resolution Specialist can help ensure you don't pay a penny more than you absolutely have to. The IRS has 148 types of penalties. They also charge interest, and even interest on penalties!

If you've already paid your interest and penalty-laden tax bill, it can't hurt to ask for a penalty abatement and refund. It is your back tax attorney or Certified Tax Resolution Specialist's job to consider your unique situation and give you the best possible tax help. Once your tax attorney or tax relief firm has negotiated away the penalties, they might negotiate a payment plan, an Offer in Compromise, or get you put on the IRS's "currently not collectible" list

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #3: File All Returns on Time. This is the first and greatest commandment of dealing with the IRS. If you don't follow it, they will automatically assess you up to a 25 percent penalty. You cannot ignore them, they will find you and make you pay dearly.

The act of not filing usually contributes to more significant problems with the passing of time. If you have unfiled tax returns, it's important that you file your latest tax return, as well as any prior delinquent unfiled tax returns, as soon as possible to give yourself a chance to state what you truly owe, which will ultimately save you money and help you avoid significant long-term consequences.

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #4: Pay the IRS First. We get why you aren't leaping with joy at the prospect of forking over what little money you have to Uncle Sam. Many Americans aren't getting a refund this year, or owe taxes they can't pay. Don't let this ruin your financial future.

You should always pay the IRS before anyone else. They have the power to levy your wages, accounts receivable and all other sources of income until they collect what they're owed. Once the IRS has you in their sights, they will hound you with tax liens, wage garnishments and bank levies until your back taxes, penalties and interest are paid in full. Because they are the only creditor on the planet who is able to threaten you with such intrusive collection tactics, it's important that you take prompt action by contacting a back tax attorney or Certified Tax Resolution Specialist to delay or halt them so you can preserve your assets, savings, wages, credit rating, career and sanity.

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #5: Consider Paying with a Credit Card. It's much more expensive to owe taxes to IRS than to a credit card company. Paying your taxes with your credit card will cost you a lot less in the long run, even if the card has a 29 percent finance charge, because your back tax bill could easily double in five or six years if you don't pay the IRS. Suck it up and pay. In fact, I would rather owe my mother-in-law than land on the wrong side of the IRS. The IRS will never stop hounding you with financially crippling liens and levies.

And just think, once you're back in the black, you'll have thousands of air miles on your credit card you can cash in to take a vacation some place where they've never heard of the IRS.

How to Pay Back Taxes to the IRS Even if You're Broke Insider Tip #6: Don't Take on Goliath by Yourself. People who try to solve IRS problems by themselves (or with a CPA or attorney who is not a specialist) often land themselves in even deeper trouble than when they started.

Would you hire a bicycle mechanic to work on your BMW? A qualified tax attorneys and Certified Tax Resolution Specialist with years of experience working with IRS will know best how to successfully resolve your back taxes and IRS problems. They know which Offers in Compromise settlements the IRS has accepted lately, which terms of payment they've signed off on, what deals they're likely to consider. They know the rules inside and out, sometimes better than the IRS itself! A tax attorney or Certified Tax Resolution Specialist will spot and stop the lies and tricks that agents sometimes use to try and cheat taxpayers who need vital relief from back taxes.

Once you have faced up to your responsibilities and paid the IRS, you can sleep through the night without IRS stress, and get a fresh start so you can plan your future and enjoy life again.

For more information on achieving a tax resolution for your IRS problems, visit www.taxresolution.com for a free tax relief consultation or call 888-851-5894.

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Michael Rozbruch, one of the nation's leading tax experts, is a Certified Tax Resolution Specialist (CTRS), licensed CPA in the state of Maryland and the founder of Tax Resolution Services. He teams up with an expert staff of tax attorneys, CPAs, and tax relief professionals to help individuals and small businesses solve their IRS problems. Michael also shares valuable tax advice and information in his blog- Tax Resolution University

For more information on achieving a tax resolution for your IRS problems call 888-851-5894 for a free tax relief consultation.

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Tuesday, February 19, 2013

Get Her Back in 6 Easy Steps

A breakup is never easy to cope with, but, if you want to learn how to get her back into your arms, you need to read this, do some planning and, of course, take action. Here are 6 steps that will put you on the right track:

1. Break contact. Reduce as much as you can or, if possible (i.e. you don't live or work together), break any contact with her for at least 3 to 4 weeks. Easy stuff, right? Not really... This is going to hurt. And you are going to hate it because you will miss her very much. But, guess what... She's going to miss you too. At this point, you should already have a better understanding of why arguing and asking for another "shot" usually doesn't work. Give her the chance to miss you. Stop calling her. If you don't give her the opportunity to feel alone, she won't realize your value because you actually help her recover from the breakup faster (by being there for her even more than she needs you) and, eventually, move on with another guy.

2. Analyze your relationship and figure out what you did wrong. Think of the mistakes you've made and the reasons why she doesn't want you back (not only the surface reasons she gave you). In many cases, women will tolerate a lot of crap from their partners without actually taking action and leaving the relationship as long as they still feel attracted to their men. If a loss of attraction is what happened between you and your ex, don't worry too much. I have some other materials including a lot of techniques you can use immediately to make her feel attracted to you again.

Get Her Back in 6 Easy Steps

3. Stop doing the obvious mistakes you've done in the past. If your relationship ended because you cheated on her or because you made some obvious mistakes, stop doing them, but, please, don't call and tell her you've changed... Be patient and I'm going to show you how to make sure she will notice everything herself. If she figures out by herself that you've changed (instead of you telling her), she will defend that idea in her mind even if you mess up again. These psychological tricks are very powerful if you use them right. And I'm going to show you how.

4. Get your life back... starting right now. No woman wants a needy guy. So, pick up the phone and call your old friends RIGHT NOW. Go out and have some fun. Avoid drinking too much since you don't want to be drunk dialing her (no calling her at all! Remember?)... It will freak her out. Force yourself to think of other girls (even hotter than her) every time you find yourself thinking of her again. Or, if that isn't OK for you, think of what you would do with a million dollars etc.

5. If she doesn't contact you after a month, try contacting her and have a light conversation. Don't talk about your past relationship. Don't brag about how many women you're sleeping with or dating. Just let her know that you wanted to see if she's ok, or something like that. Just keep it light and avoid falling into an argument with her or look like you're desperate to see her.

6. Once you've established contact again, let her know that you think the breakup was for the good and that you don't want to lose such a good friendship. Make your first date with her emotionally charged. I can hear you screaming right now... "What?! How do I get another date with her?" But if you carefully follow the step-by-step plan I have for you, getting another date with her is going to be a piece of cake.

Now, let me tell you what I mean by emotionally charged... Just "dinner and movie" won't do the trick, because you lose on a sociologically proven principle:

Emotionally charged experiences = Bond

Also, taking her on a few "mini-dates" can do wonders for you relationship with her. This creates what I call "time distortion" and she will feel like she's been with you forever after just a few hours with you.

Eventually, you will get to spend more time with her again and, if you're prepared, you'll have the chance to make her want you back.

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Now listen carefully!

I don't want to scare you, but, your ex is not going to be around forever... She will eventually going to find somebody else and she is going to hook up with him...They are going to fall in love, they are going to have sex... so on and so forth...

Your window of opportunity is closing fast! Click the blue link for a free, gender-specific guide to get your ex back! Guys, click this link to learn how to get her back! Get your ex back today! http://www.quicklygetherback.com

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Wednesday, February 6, 2013

How Much Do Wind Turbines Cost?

How much does a wind turbine cost can be answered. Wind turbines can be found to have many shapes and sizes. The cost of it can be indicated clearly as per the following paragraphs. The cost depends upon the project size, purchase agreement construction contracts, type of machines, and the projects location as well as other related factors.

How much does a wind turbine cost can be answered partially. Cost components for wind turbines which are distinct from commercial scale wind turbine as outlined above. The cost includes wind resource assessment, site analysis expenses, the freight of the turbine and its price, as well as tower, construction expenses, interconnection studies, utility system upgrades, protection, transformers, as well as metering equipment, operations, warranty, maintenance, repair, insurance, legal and consultation fees, etc.

Other factors which have an impact on your project economics are financing costs, the size of the project and applicability of taxes.

How Much Do Wind Turbines Cost?

How much does a wind turbine cost can be answered as under:

The cost of the commercial wind turbines varied from to million per MW of nameplate capacity installed. The same turbines 2 MW in size cost roughly .8 million installed capacity. These turbines undergo significant economies scale. Smaller farm or residential scale turbines cost less but they are more expensive when per kilowatt of energy producing capacity is applied on the rates.

This would indicate a 10 kilowatt machine might cost roughly around ,000. In this manner 100 kilowatts wind turbines would cost roughly ,800 to ,800 per kilowatt of capacity.

To conclude, how much does a wind turbine cost can be summarized by proper negotiation, considering engineering and other related factors and reducing over all cost incidence on the production process.

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Monday, February 4, 2013

Importance of Career Planning

Career means profession, which we want to adopt for earning livelihood, and planning means proper flow or to make proper decisions.

Pre- planning in our life plays very important role in every aspect of life, to work in a proper flow, and pre-planning for career, which we want to pursue in our future ahead after acquiring certain level of degree is also very necessary in today's competitive world.

According to the Thorndike dictionary

Importance of Career Planning

"A goal that you desire to achieve in a selected field or occupation with a well-thought out plan, to get you there is called Career Planning."

The world is now moving very fast, and the time has come when this meritocratic society accepts only those, having right qualification and right skills.
Olden days are gone, when just a degree would help an individual to get high profile job by giving bribe or using some other mean. Now it's high time, when the transparency in job recruitment has taken place.

Challenges and competition are the part of today's society, and therefore, Career Planning is the only task, which can guide us to do what we want to do in our life, rather than just aimlessly changing job all the time in future.

We have seen many Pakistani, who after completing Intermediate don't know where to go, what to do and we have also seen graduates, who aimlessly do graduation without any specialization. As a result, they earns just in 6-8 figures.

Career Planning is one of the broader aspects of learning in our existence. We all have some intentions and we all think to have stability in our future lives, and for that purpose, CAREER PLANNING serves as a key to success.

Career Planning makes a person to think suitably about their positive and negative aspects. All about their interest, about their creativity becomes possible through proper analyzing ourselves.

Career Planning basically starts, when a person finishes Secondary/ Higher Secondary level of education. After that level, a person could opt for that educational degree, which would help them out to have a good job opportunity according to their skills at the right time.

Career Planning helps us to design and formulate our future smoothly. Like, If a person wants to be a banker, then he or she would choose to go for ACCA or CA or MBA in finance after completing Intermediate in commerce and Graduation in commerce/ business administration.. Else he/ she would go for CAT course or Masters in Commerce or even upto doctorate level.

This pre-planning would be effective and would give him/her benefits after achieving educational targets effectively. It also helps us to evaluate our own personality, which helps us to know that which kind of job would suit us according to our need and capabilities.

In short, Career Planning is like mapping our future. Without proper planning, no one could think of getting a desired job in future.

Think what we want to do and finding out more about the kind of training, education, and skills we will need to achieve our career goal is the core objective of career planning.
It help us knowing the nature of the jobs that interest us, such as educational requirements, salary, working conditions, fringe benefits, promotion chances, future prospectus, and help us focusing in the right dimension.

Career planning directs us, motivates us, and helps us to accomplish what we want. A career goal is a specific vision such as an architect or a teacher or a career goal can be a particular field, which we want to work in, such as Media, Education, Medicine, Engineering etc.

For those who will think about their future and career after completing education without any long term desired goals are the one, whose all attempt might end in smoke.
There are some cases and situation, which bound a person to pre-plan in advance, such like family high family business status, lack of interest in studies or traditional job, low motivation, low financial status etc or some past educational traumas, which had made a person to plan after wards.

Career planning is a life time process we are always learning and growing, and as we do, our interests and needs also change. Career planning is not just making plans to obtain our career, but it also help us to make many adjustments there will be along the ways we learn throughout our lives.

Those who have successful careers like educators, business man, manager, pilot, architect, banker, doctor etc are the one, who has made their ways through proper guidance.

No doubt, that our parents have some wishes and expectations from us, but we have our own too. Therefore, we should also consider others opinion. For that we could take guidance from an educational counselor to get better guidance towards new dimensional fields as well. Teacher, professionals, career guidance websites, Head educational consultants can also guide us, to have a better approach for our future.

We must have freedom of speaking and freedom of choosing our career as we have to lead our lives which interest us. We must try to have an open mind in order to choose the right career on right time.

According to one renowned professor,

"Few of us like to opt for those degree courses, which their family or friend has advised them to adopt and this inappropriate knowledge trapped them into a great mistake and
In this way, they are unable to get good job opportunities according to their interests. Only Proper Career Guidance would help an individual to be on the right path before hand. Few of us try to seek the right path and take guidance from family or teacher to tell them what is good for them, which career is in demand and which career suits their interest."

The future is un-predictable, however, we could still make our place in this meritocratic world by making career goals and plans in advance, for getting better opportunities in today's pluralistic and globalize world.

We must pre-plan our goals under the supervision of professionals in conscious state of mind, so that we could strategically maintain our goals and follow it towards the path of successful future.

Importance of Career Planning
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Munir Moosa Sewani is one of the famous, prominent and creative name in the field of Education since 8 years. He is a Master Trainer In Special Education, Post Graduate, Teacher Educator and a Teacher. He is a Freelance Writer and Photographer too. He is an author of the famous self-published storybook for children named as "The MORAL STORIES FOR CHILDREN" and has also written Biology course book for Secondary Classes. He has written almost more than 20 articles on social, health, educational and cultural issues, which are internationally recognized and published in most of the famous world wide websites, magazines and newspapers.

He is also a Social worker, private tutor, career counselor, musician, lyrics writer and have multi- dimensional talents.

His future plan is to write dozens of informative books and articles and to work for education and media also, in order to develop the sense of understanding many dimensions of life through his creativity.

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Wednesday, January 30, 2013

Customer Service Cover Letter Sample

The customer service cover letter sample below shows the principles of good cover letter writing. It is longer than the conservative standard. The sender begins by saying which job she is applying for. She also pays a few compliments to the company. In the second and third she highlights her skills and accomplishments. The last paragraph of the customer service over letter sample sets the stage for an interview.

Customer Service Cover Letter Sample

Dear Mr. Smith,

Customer Service Cover Letter Sample

May this letter find you well. I read in your web site that you are in need of a customer service representative. I have been in this field for six years and presently am employed with ____ in its sales department. Having heard of your recent acquisition of ____, I see that yours is a fast-growing company with a bright future; I would be happy to render my skills at your service.

My warm, friendly and charming personality helped win the loyalty of our clients. I am proud to say that since I started working for my current employer, the number of returning customers has doubled!

Besides customer care, I also worked as public relations officer for the Office of the Mayor. Attending to people and listening to their concerns so that we may work out a solution is natural to me. My experiences have taught me that for any business or organization to thrive, it must always maintain an open and active line of communication with its patrons. It is the task of customer service representatives like me to secure this for you.

For your reference, I have attached my resume which details my work history, training and seminars, and awards. But I think I would be able to tell you more about my qualifications in an interview. Please do not hesitate to call me so that we may schedule a meeting.

Thank you for your consideration.

Yours sincerely,

Jane Henry

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Wednesday, January 23, 2013

Negotiation - Planning For A Successful Outcome

In any kind of negotiation the planning stage is probably the most important. Too often we go in badly prepared and end up giving concessions that reduce the overall profitability of the final deal. The importance of planning is in having a very clear idea before entering into the negotiation i.e.

o What are my objectives?

o What does the other side wish to achieve?

Negotiation - Planning For A Successful Outcome

o What information will influence the final outcome of the negotiation?

o What concessions can I make?

o How am I going to achieve my objectives?

o What part will other people play in the negotiation?

Generally, the more time that is spent in planning and preparing for the negotiation,
the more beneficial will be the final outcome.

Objectives:

Before entering into the negotiation, you need to have a clear idea of your objectives
and try to work out those of the other side. Ask yourself the following questions:

o What exactly do I wish to achieve from this negotiation?

o Which of my objectives:

- Must I achieve?

- Do I intend to achieve?

- Would I like to achieve?

o What options or alternatives would be acceptable to me?

o What are the other sides. objectives?

o How does the other side see the negotiation?

Information:

It has often been said that information is power. In any negotiation, there will be four types of information that is important to the final outcome.

o What information do I have that the other side has also?

o What information do I have that the other side does not have?

o What information do I need to have before negotiating with the other side?

o What information does the other side need before it can negotiate with me?

This can be particularly important when negotiating with people who concentrate
on price issues.

o What other things are important to this person?

o What pressures does he have on him to conclude the deal?

o How well is his company doing at the moment?

o How important is it that he deals with my company? etc.

The early phases of negotiation consist of both sides finding out more information
before talking about a specific deal or set of alternatives. For example, if you find out
the other side has a time deadline that only your company can meet, it may give you
the chance to negotiate on more favourable price. If you know that the other side
has recently expanded their production capacity, you may be able to negotiate more
favourable terms in return for a commitment to buy certain volumes over an agreed
time period.

By spending time as part of your preparation in listing what you already know and
what you need to know, you will give yourself a better chance to negotiate well on
your company's behalf.

Concessions :

Negotiation is a process of bargaining by which agreement is reached between two
or more parties. It is rare in negotiation for agreement to be reached immediately or
for each side to have identical objectives. More often than not, agreements have to
be worked out where concessions are given and received and this is the area where
the profitability of the final outcome will be decided.

When preparing for negotiation, it is advisable to write down a realistic assessment
of how you perceive the final outcome. Find out the limits of your authority within
the negotiation and decide what you are willing and able to concede in order to
arrive at an agreement, which satisfies all parties.

Concessions have two elements; cost and value. It is possible during negotiations to
concede issues that have little cost to you but have great value to the other side. This
is the best type of concession to make. Avoid, however, conceding on issues that
have a high cost to you irrespective of their value to the other side.

When preparing for negotiations, ask yourself the following questions:

o What is the best deal I could realistically achieve in this negotiation?

o What is the likely outcome of the negotiation?

o What is the limit of my authority?

o At which point should I walk away?

o What concessions are available to me?

o What is the cost of each concession and what value does each have to either side?

Strategy:

Planning your strategy is important in negotiation. Once you know your objectives,
you need to work out how you are going to achieve them. It is also useful to try and
see the negotiation from the other side and try and work out what their strategy will
be.

During the negotiation there will be opportunities to use various tactics and you
need to decide which of these you feel comfortable with and at the same time recognise the tactics being used by the other side. Ask yourself the following questions:

o How am I going to achieve my objectives in this negotiation?

o What is the strategy of the other side likely to be?

o What tactics should I use within the negotiation?

o What tactics are the other side likely to use?

And Finally - Tasks :

If you go into negotiation with a colleague or colleagues, you need to decide during
the preparation phase:

o What role will each team member take in the negotiation?

o How can we work together in the most effective way?

Some teams of negotiators appoint team leaders, note takers, observers and
specialists, each with their own clearly defined authority and roles to perform.
Having a clear understanding of roles within the negotiation will make the team
approach much more effective.

Copyright © 2007 Jonathan Farrington. All rights reserved

Negotiation - Planning For A Successful Outcome
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To find out more about the author or to subscribe to his newsletter for dedicated business professionals, visit: http://www.jonathanfarrington.com

You can also read his highly informative and popular weekly blog at: http://www.jonathanfarringtonsblog.com

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Monday, January 21, 2013

Sample Late Payment Explanation Letter

When you write a creditor to explain your late payments (mortgage, car, or credit card), the letter should state:

why you are late, (see paragraph 1 of the letter below) how serious you are about fulfilling your commitment to them (paragraph 2 of the letter below), and when you expect to be able to resume full and regular payments, (paragraph 3 of the letter below), what you want from them (paragraph 4 of the letter below) the financial details of your hardship (paragraph 5 of the letter below)

Below is a sample late payment explanation letter. Change it to describe your own circumstances, but make sure that you enclose copies of financial documents like: checking account statements, tax returns (past two years), all bills from creditors, all late notices, pink slip, anything else that will prove your hardship.

Sample Late Payment Explanation Letter

Cindy R. Williams

9 Turnbill Ct.

Anywhere, USA 55555

To: ABC Mortgage

Re: Late Payments; Account # 12345678

Daytime phone number: (555)555-5555

I am writing to inform you of my recent financial hardship. I was laid off from my job at XYZ Company just before Christmas of 2008. I am diligently seeking other employment, but as you know, jobs are scarce in today's economy. I have not found anything yet. Being out of work has caused me to be late on my bills.

I believe in hard work and have never been without a job for more than a few months. Until this unfortunate event, I have maintained a solid payment history with you.

My goal is to pay everything I owe. I take my financial obligations very seriously and plan to continue regular and full payments as soon as I find a job.

I expect my situation to be temporary and would like to discuss loan forbearance. I would also appreciate any suggestions you might have that would help me get back on track.

Please find the enclosed spreadsheet of my monthly expenses, as well as copies of financial documents, my pink slip from XYZ Co, and late notices I have received during my financial setback. I'm sending these to show that I am indeed experiencing financial hardship. This letter and all documents attached are true and accurate to the best of my knowledge.

Thank you for your time. I hope to hear from you soon.

Sincerely,

Signature/Date

Forbearance is an agreement by a creditor to reduce or delay payments for a specified period of time. Interest accrues during forbearance and will increase your loan amount. The good thing is that you will not have to pay late fees and penalties. There is no negative affect on your credit either.

Sample Late Payment Explanation Letter
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Learn from Lyn Collier's years of Real Estate experience.

Read simple, to-the-point articles about avoiding costly mistakes and how to get the best loan modification at http://www.e-home-mortgage-loans.com/index.html

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Monday, January 7, 2013

Letter of Credit - Negotiation

Negotiation means the standard procedures that bank performs which includes checking of the documents and giving value to the seller. The issuing bank may issue the LC available by negotiation with a nominated bank or it may allow the LC to be freely negotiated with any bank. In the first case, the beneficiary, that is the seller, has to present the documents only to that bank, which is the nominated bank. Nevertheless, the nominated bank is not bound to negotiate if it has not undertaken a separate payment obligation to the seller.

The nominated bank may simply refuse to negotiate the documents drawn under the LC. This is because, by having been nominated by the issuing bank, it does not constitute and undertaking to negotiate. If, however, the nominated bank has added its confirmation to the LC at the request of the issuing bank, thereby undertaking a separate payment obligation to the seller, then it has to honour its undertaking and pay for the documents drawn under the LC if they are in order.

LC which does not nominate any bank is normally available for negotiation with any bank in the country of the seller which is willing to negotiate the documents. There are 4 types of negotiation practiced by banks around the world. They are:

Letter of Credit - Negotiation

1. Negotiation without recourse
2. Negotiation with recourse
3. Negotiation against indemnity
4. Negotiation under reserve

A seller may present his documents drawn under LC directly to either:

a) The issuing Bank (bank that issues the LC) or
b) The confirming bank (bank that adds its confirmation at the request of the issuing bank) or
c) To his own bank.

If the seller chooses to present the documents directly either to the ISSUING BANK or to the CONFIRMING BANK, these banks make payment WITHOUT RECOURSE to him. Meaning, the payment that has been paid to the seller shall not in any way become claimable by these banks in the event the documents are found not in order after making such payment.

These banks cannot have recourse to the seller because by issuing or confirming the LC, they have taken upon themselves the risk that the party from whom reimbursement is to be obtained may become insolvent.

Letter of Credit - Negotiation
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Wan Nawawi Hassan is a former lecturer/facilitator with a number of commercial banks in Malaysia. You can visit his blog at http://infodagang2u.blogspot.com

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