Petition

We hereby petition Congress to amend the current debt-collection rules by adding the following provisions:

-Increase the penalty for violations of debt-collection rules from the current $1,000 to $10,000 for each violation.
-Ban all collection activities on debt that is older than the relevant statute of limitations.
-Require all collection agencies to be licensed.
-Require all collectors to be licensed in the states in which they conduct business.
-Require an annual compliance audit for all collection agencies.
-Anyone selling a debt or assigning a debt to a debt collector needs to provide, at the time of sale, the following when selling their delinquent debts:
A copy of the signed contract or other documents that provide evidence of the relevant consumer’s liability for the debt in question.
Copies of all, or the last 12 (whichever is fewer), account statements.
All account numbers used by the bank (and, if appropriate, its predecessors) to identify the debt at issue.
An itemized account of all amounts claimed to be owed in connection with the debt to be sold, including loan principal, interest, and all fees.
The name of the issuing bank and, if appropriate, the store or brand name.
The date, source, and amount of the debtor’s last payment and the dates of default and amount owed.
Information about all unresolved disputes and fraud claims made by the debtor. Information about collection efforts (both internal and third-party efforts, such as by law firms) made through the date of sale.
The debtor’s name, address, and Social Security number.

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What To Do if Someone Steals Your Tax Refund

People stealing your tax refund is becoming more and more popular. A consumer website called GoBankingRates estimates that some $5.2 billion in tax refunds have been stolen so far this year. The IRS says it stopped roughly 5 million tax returns, asking for $20 billion in refunds, in 2012 as the result of suspected fraud. That was up 60 percent from year ago levels. If someone falsely files a tax return on your behalf just to get a refund, your refund could be delayed for months or more. Plus you can spend hours with the IRS or state tax authorities trying to establish that you are who you say you are.

If you have been a victim of identity theft we have some tips for you on how to handle your tax refund. Listen to the show to hear more.

The show now airs Wednesday night at 7pm EST on blogtalkradio.com/yourmoneyshow

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Beneficiary Form Mistakes

Don’t be blind sided by beneficiary form mistakes. Beneficiary mistakes can cost you thousands of dollars in taxes and penalties. Most people think that they have a beneficiary form. Most just assume that the financial institution has one on file for you. Most people don’t realize that when Financial Institutions merge or consolidate records and beneficiary forms can be lost.

What other mistakes do people make with the beneficiaries? One person listed only 3 of his 4 children as beneficiary. The beneficiary form only had enough lines to put 3 children. Therefore he cut out one child from his estate. More importantly, financial firms don’t have to pay your beneficiary. Surprised? Most financial firms have a policy that you agreed to when you started your account. It says that they have to the right to pay whom they want if they cant find your beneficiary form or they cant read it. Often times a 7 can look like a 1 or the name is not legible. In those cases, the financial firms can pay out whomever they want. In most cases the financial firms will pay the spouse or the estate. If the financial firm pays your IRA to the estate, the tax bill will be huge.

You need to read the fine print to avoid these Beneficiary Form Mistakes. Most people don’t realize the legal consequences of their existing IRA beneficiary forms.
You might be tempted to just update your beneficiary form. However there is a special way to update your form to make sure that these mistakes don’t happen again. Don’t just update your forms.

Do it the right way and minimize any taxes or penalties. Listen to the show to hear more Beneficiary Form Mistakes. The show now airs Wednesday night at 7pm EST on blogtalkradio.com/yourmoneyshow

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Mutual Fund Overlap

How many mutual funds do you have in your IRA or 401k? Do you know which stocks those funds invest in? You may be surprised to learn that your mutual funds may hold the same stocks. For example, all of your stock mutual funds many own Exxon or Pepsi. Having all of your mutual funds own the same stocks can be a real danger. This means that your funds will move in the same direction when the markets go down. You need to have a more diversified portfolio. Reducing mutual fund overlap is one of the most important steps an investor can take to reduce risk. Listen to the video below to find out more about mutual fund overlap.

The show now airs Wednesday night at 7pm EST on blogtalkradio.com/yourmoneyshow

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YMS 6/29/13-How The Supreme Court Decision Affect 401ks

Yourmoneyshow talks about How The Supreme Court Decision Affect 401ks and other retirement plans. We also talked about tax deductions that most people often miss. One tax deduction most often missed is the Health Reimbursement Arrangement.

Health Reimbursement Arrangement can reduce the high cost of health insurance. HRAs are Medical Expense Reimbursement Plans that allow you to save substantial tax dollars on insurance premiums and out-of-pocket medical expenses not covered by insurance.

Listen in to hear more.
The show now airs Wednesday night at 7pm EST on blogtalkradio.com/yourmoneyshow

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Adryenn Ashley Discusses Her New TV Show

Adryenn Ashley called in to discuss Her New TV and radio show, The F Word.
the new television and Radio show stars Adryenn Ashley, Brett Goldstein and Diane Kennedy with special guests, engaging content and conversation starters that will keep the water cooler boiling!

Little did Adryenn know that Your Money Show had a special guest in studio waiting for her. Listen to the show to hear who the special guest was.

Make sure you sign up for the email list.

The show now airs Wednesday night at 7pm EST on blogtalkradio.com/yourmoneyshow

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Mario Henry Credit Repair

Mario Henry called in to our show to discuss credit repair. Many people don’t realize that anything can be taken off a credit report if it is not being reported correctly. Yes even bankruptcies and even foreclosure can get removed from your credit report. In order to get negative items off your credit report you have to make the credit card companies and the credit bureaus follow the law. Here are some tips from mario.

The show now airs Wednesday night at 7pm EST and the reply can be heard Web Talk Radio

what is a 401k administrator

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