Category: Finance

The Debt Management System (DMS) is a General Support System with multiple sub-systems that have been certified and accredited by the Social Security Administration (SSA). The SSA’s program debt activities, including overpayments, underpayments, and repayments certified to the Department of the Treasury greater than the amount due, are consolidated by DMS, which serves as the agency’s financial management system for ssa dealing with debt. The DMS typically includes details on both Title II (Retirement, Survivors, Disability Insurance) and Title XVI (Supplemental Security Income) program debt, as well as details on the people who are accountable for the debts (such as names, addresses, and Social Security numbers), as well as actions taken in response to the debts, such as the sums collected and written off, methods of collection, and requests for due process from debtors.

Can my Social Security or SSI benefits be taken by debt collectors?

Typically no, the majority of the time, creditors trying to collect debts cannot seize or garnish your Social Security or Supplemental Security Income (SSI) checks. However, certain exceptions are shown below.

• Each year, up to 15 percent of your Social Security benefits might be deducted to cover unpaid federal taxes.
• Other than taxes, any payment exceeding $9,000 per year (or $750 per month) can be used to collect federal debts.
• Your SSI benefits cannot be used to offset the following deductions.
• Your Social Security and SSI checks may be withheld to recoup overpaid benefits.

Your Social Security payments are generally secure if you lack the financial means to pay off your debts. That isn’t always the case, though. You might wish to discuss the potential repercussions with an attorney before deciding not to pay a debt.

What does it mean to refinance with a mortgage? When individuals refinance their house loans, they switch from their existing loans to one from a different bank. When people refinance, they usually want to receive a lower mortgage interest rate to save money on interest, or they want to get a large loan amount so they can get more money. You can refinance mortgage loan singapore. Repricing is not the same as refinancing; repricing entails staying with the same bank but negotiating a lower interest rate, whereas refinancing entails switching banks and incurring legal expenses.

Two main reasons for refinance

Refinancing with Cash Out – One can use their assets as security for a home equity loan if one owns private property. In most cases, one can recover up to 60% or 75% of the value of the cash(less the loan balance amount as well a, as well as any CPF,s any CPF utilized for the same asset). One can then put the money toward debt consolidation or investments. But, to account for changes in the property’s value, avoid taking the maximum cash-out allowed.

• Lower monthly installments

Always negotiate a lower interest rate when refinancing the home loan to minimize your monthly payments. The refinancing window opens four months before the current house loan is due to expire. If people don’t refinance and instead elect to keep their present house loan, keep in mind that mortgage interest rates will always rise, resulting in larger monthly payments.