Glossary of Credit Terms 2-percent rule A rule of thumb to see if refinancing a mortgage loan is a good financial decision. The rule says you should refinance if you can lower the interest rate on the loan by at least 2 percentage points (for example, to 7% percent from 9%). However, factors such as…
STEPS IN A BANKRUPCY CASE Mandatory Credit Counseling You must obtain a certificate from an approved credit counseling agency before you can file your case. It is expected that this can be done over the internet and will likely cost approximately $35- 45. A copy of any payment plan devised by the counseling service must…
Beware of the ten day rule If you get pulled over for something, and if you mention to the police officer that the address on your driver’s license is NOT your current address, you might get another ticket you didn’t expect. The reason for this is that New York State law (Article 19 section 509-8) requires…
Understanding Defensive Driving and Points on a NY Driver’s License If a New York driver receives a traffic ticket that results in points on their license, they often hear from police officers, lawyers, prosecutors, and even judges that taking a defensive driving course will “offset” four points. Websites advertising these courses also state things like:…
