Claiming Personal Debt Grants - Free Federal Financial Aid

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Remember back in the eighties, and even early nineties, when discussing one's personal debt issues, or even considering government financial aid was considered shameful and taboo? Well not anymore. In modern days of liberal conversation and open-minded topics there is no longer any shame in airing your "dirty laundry" and discussing your financial woes. Particularly now that statistics are showing that nearly eighty six percent of the American population is in need of some type of debt relief.

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Applying for government financial aid is no longer a dirty little secret that only poverty stricken welfare recipients are eligible to be privy to. In these current times of financial recession hundreds of thousands of middle and upper class citizens are experiencing spine chilling degrees of personal debt that is rapidly driving the American working force into the ground. There are not many taxpaying citizens who aren't proposing for government debt relief grants because pretty much everyone needs one, or soon will if the economy does not revive itself soon.

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Just a few short decades ago the talk of receiving free government grant money or financial aid was restricted in confidence only family members and trusted friends in fear of being looked down upon by the community. Nowadays, this method of debt relief is so common that it's not unusual to hear folks sharing grant writing tips, or performing free grant search techniques on their laptops, over a Vente' half/caf latte' at Starbucks. If anything, locating and acquiring free government money in personal debt relief grants is now considered an achievement and coveted skill.

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Most American taxpaying citizens over the age of eighteen who can provide proof of verifiable and extreme debt may be eligible to qualify for a generous amount of free government money by applying for personal debt relief grants...without shame. So grab an espresso and find your free unclaimed government money today.

Claiming Personal Debt Grants - Free Federal Financial Aid

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The Seven Fallacies Pertaining To Unclaimed Money

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We were shocked after reading about many of the facts reported by State and federal agencies holding unclaimed money. Read below about the fallacies often published.

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Fallacy #1: The Government agencies are only custodians holding one's unclaimed money until the owner or an heir claims the money.

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Truth: Recently 2 States Idaho and Indiana recently have passed laws that if the unclaimed money is not claimed within a specific period of time, the unclaimed money becomes the property of the State.

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Fallacy #2: The State online unclaimed databases contain all the unclaimed money they are holding.

Truth: Many States don't list accounts until they are possessed them for 2 years. Other States do not list accounts under a specific amount. New York that purports to have 22 million accounts however it has only has 3+ million records in its online database.

Fallacy #3: Once the asset is abandoned, the holder (Bank, Ins Company etc) make a concerted to locate the Owner.

Truth: During the dormancy period, the holder by law is only required to make 3 attempts to locate the owner. This consists of basically sending a letter to the same address by which a prior correspondence was returned as "not deliverable".
The holder then retains the funds as working capital and only transfers to the State at the last moment required by law.

Fallacy #4: States pay interest on the unclaimed funds and purport one does not have to pay a fee to recover one's money.

Truth: Almost all States have stopped paying interest on unclaimed balances and a few States ie) Ohio charge a 5% administrative fee to process the claim.
In addition, most States will sell unclaimed stocks, bonds or shares of a Mutual fund transferred to them and credit the owner's account with the proceeds thus eliminating any future appreciation and could cause costly tax consequences for the owner.

Fallacy #5: If one is searching for any lost or unclaimed money, they should search only in the State in which they reside.

Truth: If one had lived in another State and/or worked for a Company whose headquarters is located in another State, abandoned money or assets maybe transferred to that State. New York, Connecticut and Illinois are States in which many national Companies have their headquarters.

Fallacy #6: There are few people owed unclaimed money.

Truth: There are millions of people owed unclaimed money. Last estimate reported more than 100 million unclaimed accounts being held by all the States and Federal Gov. agencies.
Since it is unlikely that individuals younger than 25 (40% of the population) would have any unclaimed money, the chances therefore are that 7 out of 10 US citizens over 25 have an unclaimed account.

Fallacy #7: The States are holding one's unclaimed money in a special fund waiting for the owner to claim.

Truth: In almost all cases, the States transfer the unclaimed money to its General Fund or to another Fund. In either case, the money is spent immediately.

All States are cash strapped and these unclaimed monies are effectively additional revenue for the States. Since only 30% of the unclaimed money is ever claimed and the amount of unclaimed money being transferred into to State each year is greater than the amount claimed annually, the States feel comfortable with spending the money ever though they are legally liable for the entire amount.

The Seven Fallacies Pertaining To Unclaimed Money

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