Tips against overextension – assurances


Test people have gone to 91 different branch banks and have asked for a rate loan of 5,000 euros. Expressly they have expressed the wish, the loan should run 60 months and not be secured with a rest debt assurance. The low month rate of a good 100 euros makes them renounceable. What happened afterwards behind many counters, is not anyway in the interest of the customers and leads to a disastrous test result. Bank employees tried to sell an expensive loan assurance to the testers and omitted to give them a written offer in the hand. In a consultation with theSantander Consumer bank the loan-searching found out only his monthly rate in the 10-minute conversation. From nominal interest and actual interest as well as whole repayment amount which allow a comparison of different offers, no track. In only 32 talks the advisers have presented a loan offer without rest debt assurance and in 23 other cases they counted at least offers and without assurance from. A loan assurance does the actual annual interest upwards and raises the price of with it the loan. In a case this insurance policy let the actual interest for a test person of from 11 to 23 percent jump upwards.

In the loan offers the costs are included for this assurance not in the actual annual interest, so that one can compare the different offers not about this interest rate with each other. The rest debt assurance should step in if customers cannot repay the credit because of death, unfitness for work or unemployment any more. However, it is absolutely senseless to sell such an assurance to every applicant for the credit. Since far less than 10 percent of the awarded loans are not paid back as agreed. A consultation is only in order if the advisory consider together with you whether a loan security is generally necessary and of which alternative securities you already dispose. The exception in the mentioned test was the postal bank. With her all test people have got a loan without assurance.

Care with General Credit Protection Agency inquiries

If the loan institute wants to catch up information about your credit standing with the GENERAL CREDIT PROTECTION AGENCY, it is allowed only with your approval. If she asks secretly, this is an offence against the data protection act. If you have not concluded the contract yet, the bank as a sign of the General Credit Protection Agency inquiry must give “inquiry of loan condition”. If she begins the inquiry, instead, with the usual “inquiry loan “, is valid in the General Credit Protection Agency register as a concluded loan and makes worse your Scoring. Such an inquiry is extinguished only after one year again.

Only with low loan sums an exception can be made: If a demand of no more than 1,000 euros is announced to the GENERAL CREDIT PROTECTION AGENCY after the 1st of January, 2007, at short notice this can be extinguished again from the data continuance if this demand is paid within one month as well as the balance is informed by the believer of the GENERAL CREDIT PROTECTION AGENCY.

Care with cession clauses

To cession clauses should be particularly also respected. In some contracts the clauses with which payments and payments of salary are resigned to the credit grantor are found.

With such a clause credit grantors protect themselves if is not made sure on account of the loan height and the financial relations that the credit can be repaid. If other securities are available, like a risk life insurance or an investment, these should be pulled up first as an assurance. If the end of a rest debt assurance or another such assurance is offered you, the cession is not necessary and issues to the credit grantor rather a bad report.

Cession clauses are not unfair by Se, however, your financial elbowroom is thereby considerably limited as a borrower. Though a credit grantor can arrest the monthly rates also without salary cession. However, for it he must assert the repayment claim in court. By a cession it is not checked further whether the repayment claim really exists. The wage cession is presented to the employer who must transfer then the impoundable portion of the wage directly to the credit grantor. The salary cession rescues therefore the danger that one must also pay with wrongful claims for the moment.

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