Tag: credit monitoring

Student’s Debt: Getting Education In Credit. Part 2

But the right of the state help has not everyone. Students aged till 28 years, successfully handed over admission examinations or already trained in high school can become borrowers only. By the way, on reception of the similar credit it is possible to count only once, but on all modes of study (day and evening).

However, means for long-term crediting are strictly limited, and allocated as at the expense of local, and state budgets. Let’s notice that among members of parliament the question on granting of privileges to students with children time and again made a reservation at paying for educational credits. And the corresponding bill this year all the same has been accepted. The confirmed document completely has released from the students having one child, from payment of percent. Besides, for parents that are having two children repayment by the state is provided 25 %, a three and more — 50 % of a total sum of a debt.

The problem in what to receive a concessional lending is not also simple. First, the budgetary sum suffices not all “contract employees” (today them are about 500 thousand). Secondly, not all private high schools willingly meet half-way planning to study at the expense of the state credit: till now the mechanism of transfer of means isn’t fulfilled. Thirdly, in case of bad progress of the borrower, as a rule, he is obliged to return the monetary investments listed for last semester. It is obvious that the most accessible to the majority of students still have a variant of financing of training within the limits of bank loans.

The educational credit is a product rather new to domestic banks. The majority of clients of financial structures if dares to take loans then in most of the cases it is for more prosy requirements. For example, it can be acquisitions of the car, furniture or home appliances. But experts of financial market mark gradual growth of popularity of loans on training, especially among persons interested to receive the second higher education.

It is interesting that students is more often resort to services of state banks, instead of private universities that is quite explainable: in case of a failure on competition on the budget they aren’t ready to pay training for the contract by own forces.

Can you remember those good times when anybody could take a loan if one required money? And just imagine the state of those who have to bear that burden nowadays when the world economy is facing tough times. And for those people having credits the question of credit monitoring is as urgent now as never before. It is not only about credit control, this also helps save money, time, and nerves and be fast in solving loan related issues. Those who are looking for a place where to find out about credit monitoring, are welcomed to check out this credit report monitoring site – there is lots of information about loan monitoring and how to order the service.

In addition we shouldn’t forget about possibilities provided to us by digital technologies. The Internet network gives a truly unique chance to find what we want or to obtain anything at the best price on the market.

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4 Main Dangers At Pledge Sale Part 3

Problem 4: pledge is sold, but the credit isn’t closed

Private businessman Valley couldn’t keep the business in crisis. The sound three-room apartment in capital city for which he paid the credit has appeared to him too expensive. In bank have suggested to sell pledge and to close the credit.

Valley has signed the general power of attorney on sale to the bank employee and has left apartment. He has been assured that has settled payments with bank completely, after all the remainder under the credit was much less costs of its habitation. (Minus indebtedness) the bank employee should list a remainder of means on its current account. But money for the account to the businessman hasn’t arrived, and in three months the bank employees have called him and have reported that the remainder under the credit together with the added penalties constitutes about 20 thousand dollars.

The employee, with whom Valley has concluded the oral arrangement on credit closing, has left. Here it is possible to see at once two errors. The first – Valley has given out the general power of attorney without any additional clauses. Thereby he has refused right to supervise the sum and transaction terms. The second error – he hasn’t checked process of liquidation of the indebtedness before bank. It is necessary to do always even if the credit is extinguished without any problems. And in case of pledge realization it is especially important.

What to do: At conveyance of real property to bank for loan repayment, to the borrower it is necessary to insist on that bank employees documentary confirm the fact of closing of the credit. That is it is necessary to charge on hands the inquiry that the credit is extinguished also bank has no claims. If after sale of pledge the bank demands payment of penalties and penalties such actions are wrongful.

The resume: Delegating powers on sale of mortgage property to bank, the borrower should insist on written registration of all arrangements – the prices of sale, the terms, complete loan repayment, cancellation of penalties for the period of sale.

Can you remember those good times when everybody could take a loan if one required money? And just imagine the condition of those who must bear that load nowadays when the economy is facing hard times. And for those people having credits the question of credit monitoring is as urgent now as never before. It is not only about loan control, this also helps save money, time, and nerves and be fast in solving loan related problems. Those who are searching for a spot where to learn about credit reports, are invited to go to this credit report monitoring site – there is lots of information about credit monitoring and how to order the service.

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4 Main Dangers At Pledge Sale Part 1

So how to avoid these dangers at pledge sale?

It has been found out how correctly to get rid of pledge (apartment or the machine) not to remain due to bank.

The main reasons of errors at realization of pledge:

– The borrower morally is suppressed and isn’t ready to object bank clerks;

– The borrower has given to bank complete control over a situation.

Bankers like to tell about how borrowers come to bank and throw keys from the car or apartment on a table to the credit manager. Certainly, in such stories they expose themselves as victims – say, the credit isn’t extinguished, and pledge in the conditions of crisis is illiquid. But actually in loss, as a rule, there is a borrower who loses property and frequently also remains to be the bank debtor.

Not to remain in a minus, it is necessary to consult with the lawyer and to take pledge sales process under control. To illustrate, how much it is important, we have collected real stories of the former borrowers that had to refuse from the taken in credit car or the apartment.

Problem 1: pledge sale at cut price

Natali has acquired two-room apartment in credit in 2005. In crisis she has lost work and couldn’t repay the credit further. Then she has made decision to sell apartment in the capital city and to move to parents in other town. Personally she could not sell apartment, she has delegated responsibility to the bank employee.

The debt remainder constituted 40 thousand dollars, and the sum from pledge sale should suffice on debt acquittal with interest (average cost of similar two-room apartment in the autumn of 2009 fluctuated from 60 – 75 thousand dollars). Everything that it will be possible to gain over a credit amount, bank employees have promised to list to Natali. Within a month the apartment has been sold, but any “superfluous” money as it was found out, doesn’t remain. Bank employees told to the borrower about “dead” real estate market, how it was difficult to find the buyer. In general, even having checked up all details, the borrower couldn’t prove that bank employees was a simple swindler. Yes they basically also aren’t interested in sale of mortgage property for a ceiling price. It doesn’t enter into their obligations. They have enough of that the credit will be extinguished. Though it at all doesn’t exclude availability near to such employees quite interested in the maximum revenue of realtor and collusion between the bank clerk and intermediary. Therefore to count on a profitable transaction through bank it is not necessary.

What to do: to Sell apartment it is better. If there is no such possibility it is necessary to arrange the order agreement correctly. If market price of mortgage apartment much more above, than the remainder sum under the credit, it is necessary to fix the minimum selling cost in the order agreement, which borrower signs at cession of property for realization by bank.

Do you still remember those good times when anybody could take a credit if one needed cash? And just imagine the situation of those who must bear that load nowadays when the economy is facing tough times. And for those people having credits the matter of credit monitoring is as crucial now as never before. It is not only about credit monitoring, this also helps save money, time, and nerves and be fast in solving loan related issues. Those who are searching for a place where to learn about credit report, are welcomed to go to this credit report monitoring site – there is much information about loan monitoring and how to order the service.

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Expert’s Evaluations About Credit Growth

The volume of the given out bank loans in 2011 will grow on 10-15 % as the experts predict.

According to the statistics given by exerts from National bank, the trust of the population to bank sector continues to rise, to what testifies the increase in deposits in the banks. Thus, crediting, according to experts will be accelerated more close to the middle of 2011 therefore the volume of the given out credits next year should increase by 10 %-15 %.

As it is marked, in October the total volume of deposits has increased by 1,8 % in comparison with September, thus for January-October deposits have increased by 22 %. From the beginning of year volumes of deposits of physical persons have grown on 24 % whereas volumes of deposits of juridical persons have increased by 20 %.

At the same time, the statistics under the given out credits remains weak enough. From January till October the total volume of the given out credits has increased all by 1,1 %, and credits to legal persons have grown on 6,4 %, and to physical persons – were reduced to 10 %.

As the experts have explained growth of deposits in bank system proceeds thanks to attractive rates, especially under deposits in native currency.

We expect that banks will continue to involve population deposits that it will be prepared for start of active crediting in 2011. In spite of the fact that interest rates under deposits will decrease owing to delay of inflation and strengthening of currency, the cash inflow to bank system won’t stop, as deposits still are considered as the basic investment tool in the country”, – the bank experts have added.

According to the experts, crediting will remain on a low level till the end of current year as banks perform more careful approach to this activity, therefore growth rates of given out credits will lag behind rates of their repayment.

We expect that crediting will be accelerated more close to the middle of 2011 therefore the volume of the given out credits next year should increase by 10 %-15 %. From all banks we recommend shares of o the more conservatives financial institutions which should show the greatest growth during a sector renewal period, and they are now trading with considerable discounts to analogs, – the analyst have added.

Do you still remember those good times when practically anybody could take a credit if one required funds? And just imagine the state of those who must carry that burden nowadays when the world economy is facing tough times. And for those people having credits the issue of credit monitoring is as crucial now as never before. It is not only about credit control, this also helps save money, time, and nerves and be fast in solving loan related issues. Those who are searching for a place where to find out about credit report, are invited to go to this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

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Credit Reception Is Difficult, But Possible

Expectational growth of crediting wasn’t performed. And though the share of the given out loans has increased a little, overdue credits also continue to be multiplied.

The beginning of a business season was marked by growth of active operations. According to national bank, in September-October the credit portfolio of banks has grown on 1,7 % – to 733,1. Such gain is the maximum result from the beginning of 2009. For comparison – from January till August, 2010 the credit portfolio of all banks has grown too.

The basic contribution to growth of credit portfolios, as well as to the last months, crediting of corporate sector has provided. The basic borrowers are the enterprises oil and gas and iron and steel industry, the enterprises working in an export direction. And also the processing companies of the agrarian and industrial complex, which productive activity carries seasonal nature.

Activation of corporate crediting could be felt in the second quarter, and it occurred at the expense of more long-term sources. Bankers assert that today it is already possible to speak about systematic restoration of crediting of legal persons. Though, of course, still early to state a little essential breaks in real production sector crediting.

The consumer sector also shows revival. Only in September the portfolio of credits which have been given out by banks to the population, has increased too.

First of all growth is caused by activations of consumer crediting and issue of no-purpose cash – and card credits. As well as it was provided, in second half of year a number of major banks became more active on granting of consumer crediting. The population with pleasure has responded to possibility again to buy technical on credit.

Interest of banks in development of consumer crediting depends not only on mood of consumers. Certainly, banks for which this type of activity profile, always were present in the market. However a number of monetary institutions leave with the similar offer under the pressure of the large corporate borrowers – home appliances supermarkets. Banks develop crediting to improve indicators of sellers of home appliances and to have possibility to serve buyers. Such credit far not to everyone as it costs much– its cost constitutes 60 % – 100 % from a loan body. Therefore also it is not necessary to speak about restoration of consumer crediting yet.

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Do you still remember those good times when practically anybody could take a credit if one needed cash? And just imagine the state of those who have to carry that burden nowadays when the economy is facing hard times. And for those people having credits the question of credit monitoring is as crucial now as never before. It is not only about credit monitoring, this also allows to save money, time, and nerves and be quick in solving loan related issues. Those who are looking for a place where to find out about credit monitoring, are welcomed to go to this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

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Credit Restoration After Crisis Time

Whether injection of credits in economy can promote its restoration

At banks is observed excess liquidity but no one can issue credits. Why clients do not address to banks? And whether injection of credits in economy can promote its restoration?

Let’s begin with banks. Banks have expensive resources in the portfolios. At the same time the significant share of advances portfolios is constituted by idle assets on which all delays, re-structuring and prolongations exceed two-year term. And though under such portfolios banks have liens in the form of movable and real estate, they as a stone on a neck rolling, do not allow to a financial system to be released of the unnecessary consignment and to get healthy.

If earlier credits were issued on the security now the basic criterion at decision-making on issue of money is financial circumstances of the borrower and complete reliance of its ability to ensure loan return. And what to do to banks with the shadow turn-over exceeding 50 %?

But even with its account at the majority of the enterprises profitableness has decreased, and many of them hardly make ends meet today and economic revival wait. Here also it is received that to banks credits to issue there is almost nobody.

Now about the enterprises. Credits under market interest rates interest nobody, as cost of resources should give the chance to pay back itself and to profit. And in the conditions of erosion of purchasing power there is no reliance that the credit will pay off even in a zero.

Perhaps, it will be possible to increase buying power and to lift economy, having issued to the population a considerable quantity of buyer’s credits? I heard also such opinion. And from lips of the solid businessman and the officer pertinent to national bank, and in the past of the holder of one of banks.

I will result such example. Imagine that before the works manager it is necessary to increase a problem production volumes and the following decision is offered: to lift salaries to employees. Thus the logic is that – workers whom will increase the salary, will value more place, to work longer and more intensively. But such policy hardly will justify itself.

By means of buyer’s credits buying power can’t be restore. It can be lifted only by economy revival when there will be new jobs and incomes of employees will start to grow.

And where is the state? All know that the National bank has issued the huge sums of credits of refunding. As the banker with the 16-year-old experience I am assured that distribution of this money has passed with gross spelling mistakes from the point of view of influence of this instrument on economy. With their help have supported weak and impractical banks, in many cases it there were potential bankrupts. The state has not given possibility to work to market mechanisms, than has worsened a situation in economy as a whole.

And now imagine that all billions credits received by problem banks, would be directed on target financing of agriculture, power branch and light industry. For example, on updating of permanent assets and on innovative development. I think that in 2–3 years (that is already today) the result would be phenomenal. And this money aimlessly is to this day in bank portfolios. At least from them it is possible to return half in national bank and to direct on the program of stabilization of key sectors of economic activity.

Can you remember those good times when anybody could take a credit if one required funds? And just imagine the condition of those who have to bear that load nowadays when the economy is facing hard times. And for those people having loans the issue of credit monitoring is as crucial now as never before. It is not only about credit monitoring, this also helps save money, time, and nerves and be quick in solving loan related problems. Those who are searching for a spot where to learn about credit report with score, are invited to go to this credit report monitoring site – there is much information about loan monitoring and how to order that service.

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Why Algorithms Of Credits Calculation Work Not For Benefit Of Borrowers? Part 3

In general, all that is connected with credit calculators causes many questions. The sensation is created that they basically don’t allow the borrower to solve the primary goal – with high degree of reliability to count the credit and to make it in advance, that is till the moment of the conclusion of the loan agreement. Certainly, there are also objective reasons which should be considered. The decision on credit issue is very individual. Any bank independently estimates the risks and benefits, quality of the borrower and etc. Therefore conditions of issue of a loan can be various.

In this connection it turns out that to the statement bank of the credit request it is impossible to tell precisely what sum and for what terms it will be given and also since what moment of time the credit will settle payments.

It is also not clear size of the credit rate (percent) which can be changed depending on the maintenance of the primary documents received from the borrower. However the small note. In the examples resulted in the previous articles anything from listed above also it was not considered. How then it is possible to explain existing discrepancies in computations? Or, maybe, in general real mission of credit calculators is in something else and consequently it essentially differs from the declared? Having had a talk on the given theme with some borrowers familiar to me, I will express practically their consolidated opinion. They consider that credit establishments simply wouldn’t like to open in advance all information at cost of credit resources, as though to whom of it was wished. Such is the style of their work. These are their “small” cunnings. Possibly, to it can be added “pleasant unexpectedness” in the course of the conclusion of credit contracts which arise at clients at their dialogue with credit inspectors of banks.

So what should the future borrower know at use of the credit calculator? The first: Credit calculators literally in banks are especially individual matter and should be considered differently. At similarity of initial parameters of calculation they can yield various results of computations. It is almost impossible to specify what of the received results are closest to a real picture of payments under the credit. Owing to it, bank credit programs attractive at first sight but finally those and con not appear.

Another second matter: Accompanying expenses of the client under the credit maintenance don’t allow considering the majority of calculators, that is the every possible commissions, insurance installments, additional payments and etc. They simply for this purpose aren’t adjusted. This circumstance also doesn’t allow considering the offered bank instrument as a basis for decision making for choice the credit program as it is not excluded what exactly these collections can lead to essential rise in price of the involved money resources.

Can you remember those good times when everybody could take a credit if one required money? And just imagine the state of those who have to bear that load nowadays when the world economy is facing hard times. And for those people having credits the issue of credit monitoring is as urgent now as never before. It is not only about credit monitoring, this also helps save money, time, and nerves and be fast in solving loan related issues. Those who are looking for a place where to learn about credit report, are welcomed to check out this credit report monitoring site – there is much information about loan monitoring and how to order that service.

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Why Algorithms Of Calculation Credits Work Not For Benefit Of Borrowers? Part 1

For convenience of the borrowers hardly probable not all domestic banks have entered such service, as the credit calculator. It seems to be a useful thing. But, as well as in many other spheres of our validity, there are nuances. Not a secret that credit calculators consider to work but only approximately. This information can be met on sites of many banks, though also not all. There is no not only clear price of this “approximates”, and also why in most cases the total sum of money calculated by means of the calculator, obviously is less, than real expenses of clients.

To begin with it I will quote the information from a site of the one enough powerful bank (the name I will not result not to advertise it): “For convenience of calculation of the chosen credit program you can use the calculator”. Very much it would be desirable to ask authors of this appeal: for “convenience” of whom? Bank or the client? And in general, whether it is correct to offer service in which nature distortion not for benefit of whom it is calculated is initially pledged? These are questions not idle. The calculator is necessary only in that case when it answers the purpose, that is correctly considers. But what such is “correct” in understanding of credit establishments? We will try to understand it in more details.

Let’s make experiment. We take for an example credit calculators of several banks and with their help we will calculate loan cost on acquisition of the new car. Thus we will not consider either the commission for its registration or expenses on loan account conducting, other additional losses which the borrower can incur at credit reception, i.e. we will consider only arithmetic of computations. That there was a possibility to compare aggregate results, will establish identical parameters of calculation.

We will assume that the borrower has decided to acquire the car in cost of $15 thousand (auto crediting is chosen because it is more or less renewed). Thus he is ready to pay as the initial contribution 40 % of a total sum that is $6 thousand. Our hypothetical bank, having studied its request is ready to grant to the borrower the loan for 3 years for conditions of annuity payments and the interest rate in size, say, 9 % of the annual. So let us see in the following article what we will get.

Can you remember those good times when practically anybody could take a loan if one required money? And just imagine the state of those who must carry that burden nowadays when the economy is facing hard times. And for those people having loans the matter of credit monitoring is as crucial now as never before. It is not only about credit control, this also helps save money, time, and nerves and be quick in solving loan related problems. Those who are looking for a spot where to learn about credit reports, are welcomed to go to this credit report monitoring site – there is lots of information about credit monitoring and how to order the service.

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Zero Rates For Long Term Loans Is Nothing More Than An Advertising Bait Part 1

Having arranged the loan for 5 years, you will in anyway buy one car at the price of two.

For the first time after crisis car crediting again revives. Sales of machines on credit were doubled this autumn! In the beginning of November there is more than half from fifty largest banks gave out loans on purchasing of cars. According to experts, having rung round financial organizations, it is quite possible to find credits with an advance installment not only in 20, but also in 10-15 percent. A crediting period constitutes till seven years. And the effective interest rate (considering the latent payments) for long-term credits have fallen on the average below 20 percent and now fluctuate at level of 18-19 percent.

Borrowers also can get the car credit with not rigid requirements. The inexpensive Chinese car can be taken on credit by the person with the average official income. On loan payment should go no more than half (and in some banks – third) of the income of the client. Thus on each member of a family should remain not less than few hundred dollars.

Nevertheless to rejoice to occurrence of cheap credits specialists don’t advise. The sum which it is necessary to overpay for possibility already now to receive the new car still can beat off all desire to be credited.

For an example we will assume that we want to purchase cheap car that now costs approximately 10 thousand dollars. Within five years at an initial installment in 20 percent and the rate at 18-19 annual interest rates you overpay under the credit of 20-30 % of the cost of that car depending on the repayment form. Add to it you should add the insurance at level of 6-7 percent in a year from car cost (the insurance – a thing, probably, absolutely not out of place, however few owners of inexpensive cars arrange it voluntary). If to reject an initial down payment which is paid at once it turns out that thanks to a deferred payment you, as a matter of fact, buy one car at the price of two!

Can you remember those good times when anybody could take a loan if one required money? And just imagine the situation of those who have to carry that burden nowadays when the economy is facing tough times. And for those people having loans the question of credit monitoring is as urgent now as never before. It is not only about loan monitoring, this also allows to save money, time, and nerves and be fast in solving loan related issues. Those who are looking for a place where to find out about credit reports, are invited to go to this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

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Student’s Debt: Getting Education In Credit. Final Part

Let’s notice that special credit programs for pupils are given far not by each bank (there can be for example only ten banks in a country that are having such programs). Frequently means for training suggest occupying within the limits of the universal consumer loan calculated on financing of any household requirements (purchasing of the goods, repair of apartment and etc.).

As a rule, borrowers don’t report, the borrowed money has been spent for what purposes. Therefore and to track dynamics of growth of popularity of similar loans is difficult enough. However, already today some banks start to take an accurate rate on forming of services in granting of educational credits. For example, some banks have reported that the special credit program for students is at a stage of development and in the near future will be started.

Credit union offers some forms of reception of the credit. First, the student can act as the borrower independently, and one of parents only can be charged for him. In that case it is necessary to give the passport, the documents confirming incomes of the guarantor, and an ownership right on apartment, the car and etc.

Besides, don’t forget to add the contract on training and the account on payment of the first semester. Secondly, the credit has the right to receive and actually one of parents. Then to the list of documents it is necessary to add the certificate of birth of the child, wishing to get education.

It is not necessary to remove from accounts that the bank can and refuse credit granting! Frequently such monetary institution decision is given reason by low level of incomes of parents of the student or its other guarantors. The situation is even more aggravated, if in ownership of a family there is no own real estate or vehicles.

So the decision to take or not to take the credit for training depends not only on you. But before to doom itself to a debt hole you should count possible monetary losses independently. And the main thing is that you have to think: whether that education which you want to receive cost so much efforts and means? After all neither the high school, nor a specialty shouldn’t get out at random. Especially, if money for training has to be borrowed.

Do you still remember those good times when anybody could take a credit if one needed cash? And just imagine the state of those who must bear that load nowadays when the world economy is facing hard times. And for those people having loans the issue of credit monitoring is as urgent now as never before. It is not only about credit control, this also helps save money, time, and nerves and be fast in solving loan related issues. Those who are searching for a place where to learn about credit reports, are welcomed to visit this credit report monitoring site – there is lots of information about credit monitoring and how to order that service.

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Need Cash in 20 minutes? Get no credit check logbook loans !


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