Monthly Archives: May 2019

Mortgage loan and supervision of brokers and agents

From July 22, 2017, the law on mortgage loans and supervision over credit intermediaries and agents is in force. The Act comprehensively and in detail regulates the process of not only offering mortgage loans, but also the conclusion and performance of contracts, as well as their advertising. What changes have been made?

Mortgage loan 

Mortgage loan 

1. A mortgage loan may be granted only by banks and credit unions.

2. The mortgage loan will be granted only in the currency in which the consumer receives the majority of income or has the majority of financial resources in it.

3. Before concluding a loan agreement, the client must receive an information form, both from the lender, intermediary or agent. The information form allows you to compare several loan offers, as it contains information such as about the total amount of credit, loan cost, repayment terms or interest rate. The conditions contained in the form are valid for 14 days.

4. Intermediaries and agents advising the consumer must submit at least 3 mortgage loan offers.

5. The bank has a maximum of 21 days to issue a credit decision from the day of submitting the application. A credit decision is an offer.

6. The bank is obliged to assess the creditworthiness on the basis of information obtained from the consumer, from databases (eg BIK) or from the lender’s internal databases. The contract can be concluded only when the result of the credit assessment is positive.

7. The consumer has the right to withdraw from the mortgage contract within 14 days from the date of signing the contract. Just send a registered letter before the deadline. The borrower incurs only the interest costs for the period in which the bank has paid the loan until its return.

8. The lender, broker or agent is required to provide a permanent model of withdrawal from the contract on a durable medium.

9. Full or partial early repayment of the loan will be possible at any time. The contract may, however, provide for compensation in the event of early repayment of fixed interest rate loans – during the fixed interest rate, and in the case of loans with a variable interest rate before the end of the three-year period. The maximum commission for a mortgage with variable interest rate can not be higher than interest that would have been charged on the repaid amount within one year from the date of actual repayment. The commission can not exceed 3%. amount repaid. The commission for early repayment can not exceed the costs of the lender directly related to the early repayment.

10. In the event of delayed repayment of the loan installment, the bank will set an additional date, which will not be shorter than 14 business days. The bank will also inform about the possibility of debt restructuring.

11. If the borrower is unable to repay the installments, the bank will propose restructuring the debt. The bank will be able to:

  • temporarily suspend repayment,
  • lower the amount of installments,
  • extend the loan period,
  • propose a different solution.

If the bank rejects the restructuring application or if it fails, then the bank will allow you to sell the property in a period of not less than 6 months.

12. Ads regarding loans must be legible and footnotes visible. If the advertisement will, for example, inform about the interest rate on the loan, then it must be marked whether it is fixed or variable. In addition, in the ad we find information so far presented, such as the total loan amount, the total cost of the APRC credit, the duration of the contract, the amount of installments. If the advertisement does not contain information about the costs associated with the loan, then you must find information about the amount of its APRC. The above information must be presented on a representative example and in accordance with the law ” as visibly, legibly and audibly as other information on credit costs “. In the case of mortgage loans with a variable interest rate, information about the risk of changing it must be provided.

13. The Act prohibits bundling. You can no longer make the conclusion of the contract conditional upon the purchase of certain products. The exception is a free bank account used to pay the loan installments. It is possible, however, combined sales, consisting in offering other products, but without the obligation to buy them.

14. A register of mortgage and consumer mortgage brokers maintained by the Polish Financial Supervision Authority (KNF) and the transparency of remuneration policy for advisers and credit intermediaries were introduced. The act on mortgage loan and supervision over credit intermediaries and agents introduced at the same time changes to the Consumer Credit Act regarding advertising of consumer credit. In advertisements containing credit costs data, mandatory information must be presented in the same way as visibly, legibly and audibly as other credit-related information. If, for example, a 0% interest rate is displayed, information about the APRC of the loan must also be clearly displayed.

Interest free advance loan with Credit Card

When using a credit card, you are actually using even an interest-free advance loan with the possibility of paying up to 45 and splitting your purchases up to 12 times or more. Credit card? By definition, the cards offer a form of credit with which we can make small “loan advances” in traditional or large “advance loans” on Platinum, Diamond and Unlimited Cards.

But Carla, how is this loan in advance? Simple, once you went to a store, bought a product and paid with the credit card, this operation is nothing more than the administrator to lend you money to buy that product and you pay for it on the due date of the invoice. For the holder to buy and pay, it is necessary to use the personalized plastic card with his name and a magnetic stripe and ship with electronic information, the idea is to offer the consumer a series of financial relief.

Those who have credit cards carry a myriad of advantages, which I consider the most important is the flexibility to make payments of indeterminate amounts anywhere in the world without having to show real R $ 1 at all. You can pay the invoice on the due date or delay the payment with a minimum amount in the revolving credit, if the amount is too high, you can install everything up to 24 times.

The use of the credit card is easy, the holder can spend up to the limit granted by the credit institution. When you pay the bill, the credit limit is automatically released for use again, but if you exceed the limit, you will not be too happy with the charges on the next bill.

3 ways to use credit card

3 ways to use credit card

What applications the credit card allows, the advantages, benefits and conditions of use change according to the type of card and the agreement of use between the holder and the administrator of the credit cards, are usually used to:

1 -) Used with modality of payment.
Credit card replaces money with mastery. You make your purchases during a certain period that will be accumulated and listed in a monthly invoice, the amount must be paid on the day of the maturity chosen by the holder when you requested the plastic.

2 -) Serve to buy, make payments, installment in times. Borrow loans.
Credit cards in addition to paying purchases, can be used to obtain personal loan or quick cash withdrawals, to “apply for the loan on the card”, it is necessary to have limit with prior approval.

3 -) Use to pay consumer bills and other private debts.
The use of credit cards is not limited to the two items listed above, there are other solutions to use to pay bills of light, water, telephone, among others. Check the attendance of your card, the possibility of paying debts, tickets and bills of consumption.

Smart use of credit card

Smart use of credit card

The best use of credit card is, use it for payment, given the advantage of credit cards being used without the presence of money and security as a means of payment. The not so secure card to make purchases through the internet, to add security for this operation, simply add your card to a PayPal account Brazil. If well used and properly cared for, the card is the most incredible means of payment in the world.

Another smart way to use it is to get small amounts of personal loan, so you have to be aware of the charges, fees and interest of that operation. For free you have the total to use in obtaining finance purchases with up to 40 days to pay at no cost.

Paying the card’s invoice on the day of the payday or letting it in automatic debit is more than excellent practice.