суббота, 15 ноября 2014 г.

Pitfalls of the credit agreement

Regardless of the type of program, the availability of collateral or guarantee, loan only after mutual signing of the loan agreement - the main document, which aims to regulate the relationship between the borrower and the bank that issued him a loan for the entire loan period. But such an agreement can be fraught with many dangers. In accordance with its terms, for what gets kreditoderzhatel borrow a certain amount of funds, it must take on certain responsibilities. But the bank that issued the credit, by contrast, gets only the rights and opportunities, through which it can monitor its borrower. But to give up part of obligations after signing the loan agreement the client is unlikely to succeed: to create such documents by experienced lawyers, so any appeal against his points in court almost unreal. But to make changes (negotiable loan) client also fail: banks never revise the terms of contracts and do not make them any amendments, which are asked to borrowers. Thus, customers are essentially forced to take out loans on the terms that they offer banks, even knowing that it can be extremely unpleasant consequences for them. But not all contracts are standardized. Some banks, using the fact that not all potential borrowers bother to fully read given them credit for the signature of the contract, complement them more dangerous items that give creditors and without more power. Therefore it is better to feed a bank loan application read this document and draw attention to it such items.

Conditions of early termination. The Bank has the right to dictate the terms on which it may request to terminate the contract. In this case, the borrower will be required to repay the loan as soon as possible (from 10 to 30 days of receipt of the notice), together with accrued interest, fees, fines, penalties, etc. But should carefully review the terms and conditions under which the lender has the right to use this opportunity. The fact is that many borrowers assume that the item bank credit agreement may apply only in respect of non-executive or malicious debtors kreditoderzhateley to make payments out of time. But the contract may specify other reasons, which are the reason for early termination of the contract:
- Failure to inform of change of place of registration;
- Failure to inform of changes in financial position (changing jobs, lower wages, etc.);
- Failure to inform about changes in family status (conclusion or dissolution of marriage, birth of children, adoption, etc.);
- Overdue insurance;
- The conclusion of the insurance contract with the non-accredited bank insurance companies, etc.

Of course, in most cases, banks use similar items of the loan agreement to the borrower only to discipline and to oblige him to tell him about all the changes in his life, which may affect the payment of the loan (usually bankers themselves remind customers of such need). But if the lender set a goal to prepay the loan (for example, it will terminate its activities and wants to maximize the "close" all credit obligations), then click on the early termination of giving him that opportunity. In turn, the borrower may challenge the decision in court, arguing that his main task - is the payment of the loan, and he successfully deal with it. But in order to avoid unnecessary costs and save your time and nerves, it is better not to issue a loan for which will have to sign a contract in which there are points of its early termination.

Banking costs. Under the terms of the loan agreement the borrower can take on not only the costs of registration and payment of the loan, and the bank and any costs associated with lending. For example, if a client wants to sue the creditor, it will be obliged to pay all his expenses on legal support. In turn, if the bank will seek repayment through the courts, the borrower would also have to assume all the costs associated with litigation, and then the same with the inventory of his property. The law regulating banking activities, is not clearly marked amount of costs that the lender can "hang" on the client, so the payment can be set absolutely any amount, the amount of which may even be several times the amount of the debt on the loan. And to appeal this item is not subject to the credit agreement, therefore, not to be in such a situation, it is better to refuse to cooperate with the bank that offers credit for such conditions.

Executive inscription notary. In the case of secured lending is better to refrain from signing the loan agreement, under which the bank can recover the mortgaged property to the debtor by the executive notary. Guided by this paragraph, the bank can recover the debt without resorting to the courts, contrary to the interests of the borrower. So better not confer such power bank, giving him the right at any time to take a pledge for the loan. Appeal the executive inscription notary in court will be very difficult.

The loan agreement can conceal other dangers. So before signing should consult with a lawyer or mortgage broker to help sort out all the paragraphs of this document and identify its pitfalls.

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