Archive for December, 2008
A delinquent debt records, known as automated data files used to reflect delinquencies in payments of both individuals and corporations. This is done so that lenders can learn and ponder the situation of a potential customer requesting funding. The lists of defaulters, given its negative consequences for those who are included therein, have a duty to be scrupulously accurate and transparent and allow the defaulting their rehabilitation in the market.
How do I enter a list of defaulters?
For a person or company you can be placed on a register of this kind should provide the following circumstances:
- That there is a certain debt, callable due and unpaid results.
- You have been asked to pay and this will not occur.
- There must be documentary evidence that contradicts the two previous requirements.
You can only register on a list of delinquent persons or entities possessing defaults on their backs in the past six years. In any case, can be entered in the file to a citizen from the fourth month of default, counting from the maturity of the obligation breached or the particular time limit if the same periodic compliance. The default by a person may only be registered in the default file for a maximum period of six years, which is counted from the inclusion of data in the register and in any case after the fourth month from the expiration of the obligation. The manager must notify the affected file inclusion therein.
How to get out of a record collectors?
First, the rights and the reasons why you may include in one. In this sense it must meet the following requirements:
- That there is a certain debt, due and payable, which has resulted unpaid.
- You have been unsuccessfully requested payment.
- That there is no documentary evidence that apparently contradicts the previous requirements.
If not found in these circumstances and appear to have the problem, action is needed:
1. The individual must be notified of their registration with a delinquent registration within 30 days by the holder.
2. If the data were incorrect, we must request cancellation or amendment within 10 days.
3. The creditor has 7 days to submit documentary evidence to contradict the previous point.
4. To unsubscribe you must provide documentation proving the absence of debt along with copy of ID card. The owner of the list must delete the data in the next 10 days.
5. If no response should be directed to apply to the Spanish Agency of Data Protection provided a copy of the paperwork and low application studied.
6. If you have been harmed by a breach of these rules of data protection shall be entitled to receive compensation after filing an application before the ordinary courts, and must demonstrate and quantify the damage suffered by the side that has the process.
7. If a file of public ownership should complain about the system of government. The file owner must notify the person his inclusion therein within 30 days. Otherwise he is guilty of serious misconduct that can notify the Spanish Agency of Data Protection (AEDP). This is because the debtor is entitled to know their data and to claim your change or cancellation if they are not correct.
The only way out of the files of delinquent debt is meeting, showing that this does not exist, once it has completed the maximum legal period of stay (established in six years) … One problem is that it is the creditor who is obliged to report the cancellation of the debt within a week. Thereafter the applicant must prove the absence of debt together with a copy of the ID of the person concerned. The owner of the file must answer on the Elimination of their data in the next ten days. If you missed the deadline remains the best response is to file a claim in the AEPD.
One of the problems of being in one of these files is that some keep their customer data to “zero balance” status or “paid”. That is, the client remains in the file along with the name of the former creditor. It is a way to reflect that once that person was not solvent. However, this is not legal, it is not possible to keep adverse information on the debtor having been made and a reason to claim compensation.
How do banks or banks in case of a default?
Financial institutions are treated differently defaults on debts, but with the same general method of action:
- During the first 20 days of default, entities are in contact with the debtor to inform him of the debt, if it was an oversight of it.
- If the default continues, the body sends notices more “convincing” in which often specify the default interest and fees set out in the loan contract, which range between 5% and 10%.
- After three months of unpaid institutions intensify their actions in order to secure payment of the debt or, alternatively, to negotiate a new payment method to suit customer needs.
- When six months have passed and no agreement on the new form of payment or default persists, the entities come to litigation with the filing of a lawsuit.
What are the consequences of an unpaid debt?
Once financial institutions or those affected by debt have submitted a claim for payment, you move to the embargo on housing or property to which the defaulter may respond to non-payment if it is accepted.
From this moment, the defaulter has the opportunity to submit a payment agreement which shall include court costs, which can prevent the auction of his possessions.
If no agreement is reached occurs auction as the bank or the creditor will obtain payment of the debt, including interest, fees, court costs and other expenses.
What are the most important records of defaulting?
Whether you’re home buyer, seller and if you’re interested in knowing the information about the major defaulters lists used in Europe. Of the 130 largest companies and organizations that develop property records and credit defaults are:
- Registration Approvals default (RAI)
- National Association of Financial Institutions Credit (ASNEF-EQUIFAX)
- Technical Credit (SEIDO)
- Interbank Cooperation Center (ICC)
- Dun and Bradstreet
- Experian Credit Bureau
It is time to invest in a home. We want to buy a house and we know what it is. But as important as knowing exactly what we want to live, is known throughout the mortgage offer on the market. Keep in mind that our future is in that mortgage, which will be years that we will pay it, and that what we get now negotiate and defuse before signing it, will revert to our benefit in the future. It will be a game between two contenders, in which each within its capabilities, endeavor to bring the rope to his side.
Mortgages
Preliminary
Always remember that you are the customer and banks you live, no matter how small you are. Do not go ever with a passive or proving that you need that money. Always remember that the bank competes with other banks and that therefore, everything possible will not remain with him. If he sees you hesitant or unaware of the topic, they will take the dominant position and take the lead.
For all that, the first step that you give to start all the mortgage process is to know the offer on the market. Probes. Move by Internet. Find out what each bank offers and what you can ask. Be clear about the amount, term and interest with which you can play, because that will give you security and will face the business of the bank, he will see with different eyes.
Request for mortgage offers
When they may know the existing mortgage offer and what each bank offers, he conducted in person at branches. Enter through the security door and say what you want. Remember, active attitude, the singer’s voice must carry you always.
Once in the branch hear what you offer, but never at this stage of listening to offers, aceptéis no. What you see is not anxious to close the deal. You will have to know basically the end fees, early termination of the early repayment terms and interest rate, and, of course, what the bank needs to access a better interest rate. That is, keep in mind that the more you get in that bank assets, the more likely it is that the differential. Salary paid directly asked of you probably, two or three bills, cards, life insurance and even home insurance. Ideally at this stage is to search for offers different deals 10/12 to study quietly at home then. Begin with your own bank because to do so, fidelity is a degree to be considered and a major asset in the future negotiations. But also within the same bank, attended several branches because they might surprise you to give you notice that there are managers or business with which it is easier to “bargaining” with other, either because they have to achieve economic targets or by the very attitude of the person facing us.
Selected Offers
Of all the initial offers must stay with a 3 / 5 of them to proceed to negotiation. Going in order of importance, as you see you can agree you better. The negotiations will be tough, but you must know the points where you can “bargain”. Generally, the fee, the partial cancellation and the differential are the points that you can try to reduce. Use your letters one by one; nothing to remove all the guns at once, but above all, show that you are interested to be faithful to the bank and that you involucraréis in your business, offering payroll card or receipts. This is your best weapon. Manejadla with caution.
Finally, seek the appropriate time to demonstrate that you know the market offers, and let it drop without acrimony conditions that other banks will offer.
Closure of the transaction
Already have the 3 / 5 final bids on your hands after bargaining. I must decide calmly at home. Choose one where you feel most comfortable, where you give more long-term safety and return to the bank. Try one last bargain on the grounds that you come to close the transaction.
This is the last phase, the critical, where you will reach a mortgage agreement. Consider the importance of this because it is likely to mean years and years of association with that entity, which probably household payroll or receipts, expenditures will have their cards, and so on. and where it will probably ask other loans (for a car, for study, to improve housing, furniture, credit fast).
We assume two things:
• Know what you want.
• Has sufficient offers on the table to consider that any of them are good, and nothing left on the market better.
However, before deciding, and to reach an agreement, you must have a strategy, and is as follows.
1. Select the three best deals
With all the data already available, is able to make a comparison table, which contains data on all bids.
Make a simulation taking into account the amount of money going to apply, with the notary fees, land registration, documented legal, administrative, fee, interest during the first period, following by reference to the interests of today etc.. and calculate the total price to be paid by each of the tenders.
From there select the three best offers. Which you believe best meet the requirements you want.
Maybe some of them are not necessarily be the best economically, but still acceptable because it values like service, prestige, etc, etc.
2. The “penultimate” negotiations: to improve and learn
Are you in the most important moment in the negotiation phase, since it is almost ready to decide.
But before all this it is necessary to close many ways, because what may be a very good offer, ultimately, can be very bad.
Example: suppose you have an unbeatable offer with conditions, and if it were only for her, signed automatically. Now, suppose that bank / box requires a series of requirements that are absolutely incompatible with point of view you. For example, imagine that you require, along with the mortgage:
• A home insurance with very poor coverage.
• Life insurance that does not need
• A pension plan that does not want
• Two credit cards not accepted
• An Endorsement of which no.
What seemed like a candidate, ultimately, is rejected by factors other than the mortgage.
Think that is going to “marry” with the bank, which will use it daily, you will need household bills, ask for another type of credit, etc. Therefore, you need a bank / box that suits beyond the mortgage.
If you think you are good all or almost all the issues that will raise, it’s time to “squeeze” some more.
That is, if the mortgage origination fee is 1%, it is time to demand to stay on 0.5%. Or if gestoría costs are $ 200, it’s time to demand that it be 150. Do not try to “bargain” all conditions, but “some” to see if he can thrive.
Do not give the SI yet, leave it to the next meeting.
3. The DECISION
It is on the table the three best offers, and already know of all banks / boxes their conditions, their ways, than they would for other types of services.
Well, decide the best, taking into account all factors.
In many cases, need not be the best deal on the mortgage, but if one of the best, and besides, that bank does not require a pension plan or life insurance gives free cards, etc.
If you plan to sell your home, it’s a good idea to study carefully some basic tips that will help us at least to get the price you really want it, an option which could certainly maximize our chances. When is a good seller, it must be in the role of potential buyer, and ask, for example, what we would find in the course if we were the client. Keep in mind that will make a first impression whether or not sales, so make some care and improvements in our house (painting, fixing flaws.) will be one of the best options.
At this point, we must bear in mind that we can not make a large investment and spent money on improvements, especially because surely the new owners may have thought possible changes in relation to their personal tastes.Ensure that all documentation of our house is in order is a giant step, at which time we will have written the following: registration showing that you own the house deed of sale, and if the record figure your home has a mortgage, we should not worry much about it, since it is possible that the buyer be interested subrogated to it.
It is also interesting that we have other documents which, although not as large as those cited above, they are useful levels of address, description of it as both the farm where it meets the surface expression of useful instructions for use or fire safety measures, among many others. This will open even more sales opportunities. Because knowing how to sell, is the key to get the price they want for it.