September 29th, 2007 at 11:26 pm
(Uncategorized, Banking)
Nowadays independence is such a usual and trite word that we have almost forgot its direct meaning. It was used as watchword and slogans at all times. We strive desperately to be independent from our parents, from some rules and obligations, from the society, etc. But finally we find ourselves in power of such usual and meaningless things as a cell phone, internet, our timetable or bank. Yes, even bank has power over us.
How it all began.
In the very beginning a bank was created as an establishment providing different financial services. Historically, this institution was created to provide various loans to merchants for them to develop their trade. And in due course those loans were paid off with interests. That was a win-win deal, both parties gained profit and were happy, but in those days bunks did not interfere with life of their customers. These institutions started to apply some pressure only when the trader did not paid off his debt. But even then banks were already associated with greed contradictory to the democratic principles.
How the bank system controls our lives.
But with time the situation has changed. And this is probably our own fault and oversight. We gave the banks more power, more services to provide. Nowadays they do not only extend loans, but also take deposits, open accounts, cash cheques, perform money transactions, handle our retirement accounts. They have taken control of our lives, because we have let them to do so. We have our salaries and wages consolidating on the accounts, they collect our debts, etc. and out of all these things the bank system takes advantage of its customers. But if a person has once spoiled the credit record, bank employees make a helpless gesture. But what if they backdate money transfers, or hold deposits for some time, or apply withdrawals before deposits? They just destroy our credit records, and we are not even able to withdraw some savings because of their own mistake. We have become dependent on this system which has no social ethics, and that is the reason for such a never-ending flow of complaints against banks.
Comments
September 29th, 2007 at 11:04 pm
(Uncategorized)
If you have to deal with debt services it means that things do look black. Their unbelievable shady business practices are known to everybody. This is the reason why in 2005 the Uniform Debt-Management Services act was promulgated. It was made for these services to work effectively but honestly and fair. Even some more organizations have been grounded against unethical – to say the least of it – business practices of debt collection agencies. Then why do a lot of people still suffer from such debt services as First Capital or Litton Services? Examples of such injustices are set forth below.
Debt settlement destroys credit.
When collectors show up, people usually try to find some extra money to settle this very debt and they work upon it. Though, in the most of cases the person who is head over heels in debts in unable to pay off his or her credit card debts. And then a credit card company automatically writes down on the person’s credit record about the non-payment to credit institutions which correspondingly hurt this person’s credit history. And the debts can be sold to the debt collectors.
Threats from the collection agencies.
This point is usually broadly rejected by the collection agencies in court, when the lawsuits are finally filed. But still, is not this harassment to call to the debtor’s house up to 30 times a day in all possible hours and then talk to him or her in a very harsh and rude way? Of course, this is very hard to prove if there are no records. But why would so many people lie?
Debt fraud.
Sometimes they call or just inform you that you are some months overdue on your payments, even if you were never late. And then the situation gets worse. It ruins your credit record; you became a bad debtor and have to deal closely with the collectors. And this is just because of their mistake (maybe, intentionally, who knows).
Comments
September 22nd, 2007 at 4:45 pm
(Uncategorized)
Choosing a bank to handle your finances is rather a scrupulous and important matter. You trust those people with your money, with everything you have earned and got for living. Thus you have to be careful no to get into trouble. I have done a small research pointing out the main problems happening to the customers of MBNA and Juniper Bank. This is for everybody to be aware; maybe it will prevent you from a false step.
False charges.
MBNA can charge you for the things you have never bought or services you have never ordered. And they even can accrue interest if you do not pay them off. Or they can say that their 0% MBNA cards do not have any transaction fee and then they just charge you for the balance transfer. Possible result: they can destroy your credit, as you are not notified and you become late with the payments having no clue about them.
They reduce credit card limit. What is outstanding is that MBNA can do it absolutely unfair and unreasonable for their best customers and reduce the limit from $20.000 to $5.000 having no grounds for this. Or like in Juniper Bank they reduce credit line without having made you aware of that fact. Possible result: you can be involved in some new ridiculous interest rate and penalty charges.
Incompetent employees.
This is the case when a bank clerk is inapt and makes you ignorant of something. This can be rate of interest or credit limit you consider to be attractive offer and you agree to have it. But then you find out that the conditions are absolutely not like those you have heard of, but they blame you of ignorance. Possible result: they will force you to pay for other person’s mistake.
Unfair business practices.
Fraud is the most dangerous thing you have to keep away from. In case with MBNA they can send a credit card, suggesting a good credit limit and then send you different checks to pay, as though the purchases have been made with the help of your card. Or in Juniper Bank they can have a questionable interest rate increase. Possible result: you can be involved into scam and can lose your money.
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