Borrowing money, Good advice, In the media

Bank products

No Comments 10 May 2013

The fourth part of the series called Personal finance gives you the information about choosing appropriate bank product for saving money. At first there is traditionally a short test, which reminds you information from the previous episode and then the video continuing to the new theme – bank products.

For saving money you can use one or more bank products, gradually or at the same time. You should draw a comparison between an offer of the product and your goals and options. Different bank products have different risks and liquidity. In most cases, higher risks and lower liquidity means higher profits.

Bank deposits belong to the most safety forms of saving. In case of bankruptcy of the bank, 90 % of your savings will be given to you (within the amount of 25 €). However, the deposits are really low, so it is suitable for short-term goals.

Building savings have higher deposits and include benefits from the state. Nevertheless, you have to save money at least for 6 years and you cannot handle it – it has a very low liquidity.

Well, you should think about your incomes and goals and choose the product, which would fulfill your requirements the best.

Whatch this video in czech.

Borrowing money, Good advice, In the media

Ensuring risks

No Comments 19 April 2013

The second part of the series called Personal finance gives you the information about ensuring risks. However, at first there is a short test, which contains questions regarding the topic of the first part – personal financial plan. Authors will remind you everything they said the last time and then they will continue to the new theme, which are ensuring risks. The video familiarize you with the different kinds of insurance. There is a lot of products in the market and in every part of your life exist different risks, so you should choose the one that suits you the most.

The main types of insurance are health insurance, which covers a treatment, hospitalization etc., accident insurance and life insurance. The health insurance can contain saving up for your retirement, for example. In the Czech Republic this kind of insurance is supported by the state.

Another kind of insurance is liability insurance, insurance of property or households.

Nowadays still a lot of people don´t take out insurance and rely on a luck. They incur the risk of these problems not only on they own, but also on their close relatives.

Watch this video in czech!

Borrowing money, Good advice, In the media

Personal Financial Plan

No Comments 19 March 2013

Looking after money is always worth it and it does not matter how much fund you have. Proved technique is the personal financial plan. Authors of this video set a target to give you a piece of good advice for the creation of this plan, and give you information about its four phases: analysis, plan, implementation and revision.

The analysis includes your income and expense. That reveals your surplus of money, which you could invest or save.

The plan contains a choice of your goals and financial products, for example reserve fund, closed-end investment fund, superannuation, life insurance, unemployment insurance etc.

The third phase, implementation, covers negotiations with banks, insurance companies and financial intermediaries. This phase finishes when the contracts are signed.

The revision is period in which you are checking if financial products work as they should. If they don’t, you should change your choice.

The main thing is that your income covers your expense. If it does not, you should make a change for the better.

In conclusion, authors summarize information about the personal financial plan. Are you interested in this topic?

Watch this video in czech!

 

In the media, Research

Over 40% of people in Bulgaria live in deprivation

No Comments 13 March 2013

The risk levels of poverty increased by 0.5 percentage points for the EU as a whole.

Low incomes doom to impoverishment average 17% of the population of the EU, shows the analysis of “Eurostat” on the risk indicators of poverty and social exclusion among the EU-27.

The level of risk of poverty increased by 0.5 percentage points for the EU as a whole in 2011 compared to 2010, reported European statistics.

Among the countries with the highest risk of poverty are Bulgaria and Romania – 22%, Spain – 21.8%, Greece – 21.4%, Lithuania – 20%, Latvia – 19% and more. The lowest risk of poverty is reported in the Czech Republic – 9.8%, Netherlands – 11%, Austria – 12.6%, Denmark and Slovakia – 13%.

Another aspect of the analysis found that nearly 9% of the EU population lives in material deprivation. Here are included people who cannot pay their utility bills or the mortgage and loan they took, cannot afford a one week holiday away from home, unable to eat every second day meat, chicken or fish; cannot afford unexpected financial expenses, cannot afford a car, TV or phone, cannot be adequately heated.

According to this indicator, at least people are affected in Luxembourg and Sweden (1.2%), Netherlands (2.5%) and Denmark (2.6%). At the bottom of a material deprivation are people in Bulgaria – more than 40%, Latvia – 30%, Romania and Hungary – more than 20% and more.

Nearly 37% of EU citizens could not afford unexpected financial costs, this indicator measures the ability of a household to cover unforeseen expenses in the amount of 1/12 of the amount received for the poverty threshold.

In Bulgaria and Lithuania 60% of the people cannot afford unexpected expenses.

At the bottom are citizens of Latvia and Hungary – 80 % of them are unprepared for unexpected financial costs.

Borrowing money, Featured, Good advice, In the media

So That the Debts Did Not Hurt

No Comments 05 March 2013

The topic of this video is a hot issue – family/personal finance. Video sets a target to give you a piece of good advice for better money management and recommendation to be knowledgeable in tempting offers of banks and finance companies.

Nowadays, a loan or mortage becomes something common not only in the Czech Republic, but around the whole world. However, how to choose the right loan and do not get stuck in debts? At first, there is advertising. Creators of advertisement are often professionals and they know a lot about our psyche. In most cases, advertising is not absolutely deceptive, but they often do not inform about everything. For example, there is a possibility to change repayments, but an advertisement does not inform about the fact that this service is paid for. Next issue is a place where you sign the contract – the interior is comfortable and relaxing, so it is important to be still observant and aware of risk.

In conclusion, authors summarize information about loans and give us advice to keep ourselves informed actively and keep in mind that the loan is never for free.

Click here to watch video in czech.

Health Issues, In the media

Debt and Health

No Comments 18 February 2013

It’s easy to  imagine how debt can effect people’s health directly – sleepless nights and ulcers due to worry – but there’s more to it than that. A recent study by CAB (Citizen’s Advice Bureau) has found some alarming statistics on the impact debt can have on people’s health.

Citizens Advice found that 74% of respondents said debt had impacted their mental health, while 54% said their physical health had been affected, adding that of those experiencing health problems, 51% had experienced a panic or anxiety attack, and 79% were losing sleep most nights because of debt.

Furthermore, 56% of respondents said that worry about debt was affecting their relationships, while 51% of those in employment and struggling with debt said that their work performance was suffering.

Another interesting angle is what people do to try to cope with the pressure – drinking, smoking and eating too much. They found that 29% of respondents said they tried to take their mind off their debt problems by drinking, 24% by eating, and 29% by smoking, while 35% were taking no action about their debts and hoping the problem would go away. The chart above also shows that debt can lead to illness when people turn off their heating to save money or eat lower quality food to economise.

Read the full report here:

 

 

Borrowing money, Good advice, In the media

The opposition against debt hunters is difficult!

1 Comment 12 February 2013

To owe money is bad, but it is particularly bad when it comes to court action. Sometimes a person does not even know how he was strapped. What happens when you have in the mailbox “writ of execution” and call for voluntary payment of the debt? And what can we do to protect ourselves from unpleasant and undesirable acquaintances with modern tax-collectors, called bailiffs?

Lawyers explained that there is almost 50% increase of litigations against banks for unlawfully rise of interest and incorrectly posted payments on loans. There are not rare the appeals on cases where the bank didn’t seek the borrower to remind him that he owes money. In this regard, lawyers advise clients when they refinance their loans or when they finally reimbursed the bank to require a document to certify that the obligation to the financial institution is repaid.

In the most common case basis for issuing a writ of execution may be just a statement from a bank account. Thus it becomes extremely difficult to prove who is right and who is wrong. The banks obtain writ solely on the basis of their own assertion that someone owes them money (by showing an extract from the ledger). If you do decide to appeal, the bank within one month is able to bring a lawsuit against you. In this situation bailiff don’t stop the execution while in the court is being disputed the amount and availability of the claim, but continue to collect the debt and, if necessary, to sell the debtor’s assets, lawyers say.

Generally, it is the best not to neglect your duties and not to come to meetings and correspondence with bailiffs.

But if it has already happened what can and what can not take your creditors? Creditors are not allowed to take your livelihood. There is a critical minimum of possessions and money, which can not be touched and are needed for the survival of the debtor. The creditors are not allowed to garnish social payments as well.

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In the media

Approvals debt trajectories unchanged in the Netherlands

No Comments 24 January 2013

LEEUWARDEN – The number of people over the past year has been admitted to the debt remained unchanged. That says Director Ger Jaarsma from the Kredietbank Netherlands Wednesday

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