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!

 

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.

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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Borrowing money, In the media, Research

The latest on UK pay day loans

1 Comment 13 November 2012

There has been an very important and relevant debt-related report hitting the news here today in the UK with TV and other media picking up the story. Published by the influential and highly respected R3 trade body.

R3’s ninth Personal Debt Snapshot reveals that more than 5 million (5,205,237) GB adults say they are considering taking a payday loan in the next six months. This equates to approximately a 50% increase to this time last year, when it was around 3.5 million individuals. These loans are most likely to appeal to the younger demographic, with more than one in four (26%) of 18-24 year olds likely to seek a payday loan in the next six months.

Access the full pdf here

About R3
R3, the trade body for insolvency professionals, represents over 97% of Insolvency Practitioners. Members are trained and regulated accountants and lawyers who have extensive experience of helping businesses and individuals in financial distress.

Borrowing money, In the media, Research

Alarming Debt facts from the Czech Republic!

2 Comments 23 October 2012

On 15th October, Czech Television posted a TV report about debts in Czech Republic. The facts were alarming! Over 20 000 families are not able to repay their long term debts. Main problem are mortgages. People are taking them to buy a house or flat but after few years they might lose their job. Without any monetary reserves they take another loan to pay the mortgage but these loans have extremely high interests. So instead of solving problem, these loans are making another, maybe even bigger.

 

In the last decade the number of taken mortgages has radically increased. Until 2002 there were 51 billion CZK in mortgages in total but until 2012 there were 660 billions!

In August 2011 Czech Statistical Office said that Czech house holding debts are around 1,096 trillion CZK and in 2012 that debt increased to 1,14 trillion! That is plus 44 billion. That is really enormous number when the planned budget deficit for entire Czech Republic is 105 billion.

Many people with these problems are ashamedof their situation, so they are not telling anyone and they are not dealing with their problem, that´s a big mistake! Financial experts say that contacting your mortgage lender is the first step you should do, and as soon as possible. Then contact all the other lenders. Your mortgage lender should be informed immediately; because you need to change your payment schedules or you will lose your property.

There also exist different types of insurances for these cases, when your insurance company will pay instead of you for different period of time depending on specific insurance type.

Whole report can be found here.

Move the slider to 32:45 mins to view the relevant section.

Borrowing money, In the media

Bad loans in Slovenia

No Comments 09 September 2012

On September 5th 2012 a confidential report of the Bank of Slovenia revealed information about bad loans in Slovenian banks. In the biggest Slovenian bank NLB the following companies have the most bad loans: SCT, Zvon 1 Holding, Primorje, T2 and Vegrad AM, with a total volume of bad loans at 2.09 billion euros.
There are 50 companies that haven’t paid the loan of more than two billion euros in the last 90 days. More than half of these companies are in bankruptcy.

They say that bad business decisions of the banks contributed to these loans due to the staff, which were not professional enough, and that banks were inadequately organized.

Read more about it here.

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