What is the hidden fees
These are additional fees charged by credit institutions. Due to their banks and microfinance organizations are trying to compensate for the loss at the conclusion of contracts with attractive to the customer (and less profitable for the bank) interest rate.
Not specify them in the documents is impossible, as in this case, the court in the proceedings will be on the side of the consumer. Therefore, the organization go to lengths to put the customer signature on the pages with your text. For this example, they write unfavorable conditions the fine print.
What can hide the fine print
Interest rate realignment
According to lawFederal Law "On Banks and Banking Activity" banks are prohibited to unilaterally change the terms of credit agreement. But it can change the interest rate in the cases specified in the contract. The reasons for this should be clearly spelled out, they can be influenced by the acts or omissions of the customer.
For example, if you were given a mortgage at a discounted rate in the presence of title insurance, rejection of its extension may affect the percentage.
Be sure to check whether there is a contract of conditions to increase the interest rate.
Fines and penalties
This common tools impact on customers who do not fulfill the conditions of the contract and late payments. Therefore, the presence in the documents of penalties does not surprise anyone. But pay attention to the nuances.
The contract may stipulate that the fines levied as a priority, before duty. If you do not keep track of this moment, there is a risk that your next payment is on loanMade in time will be spent on interest. Your debt at the same time will increase and the amount of penalties will be even greater.
A separate theme - the size of fines. This can be a fixed amount, the increased interest on arrears or a percentage of the remaining debt. Obviously, the amount varied considerably.
Penalties as a tool of earnings is now being actively used by microfinance institutions. Since 2017 the interest that they charge, can notOn January 1, 2017 is a limit to the accrual of interest on the contract of consumer micro-loans, repayment period of which does not exceed one year exceed an amount three times the amount of debt. Restrictions no penalties than MFIs and enjoy.
Specify under what conditions and in what amount you may be fined.
life and health insurance of the borrower, and in the case of mortgage and real estate - can significantly reduce the interest rate on the loan. But getting policy - voluntary action that the bank has no right to impose. Institution also can not be required to be insured only through it, the user selects a company from an accredited Bank.
Price difference policy can be substantial. In addition, the insurance of the bank are often issued for the entire term of the loan and is added on to it, and in case of failure of the customer to extend the policy of the organization to change interest rates.
To know in advance how much it will cost policy at different insurance companies.
for additional services, the Commission
For the issuance of the loan itself, maintenance and support of the transaction the bank should not take a commission, since it required steps to fulfill the contract with the client. Recipients of borrowed funds easily challenged the legitimacy of such levies more 4-5Resolution of the Arbitration Court of the West Siberian District on 10.08.2014 in the case of N A27-834 / 2014 years ago.
But the Commission can be awarded for additional services. For example, the bank will send you monthly statements, reminded of the approaching deadline of payment and so on. It circulated as invoice for the issue and service of credit cardFor cash withdrawals. If in the end to look at the full amount of the loan, you may find that it is cheaper to contact the bank with higher interest, without commissions.
Pay attention to the details of payments and the interest of every obscure figure.
The right to sell debt
If the contract has a line on the right bank to sell your debt, then the default financial institution may transfer it to collectors. At first glance, it's not all about the hidden fees. However, a close acquaintance with the dubious collection agency and will lead to additional payments, and to damage.
Find out if the bank can sell your debt.
Why is dangerous not only to the fine print
The danger may lurk not only in the text, written in small print. Banks and other organizations that make up the agreements, resort to it less and less.
Firstly, many customers are aware of the purpose of the fine print, so his presence immediately looks suspicious: the company is unlikely to simply save paper by printing tiny letters. As a result, borrowers focus on the fine print, running eyes, the rest of the contract. And these are the banks.
Institutions use a simple rule: the branch is better to hide in the woods and hidden charges - typically the text. Therefore, large letters are also to be read.
Secondly, the institution may be punished for abuse of the fine print, and change in the law as a whole is aimed at increasing the transparency documents.
For example, in contracts for loans for the first page and in the large rectangular framedFederal law "On consumer credit (loans)" It must include the full amount that the customer will return to the credit institution. Moreover, the frame size should be at least 5% of the area of the page.
On guard consumers also worth Rospotrebnadzor, which complain about the unreadable text. According to lawLaw on Consumer Protection" the customer is entitled to receive comprehensive information on the subject of the contract. Office refers to SanPiNHygienic requirements for the publication of the book for adults Sanitary rules and regulations SanPiN 1.2.1253-03 "Hygienic requirements for publication of the book for adults", whose position is determined readability.
Precedents prosecution there. So, at the end of 2017 for infringement fined in the Sverdlovsk RegionJSC "Citibank" punished for illegal terms of contracts and difficult to read font application forms Citibank. The consumer was given a contract for a credit card, which was in small print contains the information that the organization may change its conditions of use.
In addition, MPs have repeatedly put forward the idea in recent years completely banBondage with a lowercase letter the fine print in the contracts.
But that means only one thing: those who want to enter the customer into thinking will act even more refined.
Hence, the contract should be read as a whole, better - with a lawyer. And meticulously study the need not only the documents for a loan, but any paper that you have to sign.
- How to fix credit history →
- Can I get credit for a passport copy →
- How to reduce or cancel the debts on loans: 5 working methods →
- How do you know it's time to do the refinancing loan →