ocnw.org http://www.ocnw.org My WordPress Blog Sat, 06 Apr 2019 17:43:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.2.1 What Does Contemplated Real Estate Mean? http://www.ocnw.org/2019/04/06/what-does-contemplated-real-estate-mean/ http://www.ocnw.org/2019/04/06/what-does-contemplated-real-estate-mean/#respond Sat, 06 Apr 2019 17:43:17 +0000 http://www.ocnw.org/2019/04/06/what-does-contemplated-real-estate-mean/

 

Contemplation is when you, the client, are entitled to the property through the consortium . It works like this: after you run a consortium and start paying for it, you will enter into a kind of “group” with other people who pay the consortium as well. Contemplation occurs with the letter of credit , which is nothing more than an instrument issued by the bank that will show what value you have to buy the house or apartment, being able to pick up the keys and leave for the change.

There are two ways to be considered:

1 – Draw : Through the monthly drawing of the letter of credit that takes place between the members of the consortium. Finally, all will be contemplated. The number of sweepstakes varies according to each administrator and the number of members.

2 – Lance : If you want to anticipate your letter of credit, you can buy it through an “auction”. All members of the group can bid for contemplation, and the highest bidder takes.

A property contemplated, therefore, is one that has already been made available by the administrator of the consortium through a lottery or bid.

Some documents are needed in the contemplation phase, and may change from administrator to administrator. The most common are usually CPF, RG, Birth Certificate, proof of current residence, work permit, last receipt of salaries / wages and income tax return. Such documents are important for both credit analysis and collateral analysis.

After the draw of the letter of credit, the money does not go to the account of the contemplated one. After buying it, it is deposited directly into the account of who is selling the property. According to the Central Bank of Brazil , supervising the consortium administrators, this is a method of making the consortium a way to acquire a property (property or vehicle) and not the money itself. If the recipient wants the money, it is necessary to pay all the remaining installments and still wait a period of 180 days.

No problem if the customer does not want to use the letter of credit immediately, he has until the end of the consortium to carry out the purchase of the good.

It is important to remember that the property acquired with the letter of credit remains in the name of the administrator of the consortium until the discharge of all plots. Therefore, even after contemplation, payment must be made up to the time stipulated in the contract.

 

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What Is A Consigned Credit? http://www.ocnw.org/2019/03/25/what-is-a-consigned-credit/ http://www.ocnw.org/2019/03/25/what-is-a-consigned-credit/#respond Mon, 25 Mar 2019 17:59:38 +0000 http://www.ocnw.org/2019/03/25/what-is-a-consigned-credit/

 

You may have heard about the payroll loan and you may not know exactly what it is. Payroll-deductible loans are an alternative to personal loans, which can be advantageous for some situations, but not for all cases. This text was written to explain the main information related to this type of credit, following the topics:

  • What is it and who can apply?
  • What are the advantages and disadvantages?
  • Is it an option for my case?

Let us answer all these doubts. Read all the information and know the best option to get money at the moment you need:

What is payroll deductible credit and who can apply?

What is payroll deductible credit and who can apply?

 

The payroll loan is a type of loan granted by financial entities to persons hired with a formal contract, civil servants or INSS beneficiaries, such as retirees or pensioners. Therefore, when applying for the loan, the person needs to prove that he falls within one of these categories. The differential of payroll is that it is related to the income of those who ask for the credit: the value of the payment portion is deducted from the payment even before the salary falls on the account.

Because of this, the person who makes the payment is the bank where the salary or retirement is deposited. That way, there is no possibility to stop the payment.

What are the advantages and disadvantages of payday loan?

What are the advantages and disadvantages of payday loan?

 

Advantage: The institution that grants payroll deductible loans may offer lower interest because it is certain that it will receive later. Because it is programmed to be discounted every month, regardless of the wish of the person who took the loan and personal credit, the payroll loan offers very little risk of default to the credit institution.

Disadvantages: If the person who took the loan has an unforeseen situation and needs to use all of their available income that month, for example, it will go into the red. This happens because the payment can not be canceled for not even one month. The installment amount will be discounted before you can think of using the amount for other expense, even if it is urgent.

In addition, the employee of a private company who wants to apply for a payroll loan needs to apply for approval in the Human Resources area of ​​your company. There is a risk that the application will not be granted or that the value offered will be limited by the company.

Is paycheck credit an option in my case?

 

 

As explained above, not everyone can apply for a payday loan . If you are not in the other categories such as being registered in the portfolio, even if you have the name cleared, you can not apply for the payroll loan .

If you can not apply for a payroll loan, do not worry, there are other forms of credit available. An alternative is personal loan. It is a simple and affordable way to get money. And nowadays, companies do the personal loan analysis online. For example, on the Jabberwock website, you can do simulations, complete the application online and get the answer in a few minutes. If it is approved, you can have the money in your account in a few hours.

Another advantage of online personal loan is that it is less bureaucratic. Unlike payroll loans, when applying for personal loan online at Jabberwock you just enter your data securely and confidentially, and you do not need to provide proof or copies of documents.

If you are in one of the categories that can apply for payroll deductible credit, you need to review the payment terms and if you are willing to commit part of your income for the entire month regardless of what happens.

With all of this information in mind, it’s up to you to decide which one is the best credit alternative to having money at the time you need it most. The important thing is to have responsibility and planning so that the loan, whatever, helps you and does not become a problem in the future.

 

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What Does Each Of The Interest Charged On The Card Mean? http://www.ocnw.org/2019/03/10/what-does-each-of-the-interest-charged-on-the-card-mean/ http://www.ocnw.org/2019/03/10/what-does-each-of-the-interest-charged-on-the-card-mean/#respond Sun, 10 Mar 2019 17:33:45 +0000 http://www.ocnw.org/2019/03/10/what-does-each-of-the-interest-charged-on-the-card-mean/

 

What does each of the interest charged on the credit card mean?

One of the forms of payments most used by Brazilians is the credit card. Actually its convenience and practicality are convenient, but do you know what each of the interest charged on the credit card means? The amount of interest rates you pay?

It is a right of the customer to request a copy of the contract and the table with the current tariffs and the Total Effective Cost. This covers all fees and charges charged by the card.

We list for you all interest that involves a credit card.

Know the fees and what each of the interest charged on the card means

Know the fees and what each of the interest charged on the card means

When you apply for a credit card and start using it, you’ll receive a monthly bill for your bill. Here you will find some fees that you should always be aware of. Are they:

  • Annuity: is the fee paid for using the card. The annuity is charged once every twelve months;
  • Emergency credit assessment: is charged when the customer makes expenditures above the available limit of the card;
  • Payment of bills: fee charged when the customer uses the card to pay invoices and billing bills like water, electricity, taxes etc;
  • Withdrawal: the fee is charged if the customer makes cash withdrawals through the credit card in service channels in Brazil or abroad;
  • Second copy of the card: charged for the preparation and issue of a new card, in case of replacement for loss, theft, theft, etc .;
  • Interest: Charged when the customer does not clear the invoice completely.

+ What are compound interest

When are interest charged?

When are interest charged?

Now that you already know what each of the interest charged on your credit card means, it is important to know at what point they are charged.

Interest is charged to customers who do not pay the full amount of the credit card bill. Currently, the customer can only pay part of the invoice amount, the so-called minimum amount, and leave the remaining balance for the next month. This operation is called revolving credit and is considered, along with the use of overdraft, the collection of the highest interest in the market. Therefore it should be avoided to the maximum.

Before you wind up with a credit card, learn some tips on how to organize your finances with your card.

Also see when it’s a good idea to shop with your credit card.

How Revolving Credit Works

How Revolving Credit Works

The person can opt for the minimum payment of the invoice or decide to pay any amount lower than the total balance. Then you will have to pay interest on the remaining balance. This interest is automatically funded and released for the next month’s charge.

Under the new rules, implemented in April 2017, the revolving credit will have a limit of only 30 days. After this period, the customer may pay the balance due in full. Or you can also borrow a loan from the bank, with lower interest, to pay off the debt. Another option is to make a personal loan.

In addition to understanding what each of the interest charged on your credit card means, you now also know when it is applied.

Read more about how to save money.

When is interest charged on late payments?

When is interest charged on late payments?

In cases of late payment of the invoice, the bank or the operator of the card has the right to charge default interest.

According to article 52 of the Consumer Protection Code, the delayed fine can never exceed 1% of the total value. Such interest may be collected even if it is not specified in the membership contract. However, in this case, the collection limit is only 0.5%.

If the customer considers that the fees charged by the card operator are abusive, he should seek Procon for guidance.

Did you know that you can apply for a credit card online? See more.

 

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What Does Contemplated Real Estate Mean? http://www.ocnw.org/2019/03/07/what-does-contemplated-real-estate-mean-2/ http://www.ocnw.org/2019/03/07/what-does-contemplated-real-estate-mean-2/#respond Thu, 07 Mar 2019 19:04:48 +0000 http://www.ocnw.org/2019/03/07/what-does-contemplated-real-estate-mean-2/

 

 

Contemplation is when you, the client, are entitled to the property through the consortium . It works like this: after you run a consortium and start paying for it, you will enter into a kind of “group” with other people who pay the consortium as well. Contemplation occurs with the letter of credit , which is nothing more than an instrument issued by the bank that will show what value you have to buy the house or apartment, being able to pick up the keys and leave for the change.

There are two ways to be considered:

1 – Draw : Through the monthly drawing of the letter of credit that takes place between the members of the consortium. Finally, all will be contemplated. The number of sweepstakes varies according to each administrator and the number of members.

2 – Lance : If you want to anticipate your letter of credit, you can buy it through an “auction”. All members of the group can bid for contemplation, and the highest bidder takes.

A property contemplated, therefore, is one that has already been made available by the administrator of the consortium through a lottery or bid.

Some documents are needed in the contemplation phase, and may change from administrator to administrator. The most common are usually CPF, RG, Birth Certificate, proof of current residence, work permit, last receipt of salaries / wages and income tax return. Such documents are important for both credit analysis and collateral analysis.

After the draw of the letter of credit, the money does not go to the account of the contemplated one. After buying it, it is deposited directly into the account of who is selling the property. According to the Central Bank of Brazil , supervising the consortium administrators, this is a method of making the consortium a way to acquire a property (property or vehicle) and not the money itself. If the recipient wants the money, it is necessary to pay all the remaining installments and still wait a period of 180 days.

 

No problem if the customer does not want to use the letter of credit immediately, he has until the end of the consortium to carry out the purchase of the good.

It is important to remember that the property acquired with the letter of credit remains in the name of the administrator of the consortium until the discharge of all plots. Therefore, even after contemplation, payment must be made up to the time stipulated in the contract.

 

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Mortgage reunification of debt http://www.ocnw.org/2019/02/14/mortgage-reunification-of-debt/ http://www.ocnw.org/2019/02/14/mortgage-reunification-of-debt/#respond Thu, 14 Feb 2019 01:27:54 +0000 http://www.ocnw.org/2019/02/14/mortgage-reunification-of-debt/

 It is true that today the reunification of debt is no longer as common as it was a decade ago. It is also true that the use of this type of tools is highly rationalized, even so it is convenient to know in depth what it implies and how a debt reunification works.

At a time when mortgages are picking up slightly in 2017, operations around mortgage loans are still much less frequent and more complex than 15 years ago. At the time of greater presence of the mortgage contracting, the products around the mortgage loans were many, very abundant in terms of supply, and highly contracted. The reunification of debt was one of these products.

What is the mortgage reunification of debt

For personal finances, debt reunification can be a useful tool. However, this option has been treated almost as another standard financing model, which has led to a situation in which excessive credits have been lengthened by making the initial costs very important.

A reunification of debts is a type of financial operations in which the different financial credits are unified into one, in this case around pre-existing mortgage loans. This what it does is to unify in the loan of greater amount, generally the mortgage, the rest of credit debt. In this way, with the mortgage as an initial loan, amortization periods can be extended, and even capital financed to settle the remaining debts.

This can also occur when two mortgages are reunited in a sol to, although it is more infrequent and has to do with times when one of the two mortgages is close to its amortization.

What you get with debt reunification is usually a monthly cost less than the sum of all financial debts. That is, the sum of everything we pay in loans will be reduced by unifying them into one. There is no scale by which we can say what the actual reduction percentage is, it is usually a sensible reduction, that is, it can be noticed in your pocket and obviously come very well immediately to our accounts.

Technically, the benefits of this product are based on introducing financial debt, for example in a personal loan, around 15% interest, within a financial debt such as the mortgage with much lower interest rates. Seen in this way it may seem like a very interesting operation, but obviously it has chiaroscuro to take into account.

REUNIFY DEBT

Why we must be careful with the reunification of debt in the first place we must understand that the advantage of the reduction of the monthly quota grouping credits does not arise by magic. This advantage arises when increasing the repayment terms of the mortgage loan, that is, we transfer a debt from a personal loan for example to five years and convert it into a debt for the rest of the mortgage’s duration, for example 20 years. If we take this into account, we will soon recognize that in the long term this operation is not at all advantageous. In fact, the partial amortization of each of the financing operations included in the reunification will multiply in cost over the years, that is, we will pay much more than we would have paid assuming the repayment terms of the Personal loans branched on the mortgage.

Even so, there may be someone who says that this type of operation, this indebtedness for life, can be interesting if they reduce monthly payments. This is very questionable, firstly because our capacity for new financing needs is going to be drastically reduced. That is to say, it will be very complex in the long term to obtain another type of financing when we wish, for example to finance the purchase of a vehicle or even a second home.

But in addition, we must bear in mind that this is a really expensive operation that involves very high costs. These are costs of processing, formalization, but in addition, in many cases the credits that we are going to reunify may have prepaid cancellation expenses. To this must be added that the modification in the mortgage will bring notary expenses, records and taxes, while the opening of a new mortgage where to make the operation of reunification also brings more expenses.

In order to deal with all this, we are generally asked to increase the amount of the final loan, that is, we will not only finance what we owe, but we will also need to increase financing in order to pay what we owe. Obviously this what it does is to increase the principality of debt over a very long period of time, that is, more interest.

Commissions on reunified mortgages

If you have ever consulted in the last five years the possibility of reunifying a mortgage to your financial institution you will probably have verified how it is not an operation that is especially interesting to banks. It is true that the banks themselves did not propose so long and, somehow, closed their eyes to real barbarities such as the incorporation of mortgage loans for the purchase of vehicles, valuables and so on. All this is part of a truly unfortunate recent history in relation to the use of mortgage loans, but, it is part of the past.

To the extent possible, the financial institution if it is the one that owns the loans that we owe will try to negotiate them separately, or even, in any case, will try to reunify personal loans separately to the mortgage loans. In some cases it is possible that this type of solution is offered from the bank itself, but it is not the most frequent.

Another option is to go to financial intermediaries or companies specialized in this type of financial tools. In this case we have to know that in addition to all the above the commissions that are usually handled can be between 3% and 5%. The great advantage of going to intermediaries or specialized companies is that their offer is usually quite polished and is generally more competitive than the financial entities offer per system.

Another important thing, which we do not always keep in mind when we make decisions such as reunifying loans in a mortgage, is that all our financial debts will become integrated with the mortgage loan, and therefore, the guarantee of all our financial debts will become housing. Obviously this can become so even from a personal loan, but in this case we are directly assuming the payment of a mortgage that, in case of default, will be executed immediately following the normal procedures of the bank.

Do you know what a reverse mortgage is? in this post we show you

REUNIFY MORTGAGE

In summary on the reunification of debt

Really the reunification of debt would have to be a last tool in case of having tried all type of operations and negotiated solutions with the financial creditors.

The best way to approach a debt reunification in a mortgage is the conviction that the reduction of the monthly costs of the financial debt will allow us to rebuild our economy so that in a short period of time we can make partial amortizations of the whole of the mortgage. Even this is not a great solution since amortizations will probably bring about costs in the form of a Commission for early cancellation, but even then it is usually cheaper than letting the loan live over time.

In short, the monthly reduction of the fees involved in the reunification of debts, brings with it an increase in the total of money that we are going to pay, interest, and costs, binding us for many years, debts that were conceived in the short term like personal loans.

So keep in mind always these 4 factors that we mentioned before launching to reunify your debts. Remember that you will pay less monthly but for much longer. Your debt will increase and it is not evident that it is simpler to approach it. We hope this small warning will help you and that you keep it in mind at the time you are in such situation and consider unifying your debt.

 

 

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Why You Can not Get Out of Debt at Any Time – Debt Consolidation http://www.ocnw.org/2019/01/03/why-you-can-not-get-out-of-debt-at-any-time-debt-consolidation/ http://www.ocnw.org/2019/01/03/why-you-can-not-get-out-of-debt-at-any-time-debt-consolidation/#respond Thu, 03 Jan 2019 15:17:31 +0000 http://www.ocnw.org/2019/01/03/why-you-can-not-get-out-of-debt-at-any-time-debt-consolidation/

 

Most Canadians are in debt and want to get out of debt. But, some will never get out of debt, or take too much time to do it, because they do certain things, which only sabotages their chances of getting out of debt.

Here are some things that may cause you to stay in debt longer than necessary:

You do not know how much debt you have

Most people are generally aware that they are in debt, but they do not know how much and where they are relative to the Canadian average.

It is ridiculous to think of getting out of debt when you do not have the actual numbers regarding what you owe.

The first step towards being free is to make a list of all your debt debts, and to develop a clear picture of what you need to pay. Only there, you can come up with a plan to clear your debts.

 

You only pay the minimum

Getting out of debt will require a real effort, and it will be difficult to achieve if you only commit to pay the minimum balance.

You should realize that the more you pay, the sooner you will be released from your debts, but if you continue to pay the minimum, you will be in the hole for the long run.

 

You have a big mortgage

A mortgage is one of the most important sources of debt for most Canadians. If you take out a huge mortgage, it will probably mean it will take decades before you are debt free.

If you want to get rid of your mortgage debt, you have a number of options, including additional payments for the mortgage, a reduction in the size of a smaller and cheaper house, or refinancing to a mortgage.

Get lower rate to reduce the time needed to pay off the mortgage.

 

You do not follow your expenses

If you are the type of person who does not know where their money is going, or if you simply can not say NO to the financial demands of your children, then be prepared to be in debt for a relatively long time.

It is important to know where your money is going and to know that you should not give your children everything they ask for.

By monitoring your expenses, it becomes so easy to know what to reduce, and how you can increase the amount of money you save, which you can then begin to eliminate your debts.

 

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