Credit Card Fraud. How to Find Out That You Are a Victim?

How to find out in which banks I have loans? How to avoid liability for loans that I did not take? How to solve issues peacefully with collectors and the bank? – these questions most often arise in a person’s head when he realizes that he has become a victim of fraudsters. Unfortunately, credit card fraud is nit a rare thing in the Philippines https://news.mb.com.ph/2019/03/14/police-arrest-4-for-credit-card-fraud/. In the event that the bank is “adequate”, you can always just come with a passport and ask for a copy of the loan agreement. If the banking institution refuses to provide you with information under one pretext or another, you can cheat a little to achieve the desired result.

Victim’s Actions in Case of Having a Fake Loan

How to find out if I have a loan? Everything is very simple. When you visit the bank, you give oral consent to repay the debt, after which you are provided with details for depositing funds. Such a document contains all the necessary information about the loan issued to you, and with it you can already begin the proceedings.

It is worth noting that in normal banking institutions, a loan agreement can be seen without a written request. You are given to look through all the pages of the agreement and in particular make sure that your signature is really worth it. After seeing the forged signature, you need to inform the bank administration and write a request to investigate your case. A solid bank will certainly take note of such information and conduct a closed hearing, the results of which will reveal the fraudulent actions of employees or unauthorized persons and your credit will be annulled accordingly.

Visits of Collectors. How to Behave?

As practice shows, it is much easier to check the availability of loans in banks and lending companies than to challenge the legality of the transaction and avoid responsibility for the agreement that you did not sign. Most often, a person learns about the availability of a loan issued to him only after collectors start knocking on his door. Most often, these “experts” act on behalf of the bank, so it is very difficult to convince them that you do not owe anything to anyone. In order not to aggravate the situation and not to aggravate your position, you need to remember the following:

  • With representatives of the collection service, oral communication should be reduced to zero. Discussion of all points on debt can be done only by correspondence.
  • You can not sign any papers brought to you by collectors.
  • In order to get rid of such “guests”, you should write a corresponding request to stop the visits and provide information about the current debt on the loan and the details of the contract.
  • If there is physical pressure from the collectors, immediately contact the court or the police.

A private lawyer can help you to find out if there is a credit on a passport. They have vast experience in such a case and, if necessary, provide assistance in court proceedings, file official requests for information from the bank and collection services, as well as defend the rights of their clients and seek to cancel illegal loans.

If you did not take out a loan, feel free to contact lawyers. They will send out requests on your behalf, collect information on the case, and, if necessary, will defend your position during legal proceedings.

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New Types of Credit Lines. When and Why Are They Used?

With the development and integration of the global banking market, credit institutions began to provide more services to transnational corporations. Thus, in the credit policy of large banks with an international branch network, there began to arise conditions, in accordance with which credit line nominees were given the right to choose the country, currency and borrowing interest rate. This type of credit line is called the “multi-currency credit line.”

In most cases, the credit line is provided to one particular borrower, in which case it is personal. However, in practice there are cases when banks establish a credit line for a group of borrowers (most often for the parent and subsidiary companies). At the same time, each borrower is responsible for his part of the loan (of course, if the contract does not provide for joint responsibility or one borrower provides a guarantee for the other). Such a system allows a holding company to exercise more flexible management – to obtain a loan through a division that has the best conditions in terms of economic activity, accounting and taxation.

Appearance of Different Types of Credit Lines

The meaning of multicurrency credit lines is that the borrower has the right to receive credit resources in any currency of the interbank market, which helps him manage currency risks.

International banking practice has also given rise to so-called multi-option credit lines – a combination of credit lines of a binding nature for a bank with the right of a borrower to choose various instruments of the financial market.

The flexibility of this type of credit lines gives the borrower the opportunity to choose the cheapest sources of resources in the necessary currency from a wide range of banking services. Most of these lines are provided exclusively for large customers, since administrative costs make these operations economically unprofitable for small transactions.

International Practice of Use of Credit Lines

In international practice, the most widely developed credit lines with the right to choose the conditions of borrowing. Foreign experience shows that credit lines can replace traditional contractual forms of credit resources.

The experience of American and European banks gained in establishing credit lines and their modes of operation, therefore, represents a huge potential for improving the services of the Filipino banks. However, the implementation of a number of credit operations in the Philippines is fraught with many difficulties. Multi-lines require the development of financial infrastructure, the formation of a solid structure of credit instruments, and high quality banking services. Since this infrastructure is at the initial stage of formation, such operations can be developed in the Philippines only in the future. For the time being, Filipino banks are forced to focus on guarantees for the return of credit resources and to choose the mode of operation of credit lines depending on the guarantee of repayment.

However, it is impossible not to see that credit lines are the most universal type of banking service. They are very convenient both for the bank and for the client, and the competitive position of the credit institution in the market depends on which more advanced forms of lending will be used in banking practice.

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