Financial Advisor – Loans.
REPI – Register of payment information
The REPI, or Payment Information Register, is the latest debtor register in the Czech Republic. Created in mid-2017, it’s no wonder many ordinary people don’t even know about it. What is the focus and when can the consumer get into it? Is it wrong to be registered in the REPI registry?
Consumer Credit Act 2016 – the most important changes
The Consumer Credit Act was redesigned in December 2016 and introduced a number of new obligations, especially for non-bank lenders, but also for banks or building societies. The entire consumer-oriented credit market is now under the supervision of the Frinedly Ems Bank.
Many loans no longer require confirmation from the employer
The rapid provision of a smaller loan today is a major trend in the credit market, including among bank loans. Therefore, it is not surprising that a large part of bank and non-bank loans can already do without proof of income in the form of a written confirmation with the signature of the employer, because they just need an electronic version.
The employer does not have to know about the loan at all – the income can be proven otherwise than with its signature
The times when each loan had to be reported to the employer, since it was necessary to provide a written confirmation of income with the employer’s signature to provide it, are long gone. In today’s electronic age, it is possible to confirm the applicant’s income also by such methods from which the employer is completely omitted.
They bypass loans without registers law
Loans without registers can only give people conflicting feelings by their name. Are these loans legal? How does the creditor check the creditworthiness of the applicant?
Building a good history in the register of debtors is definitely worth it
Applying for a loan also means in most cases being checked in the debtors’ registers. And while our registers present themselves rather as a scarecrow, they can also provide a good service – just applicants for any loan.
A loan without proof of income can help with business, but it is advisable to think in advance
There is no business as a business. Some activities can start almost without investment, for others it is necessary to invest a lot before they can be started – so it takes a long time to start making money. And entrepreneurs who want to start a business with higher entry costs are often forced to commit to some kind of loan.
A loan without registers can bring business into execution. Sometimes it can be stopped.
There are not many problems with execution in the Czech Republic. Executors often do not “delete” their work, irrespective of the execution even where it is strictly questionable. This may also be the case for distraint proceedings initiated on the basis of non-repayment of a loan without registers.
SMS loan immediately to everyone. But who is the “everybody”?
Some loan names can be quite misleading. Not that they were deceptive, they didn’t. In their title alone they do not contain all the information in a clear and unmistakable form. A typical example is an SMS loan immediately to everyone.
What is the FEB’s task?
The FEB exists as a bank superior to other “ordinary” banks, regulates their (and not only their) functioning, issues recommendations or regulations applicable to the given financial entities and thus supervises them. But it is not her only activity.