If you have decided to use the services of alternative financial service providers (non-bank lenders), here is what you must remember:
- Borrow money only from licensed lenders when an industry licensing system is in place;
- Always read the agreement very carefully before signing it;
- Offer only true information to the lender so that it can evaluate your ability to repay the loan;
- Look at the interest rates;
- Look at the repayment process and term;
- Look at the punitive sanctions;
- In the case of any problems, review letters from debt collectors with a critical eye, as they may have imprecise information about the debt sum and the repayment term.
These are your rights:
- You have the right to demand written information from the debt collector about payments that have already been made;
- If the debt collector behaves aggressively or violates the law on debt recovery outside of courts, contact the industry supervisory body, which will review your complaint and take a decision on how to respond to the behaviour.