Archive October 17, 2019

Foreign currency loans : two final refusals, one deferral

The Court of Appeal, acting in second instance, upheld its first instance decisions in Good Finance Mortgage Bank Plc. And Good Finance Commercial Bank Zrt. decision.

The court of second instance shared in substance the position


The Metropolitan Court in both credit institutions that the request for suspension of the proceedings and the proceedings before the Constitutional Court and the request for a preliminary ruling from the European Court of Justice were unfounded. He stated that the Court of First Instance had reached the correct legal conclusion that the contractual clauses in the litigation had not been considered fair.

He also pointed out that, among the conjunctural conditions listed in the law, the transparency, clear and clear wording of the contractual clauses had to be examined above all. On appeal, he stated that it was not necessary to examine the other conditions.

In a lawsuit against Good Finance

Good Finance Mortgage Bank has to pay HUF 532 thousand + VAT to Good Finance Commercial Bank within 15 days, and Good Finance Commercial Bank to pay 40 thousand HUF + VAT to the defendant.
In a lawsuit against Good Finance Ingatlanlízing Zrt against the Hungarian state, the Metropolitan Court of Appeal, acting on second instance, postponed the announcement of the decision until October 30.
On 30 September, the Metropolitan Court of First Instance dismissed the plaintiff’s action, finding no grounds for staying the proceedings and for the conditions of partial invalidity.

According to the Court of First Instance, the General Terms and Conditions did not comply with a number of principles – proportionality, symmetry, transparency. There were also contract terms that did not comply with the principles of clear, comprehensible wording and itemization, according to the Court of First Instance.
The appellant financial institution appealed against the judgment at first instance, requesting that the judgment be reversed and the hearing suspended.

The plaintiff again requested that the court refer the matter to the Constitutional Court (Ab) and initiate a preliminary ruling procedure before the European Court of Justice (ECJ), which was previously rejected by the Court of First Instance. He presented a judicial decision at the hearing and requested that the reasons given therein be taken into account.
The terms of the code of conduct were, according to the financial institution, in compliance with current legislation and fair. According to the appellant, the court overwrote the provisions of the law, failed to take due account of refinancing contracts, and erroneously disregarded the law on credit institutions.

It was a false argument that this type of lawsuit

The plaintiff’s legal representative explained that it was a false argument that this type of lawsuit was necessary in order to protect Hungarian citizens from tens of thousands of lawsuits, as it could have given rise to a final judgment by bringing a civil action.
In his oral supplement to the defense, the defendant’s Hungarian legal representative stated that he agreed with the court’s application of the law, that the judgment of the tribunal was factually and legally substantiated and that there was no need for the court to appeal to Ab and EB. When the plaintiff enclosed a court order requesting the court to take it into account, the defendant’s Hungarian legal representative responded that the court hearing the case was not bound by the decision of another court.

Take credit despite negative record: information and tips

The credit record is intended to protect against payment default of any kind.

Can you take out a loan despite negative record and creditworthiness?

Can you take out a loan despite negative record and creditworthiness?

Use the record lending company and individuals can obtain financial information of their potential contractor to assess its creditworthiness based on its previous credit history better. The record states that every day about 380,000 information to 9,000 partner companies or to individuals pass. According to statistics, more than 90 percent of all stored consumers have only positive information.

But what happens if you have a negative entry to the record? Can you take a loan with bad record? How does record scoring work? Under what circumstances can you apply for loans despite negative record? Which bank gives a loan despite negative record?

What role does record play in borrowing?

Where do you get reputable loans despite a negative record entry?

If a person wants to take out a loan , they usually have to prove that they are repayable and willing to pay because German banks are required by law to check the creditworthiness of their clients before they lend. Banks often resort to credit bureaus such as record. Why is it not usually possible to apply for a loan despite record?

In the credit check, the focus is on minimizing the risk of a credit default. If a customer can not repay the loan, the bank may incur significant economic losses. A record query is also useful for the consumer to determine whether he can actually afford a loan.

Among other things, before granting a loan, the bank checks whether the customer has already repaid past loans. Because if the monthly repayment rate exceeds the financial capabilities of the customer, there is a risk of over-indebtedness.

As German banks always work with record or other credit bureaus, they usually do not issue credit without a credit check . As a result, German consumers usually can not get credit on negative record.

How does record scoring work?

The record indicates the degree of creditworthiness in the form of a score between 1 and 100 . The higher the record score, the more creditworthy the person or company.

The score value does not relate to the personal creditworthiness of the person concerned, but indicates the value of a statistical comparison group. record may not record information about income or job , but the focus is primarily on the payment history of the person concerned. For this reason, a loan request might be rejected even though the person is financially well off. Conversely, it could also be possible for you to get a loan despite a negative record entry if the entry is unjustified and you inform the credit reference agency in good time .

It is not known in detail on which calculation basis the record score is due. In order to prevent criminal influence on the rating, the record keeps all details on the analysis method and the calculation of the probability value secret.

Which bank gives you a loan despite negative record?

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In a mathematical-statistical method , the value for comparative assessment of consumers is determined. It uses all the data that record collected about the person. The stored information from the past creates a forecast for the future payment behavior of the person, whereby the calculation relates only to the currently existing record entries.

The data used to determine the score can be found in the record self-report. Since German banks want to hedge with the record exam, it is usually not possible to get a loan despite negative record and credit rating.

Where do you get a loan despite bad record?

Where do you get a loan despite bad record?

With a credit check, banks want to ensure that the borrower is able to repay the loan granted to him. In a credit check, the payment behavior of the borrower in the past under the magnifying glass , especially if the debt has always repaid regularly and on time .

A loan with bad record can quickly become a debt trap.

Not infrequently, the creditworthiness of a person is classified as moderate or bad, although the person concerned is able to meet the liabilities. This is the case, for example, with traders who have no regular income .

For this reason, many banks grant a loan despite record entry. In the case of a loan with bad record, the creditworthiness is also checked, but the banks decide on a case-by-case basis whether financing makes sense.

Among other things, you can get an instant loan despite negative record if you provide a guarantee. Recipients can also apply for an instant loan from the Job Center despite the record entry.

Consumers should only borrow in an emergency despite record, because on the one hand there are many risks involved, on the other hand, a negative record should be a warning signal in order not to fall into a debt trap.

Before borrowing, it is always advisable to seek different offers and compare the interest rates . It is important to note which information is passed on to the record. In the best case, only a condition request should be reported that does not affect the record score. That is, instead of submitting a loan request, the bank should only tell record that the information provided by the credit reporting agency is needed to be able to make an offer and that this is not a final credit check.