They have my car!
I recently pawned my car. I haven't signed the contract yet but when I read the terms and conditions it said I needed to pay a fixed interest of 30%. Now what I want to understand is does this then mean I pay this interest every month or it's once off and I return the money owed in the 3 month period? This is how I understood the terms to be, but now they called and said that 30% is for every month. I borrowed 10k that means I'd have to return 19k which is almost 100% interest on the loan.
My grievance is that if they had explained it I would have never agreed to the loan but I have not signed the contract. They asked me to come back so they can try and rectify because they hadn't explained to me they said they just started so they don't want to be reported to NBFIRA.
I handed over the blue book and agreed to the installation of the tracker and when we got back they forgot to give me the contract. They called me later and they said they want to offer me 25% instead of 30% and that I should come to their office so they can rectify their mistake. I haven't touched the P10,000 yet.
This is a mess. Firstly, you've learned how expensive it can be when you pawn goods. It's not abnormal for pay almost twice the value of the item over three months. Also, if things go wrong with the repayments, the situation favours only the pawn shop. You'll be left without your property and still facing huge payments that will only increase the longer you delay paying them.
However, in your case there might be some hope. If you still have the P10,000 it might be worth sending the money back to them and saying that as there's no agreement in writing, there's no agreement they can enforce. And then, because they told you they don't want you to contact NBFIRA, that's exactly what you should do. That's almost a confession that they know they'll be in trouble. So they deserve it.
Can I have my pension?
I am currently unemployed and I was hoping to be assisted with a portion of my pension fund so I can make a living out of it but with the pension funds regulations I am not getting any assistance while I suffer with financial hardships.
They said I can only have access to my funds if I have a health condition that hinders me from never working again or I just wait until retirement age to encash 25%. Is there no where I can reach out to and launch my plea for an exception because how will I get by till I reach 40 or 45 years?
Unfortunately, I don't think I can offer you any good news. I'm not an expert but I know that pension schemes are very different from other forms of saving. The money you put in a savings account with a bank is normally easily accessible. At worst, the bank might put in some penalties for withdrawing your money but you can get hold of it. But pension schemes are different and the laws that govern them are different and very strict. The money you invest in a pension scheme is for your retirement and not before that. Even when you do retire, there are restrictions on how much you can withdraw and what you can do with the rest.
It might be worth speaking to a financial advisor who can confirm the details in your case and they can probably also offer you some debt counselling and help you to manage your finances now as well as when you retire.
No comments:
Post a Comment