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Finsac explained by one businessman

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  • Finsac explained by one businessman

    He said if you had a problem paying your current balance at 30 or 40% interest rate the bank would then open an over draft account for you without your asking and charge 100% interest on this account and plus the original amount on your current account.

    Some people offered to pay 50% on the dollar but were refused, it was then sold for less than 30% to the American company.

    Again this is not my opinion and I can't prove it but this what one source with some knowledge in this area said. Willi etc. maybe you can confirm or not.
    • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

  • #2
    Currently a similar thing is happening in the USA to the majority of persons who have problems servicing loans on their homes i.e. problems paying their mortgages.

    ...in many cases the interest rates are climbing (thus monthly payemnts) and the backs are refusing to work with the borrowers to modify the loans or the agreed servicing arrangements.
    "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

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    • #3
      You can call the bank and work things out, reduce your payment for a while or refinance for a time.

      Nowhere in the US they would charge you 100 interest rate or anything close. That is a crime in the US. I don't think you can charge more than 25% on any loan in the US.

      You can also declare bancruptcy and wipe the slate clean in the worst case. I doubt that can happen in Ja or there wouldn't be so much bawling.
      • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

      Comment


      • #4
        Originally posted by Assasin View Post
        You can call the bank and work things out, reduce your payment for a while or refinance for a time.

        Nowhere in the US they would charge you 100 interest rate or anything close. That is a crime in the US. I don't think you can charge more than 25% on any loan in the US.

        You can also declare bancruptcy and wipe the slate clean in the worst case. I doubt that can happen in Ja or there wouldn't be so much bawling.
        Did you notice the use of the word similar? I do not know of even 1 US state where a 1st mortgage can be forgiven through Bankruptcy?
        Does not happen! In fact, *the laws protect the lending institutions on 1st mortgages.

        *There was a reported case where a judge recently ruled that a homeowner's mortgage was 'court forgiven'. I think the judge is trying to embarass the lending institution into modifiying the homeowner's mortgage.

        The lending institution has appealed and I expect them to win...but I also expect it to give the homeowner a modified loan. i.e. ...expect the judge's aim would have been achieved.
        "Never doubt that a small group of thoughtful, committed citizens can change the world. Indeed, it is the only thing that ever has."

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        • #5
          "modified loan". This is key word. That would have helped a lot of the FINSACed.

          What most of the banks are doing now is "short sale" and you know that. Allow the seller to sell for less than worth and forgive the rest. In some cases even more than half the orginal debt is written off. The biggest difference with FINSAC is your debt take a wing of it's own so people owe more than 10 times the amount they intially borrowed.
          • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

          Comment


          • #6
            These are just gangsterism at its highest level to ensure that the gods stay down and don't rise to challenge them.

            Notice who lost money and who never ever seemed to be lose

            Read the 48 laws of power and learn who Rothschild is
            a him say that give him the power to print money and he cares not who makes the laws of that country

            thats why the first thing dem do after dem put Bruce in power is privatise our central bank. Modern day slavery all over again

            A man better go a Portland go link with a fisherman and get him AK-47 dem shine and glisten and stock up pon X amount of ammunition as a deh so the thing reach. Dem nah back down and we nah back down
            War dem say then a war it ago be when the time come but first we have to educate ourselves about the real enemy

            dem no have no scrupples. I don't think unnu really understand how deep dah thing yah get. It so deep that when you see it dem ago say you mad
            Bob Marley did tell us that when we see Jah light...
            http://www.youtube.com/watch?v=yoQOX...eature=related


            A man better go learn how fi shoot properly cause a deh so it gone
            dem no intend fi stop so how else you ago stop dem?
            http://www.youtube.com/watch?v=MSCMe7bti5g&feature=fvw

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            • #7
              Jamaica reach a stage now that not even printing money can help us anymore.

              The debt is a noose and only good monetary policies, forgiveness and cheaper loan can even start to help us. The world powers say they can't forgive Ja as we are a middle income country.
              • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

              Comment


              • #8
                mi keep telling unnuh about the negril negril holdings case.....

                Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

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                • #9
                  yeah a remember you tell me. Can you give me the link again?
                  • Don't let negative things break you, instead let it be your strength, your reason for growth. Life is for living and I won't spend my life feeling cheated and downtrodden.

                  Comment


                  • #10
                    middle income?!!!! i thought we were on the road to somalia?!!!

                    Infidelity does not consist in believing, or in disbelieving; it consists in professing to believe what he does not believe. Thomas Paine

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