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October
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- Why We Need Chastanet Now
- We Deserve Better
- W.Indian Self-worth Also At Stake
- UWP Leadership - Giving St. Lucia The Best
- The Recalcitrant Minority
- SLP, UWP Not The Same
- Ebola And Universal Health Care
- Ebola - Communicating The Message
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- Consumer Alert Don’t Insure With A Company Affilia...
- Crime - Tough Questions
- U.S. Leadership Company Names Licensee In St. Lucia
- Preparations For Ebola Continue
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- G. Riviere School Gets Walk-Under Roof Thanks To C...
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6 comments:
This is BAD advice: Consider
1) Banks are invariably willing to restructure loans based on bona fide reasons. Therefore it is possible to manage arrears to correct a situation.
2) Banks usually have their interests noted on insurance policies as appropriate, and if a bank exercises its right of set-off it would appear that 1) above was not taken advantage of.
3)Banks are businesses which are custodians of depositors' funds and it appears that duty of care was not taken into consideration by the writer.
The information provided by the writer of this article is correct.
Time does not permit me to elaborate here; but I leave readers with a simple policy in life "DO NOT PUT ALL YOUR EGGS IN ONE BASKET.
Diversification of your assets is always a better way to go.
Every one knows that banks have earned the reputation of being rip-off artists. And that is a fact.
The correctness of this article could be argued in many ways.
One argument is that the one-stop financial institution may offer the customer savings which may not be realized with two separate companies. On the other hand the risk associated with a one-stop financial institution are greater, for example the systematic risk is high as the two operations (commercial banking and insurance services) their specific risk.
My advise to the customer in this situation is to do all the research and collect as much information before making the decision.
Having said that, i believe that the situation is not as simple as stated in the article and the customer is at fault due to non repayment of the loan.
The correctness of this article could be argued in many ways.
One argument is that the one-stop financial institution may offer the customer savings which may not be realized with two separate companies. On the other hand the risk associated with a one-stop financial institution are greater, for example the systematic risk is high as the two operations (commercial banking and insurance services) their specific risk.
My advise to the customer in this situation is to do all the research and collect as much information before making the decision.
Having said that, i believe that the situation is not as simple as stated in the article and the customer is at fault due to non repayment of the loan.
While I see the value of the advice, the fact remains that whether the insurance company is affiliated or not, as long as the policy is assigned to the Bank the insurance company must pay the funds to the Bank. What however should happen is that a discussion should be had with the Bank to explain to them the circumstances and the need to have the funds to repair the roof so as to have the continued ability to service the loan.
I have two observations:
1) Whether they care to admit it or not people always have a CHOICE where their eggs and baskets are concerned.
2) @6.20pm is basically saying the same thing as @ 5.02pm
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