Miles and More credit card: Short notice periods

Good Lenders offers several Miles and More credit cards. We looked at how you can cancel your Miles and More credit card.

With the Miles and More program, Good Lenders offers a bonus system where you can collect bonus miles. You can then exchange them for rewards. As part of this program, Good Lenders offers several different Miles and More credit cards. We looked at how you can cancel your Good Lenders Miles and More credit card.

If you want to cancel your Good Lenders Miles and More credit card, this must be done in writing according to the Miles and More. The best thing to do is send your cancellation to the Good Lenders Miles & More Credit Card Service by registered letter with return receipt or as fax with a transmission protocol. You can cancel your Miles and More credit card at any time at the end of the month. Simply use our Good Lenders Miles and More credit card sample cancellation.

 

Miles and More White credit card: lucrative or expensive?

credit cards

Good Lenders recently added another credit card to its range: the Miles and More credit card White. It is primarily intended to attract young and travel-loving customers. The Miles and More credit card White is not recommended without restrictions. In addition to gifts for new customers, it offers other advantages, such as a relatively high credit interest rate, but it also has many shortcomings. For example, it is relatively expensive compared to other credit cards, some of which are even available free of charge, with an annual fee of 25 dollars. There is also a fee for every cash withdrawal: two percent of sales, but at least five dollars. With many other credit cards, you can withdraw cash free of charge from most ATMs.

With a credited bonus mile for every two dollars spent, it also offers very low credit compared to other Good Lenders Miles and More credit cards. It is therefore not suitable for frequent flyers who want to actively collect bonus miles. Instead, the Miles and More credit card Blue or Gold would be recommended, which will earn you one bonus mile for every dollar.

 

Miles and More credit card: our conclusion

credit cards

The terms of cancellation of Miles and More credit cards are very customer-friendly due to the short cancellation period. However, we find it a shame that the termination must be made in writing. The option to send a cancellation via email would be much more consumer-friendly.

If you want to participate in the Miles and More program, there are significantly more lucrative offers for frequent flyers than the White credit card. If you rarely fly, the offer is definitely not worth it. In this case, we recommend that you compare different offers with one another. Because there are also significantly cheaper credit cards, where you do not have to be tied to a specific current account.

The Connection of credits and inflation

Inflation is back in France. Far from the levels reached in the 1980s, it stands at around 2%, beyond the averages recorded over the past four years. What impact on credit rates? How are borrowers taking advantage of this price increase? For you, Solution Finance takes stock.

Rising prices and inflation are confirmed

Rising prices and inflation are confirmed

With a summer that shows an annual consumer price index up 2.3% year on year, inflation is indeed back. Mainly due to the increase in energy prices (+ 14% over a year), it is also reinforced by the increase in taxes (especially on tobacco). Finally, food and fresh products are also on the rise and are contributing to this inflation which is taking hold.

Could this return to inflation lead to a rise in borrowing rates? For the moment, nothing like this has been observed. Rising rates are far from inevitable and there is no indication that credit conditions are deteriorating by the end of the year.

The MCB although it has started to reduce the payment of cash, does not wish to raise its key rates before the summer of 2019. The yield on government bonds, sources of funding for banks, therefore remains at very low levels. In addition, banking establishments still have the will to win new customers through mortgage loans and continue to engage in strong competition which leads to a general level of rates which is still very attractive.

Real rates going into negative territory

Real rates going into negative territory

Average mortgage rates are still at levels close to their historic lows. The average mortgage rate at the start of the school year was 1.43%, stable since the start of the summer.
Traditionally, banks wait for the back-to-school period to offer their latest commercial offers, before the market goes dormant for the winter. There is therefore no cloud on the horizon for the borrowing conditions.
As a result, for borrowers, 2% inflation is pretty good news. Mechanically, the rise in prices along with a very low cost of silver, leads to real rates which become negative. So, in theory, today, borrowers are making money by going into debt.

 

Credit buyout insurance

The repurchase of credits is a financial operation which allows many borrowers to find a more balanced budget while simplifying their management and facilitating new investments. By consolidating all or part of your old loans with a single loan at the most advantageous rate conditions, you will also have the possibility of changing borrower insurance in order to make additional savings. How should we buy back credits? What are the opportunities to seize? For you, Solution Crédits takes stock…

Is it essential to take out borrower insurance?

Is it essential to take out borrower insurance?

When you buy back credits, you will replace all or part of your old loans with a single loan on more advantageous terms. This operation allows you to lower your monthly payments, generally by extending the duration of your loan. It also offers you to simplify your management with a single line of credit to be reimbursed each month.

As with any loan, your new consolidation loan commits you. It must therefore be reimbursed. However, you may have to face difficulties during your life, be it an accident, separation, or loss of job. In this case, the borrower insurance will take over and reimburse your loan according to the terms of the guarantees to which you have subscribed.

You do not have to take out insurance for your loan buy-back, but in most cases your lending institution will require it. Particularly if your credit repurchase includes a mortgage (repurchase of mortgage credit). Loan insurance makes it possible to guarantee to the creditor that it will be reimbursed whatever happens.

Should you cancel your old borrower insurance?

Should you cancel your old borrower insurance?

The loans that you are going to collect are generally also supported by borrower insurance.

With regard to the first lending institutions, your credit repurchase is equivalent to a prepayment and it terminates your loan contract, as well as the current insurance, if it has been contracted with the bank that gave you credit.

When your loan insurance has been delegated to another insurer, you will need to inform them of your loan buy-back plan. You will then have the possibility of terminating your contract or renegotiating it so that it is adapted to the new conditions of your credit buy-back.

Remember that buying back credits can also be an opportunity to save on your new borrower insurance.

In most cases, the cost of your new insurance will be lower than the sum of the costs of your old insurance, especially if you choose an advantageous insurance delegation instead of taking out the insurance offered by the bank that carries out your repurchase of loans.

Do we have to take out group insurance from the lending institution?

Do we have to take out group insurance from the lending institution?

Since the Cogilaw Compaby (2010) and the Mahon Law (2014), you have the freedom to take out insurance other than that offered by the bank which carries out your loan buy-back.

It is in your best interest to take advantage of this advantage. Indeed, the insurance delegation very often allows you to halve your insurance contributions on average.

Play the competition. Credit repurchase brokers, such as Credit Credits, will be of great help to you in comparing loan repurchase insurance offers. With equivalent guarantees, they will allow you to take out the most advantageous loan buy-back insurance so that you can also save on this item.

To remember: last January 12, the constitutional council validated the Bourquin amendment which gives you the possibility of changing insurance once a year. Depending on the evolution of your situation, you can therefore adjust each year the borrower insurance contract which guarantees the repayment of your monthly payments.

What documents are required to apply for credit?

Among all the criteria that govern the obtaining of a loan, the creation of a solid file is essential. What documents are needed and how do I get them?

Before granting you a loan, the bank will ask you to justify your situation with official documents, which will allow it to assess your ability to repay your credit and fix the conditions of your loan. In particular, she will want to confirm

 

Your identity, nationality and age

Your identity, nationality and age

A copy of your passport, identity card, or residence permit will do.

Depending on whether you are employed, self-employed or receiving an annuity, the documents to be transmitted will be different, but you will have to certify your income.

If you live abroad, the requested documents will be more numbers. For example, you will have to prove that you have a work permit in Switzerland.

 

Your civil status

apply loans

If you are married and wish to add your spouse’s income to your budget, all the requested documents must be provided for you and for your spouse.

To simplify your life, here is the exhaustive list of the documents necessary according to your personal situation:

Employee domiciled in Switzerland

Do you live in Switzerland and work for a company? The bank will ask:

  • A copy of your Swiss identity document, your residence permit or your identity card
  • A copy of your last 3 pay slips if you have a fixed salary, last 6 pay slips if you are paid by the hour
  • A copy of your rent lease (if tenant) or your mortgage contract (owner)
  • A copy of your health insurance premiums (LAMAL) for you and your family

 

Freelance resident in Switzerland

Do you live in Switzerland and have a self-employed activity? You will need to provide:

  • A copy of your Swiss identity document or your residence permit C
  • A copy of your last complete tax assessment (dated less than a year)
  • A copy of your rent lease (if tenant) or your mortgage contract (owner)
  • A copy of your health insurance premiums (LAMAL) for you and your family
  • The bank can also request account statements with the entry of your income, in order to confirm your tax taxation

 

Employee in Switzerland – Frontier worker

Do you work in Switzerland but live outside the territory? Whether you are of Swiss nationality or have a C permit, you will need:

  • A copy of your identity document – identity card or passport
  • A copy of your work permit G
  • A copy of your last 3 pay slips if you have a fixed salary, last 6 pay slips if you are paid by the hour
  • A copy of your last 3 Swiss and foreign bank account statements
  • A copy of your last EDF electricity bill
  • A copy of your health insurance premiums (LAMAL) if you are insured in Switzerland

If you would like to know more, you can also read our article on the Lite Lending credit application process, in which we describe our process from the submission of your file to the bank’s response.

Inexpensive construction finance for the self-employed and freelancers

 

Building a house is still a big financial project that needs to be tackled. In addition to the equity of around 30 percent required for solid financing, you also have to find a bank that grants the client a loan. And this is where it becomes much more difficult for the self-employed and freelancers to get a high loan for this project from a bank.

The reason: Since the salary slip is sufficient for employees and civil servants as proof of income, the self-employed have to present their balance sheets as security, which means a greater administrative effort. In addition, self-employment is always a risk, so that banks often fear bankruptcy of the borrower during the construction of the house and thus classify loan repayments as at risk.

How do you find the right bank as a self-employed person?

How do you find the right bank as a self-employed person?

You can go to the house bank and find out about possible building finance there, but often your own bank is not the cheapest provider because it only offers its own products.

Another option is to contact a competent direct financier, who will review all of the banks’ financing offers and who is also familiar with federal and local government funding programs.

The chances of getting a loan increase if the self employed

  • has been self-employed for at least three years,
  • if the income does not fluctuate much or even increases significantly from year to year,
  • and when he presents balance sheets or the profit and loss account.

With fluctuating income as well as declining income, you usually have to expect a safety discount.

These rules make home financing more secure

The self-employed and freelancers, like all other future builders, should observe the following five rules for secure house financing.

# 1 Use equity

Without equity capital, home finance becomes too dangerous and too expensive. For solid construction finance, you should bring in at least 30 percent equity, the loan portion then makes up 70 percent.

This saves interest, because even in times of low interest rates, the bank still demands more interest on a mortgage loan than you get on your savings yourself. Bunkering savings and taking out an even higher loan instead brings nothing but high repayments.

# 2 Calculate the sideline costs correctly

The ancillary costs such as notary, land register entry, real estate transfer tax and broker remain with the building owner and must be added to the purchase price. The amount of these costs can make up to 16 percent of the purchase or construction sum.

# 3 Schedule a high repayment

The higher the repayment rate, the faster the loan is repaid and you save several thousand dollars in interest. A repayment rate of 2 percent is recommended by many experts.

# 4 Realistically assess your own work

If you want to do your own work such as wallpapering, painting, parquet and tile laying, you should realistically assess the cost savings. Some set this too high, so that as a result, additional funding is required.

# 5 Prefer annuity loans

With an annuity loan, a fixed loan amount is repaid month after month until the loan expires or the debt is repaid. Other financing options do not bring much or can even be dangerous the foreign currency loan. If the value of the foreign currency changes to the dollar, the financing becomes an incalculable risk.

Carry out a mortgage comparison online

Carry out a mortgage comparison online

If you are planning to build a house, you can carry out a home finance comparison online beforehand. So you can find a building finance calculator that calculates a financing offer in just a few steps.

The consultants accompany their customers on their way to the desired property, develop financing offers and optimal financing strategies for building finance.

The consultants have been tested and approved by the chambers of industry and commerce. Since they are not tied to any credit institution, they can tailor the contracts to customer needs.

On the online portal you will find, in addition to loan calculators, mortgage lending and other calculators, more than 400 providers of mortgage lending services, whose services can be compared. In this way, those interested in real estate can find the right loan for them quite easily.

Conclusion

Conclusion

It is much more difficult for the self-employed to get their own property, whether through buying or building it themselves, but also not impossible.

It is important for the credit institution to be financed whether the self-employed has been generating his income for a long time, whether this income is stable and whether the self-employed can finance the property. You may have to expect risk premiums.

As far as the funding programs are concerned, they are also available to entrepreneurs.

Credit repurchase: a new decree for more transparency

Because the operation of buying back credits ultimately amounts to contracting a new credit encompassing all the others, the legislator wanted to regulate its use for better information for consumers.

An inventory now compulsory

An inventory now compulsory

As of October 1, 2012, a decree completes the consumer code by imposing better information on candidates for the repurchase of credits. Because if the fact of grouping all its loans under one and the same line of credit has many advantages, among which is the sometimes considerable reduction in monthly payments, the operation nevertheless amounts to taking out a new loan. It is therefore essential that consumers are able to contract such offers with full knowledge of the facts.

Henceforth, and even before the loan offer is issued, the lender proposing a loan repurchase will have to draw up an information document containing, on the one hand, all the elements of the loans in progress and the debts to be grouped, and on the other hand all the characteristics and obligations that would arise from the new consolidation loan. This document should enable the borrower to assess the interest and the scope of the loan buyback operation.

Comprehensive information for better comparison

Comprehensive information for better comparison

Concretely, it will be a table presenting for the left part the loans and debts in progress from the elements and documents provided by the borrower, and for the right part the offer of the lender in charge of the possible regrouping of credits. However, if the borrower is unable to provide all the elements necessary to establish this table, article R313-14 of the consumer code stipulates that the lender must indicate on the information document ” mentions which could not be completed “and warn the borrower” of the financial and practical difficulties he could encounter if he nevertheless wished to continue the operation without knowing all the parameters “.

This document will also have to identify the inevitable changes that would occur in the event of loan repurchase, and in particular the loss or benefit of certain guarantees, or even the obligations in terms of specific insurance. Indeed, it is rare that the insurance contracts taken out to cover the redeemed credits can be continued, and the borrower will therefore have to take out new ones. Likewise, the lender is entitled to ask for guarantees to grant the grouping of credits (surety bond from a relative, mortgage on a property, etc.).

Finally, the information document must detail all of the steps to be taken as well as the different dates on which the borrower will stop repaying his old loans and where his new monthly payments will start. In this way, the borrower should be able to more easily compare the various loan buy-back offers made to him.