Parliament urged to consider and enforce privileges

We do not always exercise all our rights, especially when it comes to our personal finances.

09:02 08 July 2013

It looks as though Parliament is hearing about the need to exercise, or at the very least, investigate their privileges where certain topics are concerned such as ignoring a summons.

 

The recent news drew attention to the fact that a few changes would need to be made to ensure compliance with the right to a fair trial.

We have many rights that we may not always decide to exercise, especially when it comes to finances like dealing with loans. Keep in mind that keeping track of your loans is a way to be a responsible borrower, so you always have the right to ask questions about any loans you have.

 

• Seek better rates—one of the rights you have as a consumer is the right to try and find more competitive interest rates on your loans. Not only does it mean you are being financially responsible by encouraging healthy competition locally, but you are also working to increase the efficiency of your funds.

 

• Shift companies—if you do find better rates for any of your loans, or if you prefer a different company because they provide a better overall value, you should have the right to switch your loans and any other funds to a different company.

 

• Know your terms—feel free to ask as many questions as you want when it comes to the terms of your loans. Understanding the terms fully is essential to making the most of your loans and being able to repay them. Any company you work with should help you gain a better understanding of the terms and how they apply to you and your particular loans.

 

• Options—when your finances are not going as well as expected, you can talk to the company about your available options. You might be able to change due dates for your loans or work out a payment plan.