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SOI found mistakes in loan company contracts

Nearly 80 contracts pertaining to loans offered by unlicensed finance companies contained inappropriate conditions, according to the results of checks conducted by the Slovak Trade Inspectorate (SOI) between May and June 2011. The inspectors checked 26 non-banking firms and nine financial agents that cover about 85 percent of the market, the Sme daily reported.

Nearly 80 contracts pertaining to loans offered by unlicensed finance companies contained inappropriate conditions, according to the results of checks conducted by the Slovak Trade Inspectorate (SOI) between May and June 2011. The inspectors checked 26 non-banking firms and nine financial agents that cover about 85 percent of the market, the Sme daily reported.

The checks were focused on observing the rules established the law on consumer credit, which came into effect in June. The SOI announced that the results would help it to re-assess the current list of unlicensed deposit companies and remove those that fail to address shortcomings.

The SOI also checked several internet websites that require people to call an audio-text telephone number and provide their personal data in order to get a loan. The inspectors said these proved to be fraudulent and that instead of receiving a loan, people were charged €120-200 simply for making the call, the TASR newswire reported.

“We have recorded a growing number of consumer complaints concerning ads for providing loans via internet websites such as, for example, skvelapozicka.sk, najpozicka.sk, ceanes.sk, superpozicka.sk and many others that are advertised in newspapers,” said Emília Bírešová of SOI, as quoted by TASR.

Though the results of the checks were not very positive, they were better than recent results for travel agents and house-to-house salespeople.

“95 percent of contracts issued by travel agencies contained mistakes, and in the case of house-to-house sales errors were found in 82 percent of agreements,” said the chair of the SOI, Nadežda Machútová, as quoted by Sme.

Source: Sme, TASR

Compiled by Radka Minarechová from press reports
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