Thursday, 25 May 2017

What to do if Credit Reports state you have CANCELLED CREDIT CARDs







My advise to those with poor credit rating or those who want to start cleaning up their Credit Card debts and what to do if your loan applications have been denied due to Credit Reports which states you have Cancelled Credit Cards
1

)   1)   Settle the smallest amount of credit card loan - only if you cannot settle the one with the biggest amount in full or one time spot payment.
a.       you immediately stop the penalties and interest from bleeding for that one card with the smallest amount compared to attending to the biggest amount first while your other cards continue to incur penalties
b.      Again, if you can settle the biggest amount one-time or by spot cash payment – settle the one with the biggest amount first.
c.       Credit card evaluators or approvers give a bigger percentage for credit track record or credit history first, amount of loan comes next – so best to clean up the smallest first and get a good credit rating for that loan.

    2) When you settle your credit cards with banks - Ask for a restructuring package then ask for waivers or rebates or condonations of penalties some banks do give these concessions.

    3)  Settle one credit card at a time. After you fix and settle one credit card - ask for a Certification of Full Payment or Clearance from the Card Company.  

   4) When you apply for a new loan, attach the Certification/Clearance from the card company with a letter justifying why you had cancelled cards and prove that your finances have improved now. State a valid and acceptable reason for your past cancelled cards eg. you lost your job, you had to pay for hospital bills, etc. This is important since Underwriters do not get to speak with the loan applicants and it’s only through the letter that you may be able to explain your side.

   5)  Start building your relationship with your bank by improving  the Average Daily Balance (ADB) of your Savings Account now, best if you can have Investment or Time Deposit accounts with them. Once they see that you’ve been  banking with them for a long time, and that you maintain a good ADB or placements, its easier for them to approve your loan application. 

Sunday, 7 May 2017

CONSIDER LIVING WHERE YOU WORK or WHERE YOUR KIDS STUDY



A WISE PROPERTYINVESTMENT

GOING ABOVE AND BEYOND TO HELP YOU FIND YOUR NEXT HOME


LIVING WHERE YOU WORK or WHERE YOUR KIDS STUDY makes you and your Family more productve. For more  listings of properties for Sale, in 
Makati CBD
Bonifacio Global City
Ortigas CBD
or anywhere nearest schools in Metro Manila 
please send a text message or email or Facebook Private Message to 
Mobile No.: +632 917 8876383 (Globe/whatsapp/viber/facetime) or 
email: mtcm.deleon@gmail.com. 
Facebook Page: 
PROPERTY PRICES RANGES FROM P1.6M TO AS HIGH AS P40M, With various PAYMENT OPTIONS OR FINANCING THROUGH INHOUSE, PAG-IBIG OR BANK FINANCING. As a Home Mortgage Underwriter, I can help you wih a financing package that fits your budget and will surely be approved of a Home Loan!  Contact us now!





Thursday, 21 July 2016

CHECK CLEARING: One day process starting January 2017





What is Check Clearing?
Check clearing is the process of transferring funds from one bank to another.  When a check from one bank is presented to another bank, it has to go through a Check Clearing process before the funds is transferred to the receipient bank.

Starting Januay, 2017, the BSP announced that the Clearing Process shall be shortened from 3 days to one day or just 24 hours.  This is good news to entrepreneurs and business. They can now realize cash payments following day upon issuance of a check instead of waiting 3 days for their funds to be withdrawable.  See Philippine Star news write up on July 14 2017 elaborating on the announcement of BSP on one-day Check Clearing from the link below.

One-day check clearing starts in January

MANILA, Philippines – The Bangko Sentral ng Pilipinas (BSP) said the number of days in the clearing of checks would be reduced to one day from the current three starting January 2017.
BSP Governor Amando Tetangco Jr. yesterday signed a memorandum of agreement with Philippine Clearing House Corp. (PCHC) president and CEO Emmanuel Barcena to operationalize the Check Image Clearing System (CICS).
“Through CICS of the PCHC, all of our checks are targeted to be cleared in a fully electronic environment starting January 6 next year. For those of us who really are not specialists in this area, if there is one take away from this development, it has to be the fact that funds will now be made available by next day at the latest,” Tetangco said.
Tetangco said checks issued to family, friends, and business partners in various parts of the country would now enjoy near real-time finality of payment.
“And since check data are transmitted electronically, we necessarily eliminate transport risks on the physical cheques. We likewise address consumer protection issues that arise when our checks are either pilfered and/or altered to benefit those with ill-motives,” Tetangco said.
According to Tetangco, it is important to strengthen the check clearing system by leveraging on the advantages that technology provides.
“We are establishing the critical foundation for the adoption of check truncation technology. Simply put, we are moving from physical clearing of paper checks to a system that digitizes those same paper checks to facilitate their electronic clearing,” he said.
Data showed PCHC processes about 700,000 checks every day with an average value of P135 billion.
Tetangco said payments and settlement infrastructure plays a critical role in a dynamic and growing economy.
He cited a study by the Better than Cash Alliance in 2014 that showed only one percent of the monthly retail transactions are done in electronic form.
“This validates our heavy reliance on cash and checks in conducting our business. At a time when technology has become scalable, portable and affordable, this apparent reluctance to parlay the benefits of technology can only translate to further inefficiencies via foregone opportunities,” he added.

Saturday, 2 January 2016

DEMONITIZED OLD PHILIPPINE BILLS BY 2017


Sharing with you an important reminder from BSP on OLD Philippine Bank Notes which will no longer be legal tender by 2017.



Saturday, 28 February 2015

COMMON REASONS WHY LOAN APPLICATIONS ARE DENIED

In general, a borrower with the following characteristics shall be treated as a high risk client and loan application are usually automatically denied unless with strong mitigating factor (example:Good collateral support like a Co-Maker/Guarantor with strong cashflow)

1.       Employees with less than two (2) years work experience
2.       For self-employed: No track record or business is less than three (3) 
          years
3.       Credit Ratio is 40% and above (that's all your monthly loan
          amortization inlcuding credit card bills, divided by your Gross
          Income)
4.       Negative results of the credit investigation such as
a.  With  previous court case: ejectment, estafa, sum of money, replevin, BP 22, repossession/foreclosure case
b.  Cancelled credit card
c.   Negative telecommunication case 
5.       Individuals  with high risk or unacceptable professions such as
a.   policemen, members of the AFP/PNP
b.   entertainers
c.   news reporters or journalists
d.   pastors, priests or members of the religious order
e.   lawyers, politicians
f.    seafarers who are non-officers and highly dispensable positions
g.   land-based OFWs who are non-technical or unskilled and highly
       dispensable
6.     OFWs working in high risk countries (war-torn, war zone, famine 
        infested, very poor economy.)



Sunday, 28 July 2013

INVESTING IN MUTUAL FUNDS: PHILAM, PHILEQUITY, FIRST METRO

DO YOU WANT TO INVEST IN MUTUAL FUNDS? Minimum investment for some of these mutual fund companies is only P5,000. Send email to pinoyunderwriter@gmail.com to know more and to book your SELECTED  MUTUAL FUND Account in the illustration below.

MUTUAL FUNDS:

FOUR CATEGORIES OF MUTUAL FUNDS IN THE PHILIPPINES: 
1. EQUITY FUNDS invested primarily in stocks;
2. BONDS invested primarily in corporate- and government-issued bond securities;  
3. BALANCED FUND invested in both stocks and bonds; and, 
4.. MONEY MARKET FUNDS invested in assets with maturities of one year or less.
WHICH OF THESE REGISTERED INVESTMENT COMPANIES WILL YOU ENTRUST YOUR HARD-EARNED MONEY? . For more info on MUTUAL FUNDS email us at pinoyunderwriter@gmail.com
Depending on your financial plan and risk appetite we can tell you which product is the right one for you.We are your financial broker for these companies below. Contact us now and let us help you book your MUTUAL FUND ACCOUNT IN THE REGISTERED COMPANIES LISTED BELOW.

HOW DO I START MY JOURNEY TO FINANCIAL FREEDOM?

I've been employed in the last 25 years and I haven't saved much for my future...
I want to get out of the rat-race
I want to start earning passive income ..., I want to make money work for me and not  the other way around. 
How to do it....

  • STEP 1. Do a FINANCIAL CHECK UP by preparing a monthly statement of income and expenses. Know your cashflow - that's INFLOW AND OUTFLOW of cash......  Next,  prepare your statement of assets and liabilities to determine your net worth. Analyze your current financial status with these statements. NOW, PREPARE YOUR BUDGET....can be weekly, monthly, annual budget... List down expenses you can live without or deny yourself on things that you can live without like coffee shops, junk food, ATM transaction fees, magazines, eating out, etc... exclude from your BUDGET. You'll realize how much you can save if you remove these..
  • STEP 2. INCREASING CASHFLOW as your focus. LIST DOWN YOUR FINANCIAL DREAMS THEN LIST DOWN THE THINGS YOU NEED TO DO TO INCREASE YOUR CASHFLOW AND BE ABLE TO FULFILL YOUR DREAMS. Be very very specific example: By end December this year, I must be able to pay all my credit card debts..., By mid next year, my _____  business should be in full operation. I will earn additional P50,000 a month starting January 20__ .   Maybe TOP 10 DREAMS is best to focus on.  This LIST WILL KEEP YOU GOING. I look at mine everyday and PRAY OVER IT. Ask for guidance from the Lord.  Do not stop thinking of ways to increase your cashflow...
    STEP 3. ACT! Be disciplined. Work towards your goal/plan. Implement your financial check up. My wallet has partitions and money is segregated for food, transpo, kids allowance, etc... If I do not do this..I will just keep spending... Its not easy but its rewarding to see that every month you are able to save a certain amount... that extra amount, I use it to Pay off my debts..
 STEP 4. GET OUT OUT DEBT. May take YEARS! But we just have to accept that... Avoid debts/stop borrowing.. Start paying off the smallest one. No matter how it takes, if you need to earn extra P5K to P10K on top of your usual take home to pay off your debts, we just got to do it.
STEP 5. CREATE AN EMERGENCY FUND.Usually 3-6 mos. This is to prepare you when you start investing.... or if you have invested your money, you're sure not to touch it/sell it/liquidate it in case of emergency, instead you use the emergency fund.
STEP 6. GET SHORT AND LONG TERM HEALTH INSURANCE NOW! To prevent you from incurring more debts or losing your savings in case you get sick.
STEP 7. GET A LIFE INSURANCE. PROTECT YOUR ASSETS get non-life insurance as well....Your assets are your LEGACY to your kids or loved ones.  
STEP 8. DO ALL THE ABOVE BEFORE INVESTING. INVESTING HAS RISKS....SELECT THE BEST INVESTMENT OPTION DEPENDING ON YOUR FINANCIAL PLAN AND YOUR RISK APPETITE....  Make money work for you when retirement age comes...
Hope this helps.. If you need a mentor or a financial coach to guide you through F0R FREE, our team conducts free FINANCIAL COACHING Contact  us for details  at pinoyundewriter@gmail.com.