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Tag Archives: predatory loans

Steering Clear of Sneaky Money

money leak

    There are plenty of companies and services who want your money. That’s fine. It’s how capitalism works. But there is another kind of company who wants your money, and wants to make sure it gets it, even if you don’t want them to have it. Companies like this work on the edge of the law (and ethical behavior) to see to it that they get more of your money than they are (probably) entitled to. These are sneaky tactics, so you’ve got to make sure you’re aware of them. If you know what to look for, you can make sure these payments get eliminated, or that they never latch onto your bank account in the first place. Payment Protection Insurance One of the biggest ways that this happens is with service payments that get attached to contracts and financial agreements. One of the most practical examples is PPI, a form in loan repayment insurance that would cover payments if a consumer ever fell ill or lost a job, rendering them unable to pay back a loan. It’s a valid service, one that helps many people who would otherwise be vulnerable to default. But what isn’t valid is the ...

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