Friday, October 15, 2010

INTEREST RATE COMPUTATION ERRORS

Are you servicing a mortgage, loan or overdraft and may have issues with the way interest rates and other charges are computed? Well, there is an organisation in Kenya named 'Interest Rates Advisory Centre' http://www.irac.co.ke that helps you audit your bank statements, and also helps you seek refunds from the bank where miscalculations  have occurred. I totally agree with them when they state that first hardly anybody queries their bank statement although the banks actually invites you to point out errors within 14 days and secondly most people don't have capacity to pick out even obvious errors. I do not know how effective they are but they do raise important issues. When you recieve your next statement its worth giving it a deeper look.

1 comment:

cecilgrass said...

Great article! Between blogs like this and getting some credit counseling , it really is good to learn more about how credit works and how such simple errors can grow big problems.