Probably, on some occasion it has happened to you that you have entered a supermarket with a list of products to buy and you have ended up taking others that you do not need. The same thing can happen when we go to the bank, as consumers have been warned by the Bank of Spain.
“Entities can offer us various products and services together with the one we want to hire”, alert. In this sense, he recommends paying special attention when requesting financing, since it is the situation in which it occurs most frequently.
Well, according to the financial institution, at times like this the client “You may be more likely to accept certain conditions of the entity by needing these funds with greater or lesser urgency”. Thus, they focus especially on mortgage loans, where it is “especially common.”
Differentiate between linked products and bundled products
In this sense, remember that, in order to protect the consumer, the regulations regulate the sale of products or services together with mortgage loans, which clearly distinguishes between linked and bundled products. In the combined sale “A package of products can be offered, but they must also be offered individually, so that the borrower can only contract financing”, the Bank of Spain makes it very clear.
In this case, the bank must clearly warn the consumer of the differences between one offer and another. It should be noted that frequently the «contracting of accessory products or services implies an improvement in the conditions of the loan».
However, the linked sale It occurs when the loan is offered within a package with other products and must be contracted with them. “This practice is not allowed, with some exceptions such as the link with the opening of savings or checking accounts necessary for the settlement of loan payments,” the financial institution asserts.
“Lenders are also permitted to require damage or amortization insurancebut with the obligation that the client can choose an insurer, that is, they cannot impose the insurer”, he indicates.
recommendations
“When we receive offers from different entities in which the loan is accompanied by other products and services, it is more difficult to compare them,” says the Bank of Spain. However, banks are obliged to issue some warnings, but also provide data and information concrete about those products in the information provided before formalizing the contract.
However, the financial institution advises analyzing whether the products offered are useful to the consumer and do not “duplicate” something that has already been previously contracted. He also recommends comparing alternatives offered by other vendors for those additional products.
“Keep in mind the rate cut that its contracting can mean, but also the costs that it implies», alert to later exemplify: «Contracting an insurance can lower you a 0,3% in the type of the loan, but you can not forget the premium that you will have to pay every year ».
It also suggests to consumers “calculate the effect that the cancellation of the products in question would have” and, at the same time, “weight the benefits and the risk of losses that the associated products may incorporate, in the case of investment products”.
“Study carefully the pre-contractual information you are given to be able to make a good comparison of the offers received”take note and remember: “Simulators can help you too”.