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Sad credit histories

There are so many citizens in Armenia, who have different kinds of loans, that in a figurative sense the country can be called “underpercentage”. But it turns out that’s not all…

Such “sad credit histories” are quiet often in Armenia. We came to this conclusion talking to lawyer-consultant of Personal lawyer service Mari Manukyan. She mentioned that during last 3 months 15 citizens turned to her, which is a very alarming indicator. They faced serious problems and suffered significant material losses after turning to services of so-called “black intermediators”, who attract by advertisements in the spirit of “fast credit”, “easy credit” etc.

There is a hunt for borrowers or uninformed citizens

“Fast money”, “Urgent loan”, “available loan” or just “credit, credit, credit”. Such inscriptions are in different corners of our city.

Intermediators attract people by this: fast, urgent, easy credits, whose phone numbers are on the A4 format paper advertisements. Moreover, today this traps are decorated with photos of seductive women and spread via social networks. There is a massive hunt for naive citizens.

It’s time that police, national security, financial and banking organizations and tax authorities deal with questions of all these credit intermediators, agents. By the way, recently it was reported that credit fraudulences were committed efrom prisons. Supposedly to provide credits for about hundreds thousands dram they demanded advance payments of tens thousands dram and received it.

Credit Cheating Schemes

As aptly marks lawyer Mari Manukyan, first of all people shall get credits in banks or licensed credit organizations. However, the fact is that applicant may already have an unfavorable credit history.

Maybe, that’s why some citizens recently began to prefer “fast loans”. In this case only an identity document and social card are required. As lawyer-consultant mentions, the most important tempting circumstance is that people have opportunity to get fast credits, without being registered, checking incomes, studying credit history. We are mainly talking about getting a credit at amount of 500.000 dram, often even less, which indicates the social insecurity of those who applies to “black creditors”.

Many are guided by the principle that they urgently need money, that's all, the rest is no longer important. It can even be a rented room or even a “booth”. People go there, conclude an agreement, and when it is already too late, it becomes obvious that they fell under debt burden with 40-50 percent and even more.

Summarizing and classifying the cases known to her, Mari Manukyan pointed out several schemes according to which work frauders.

For instance, there appears someone who doesn't have credit history and who by the reason of being a not registered worker, keeps away from banks and thinks that credit forming is a problem and etc/ applies not to banks or licensed credit organizations but to ''black agents''. The agent forms a credit in bank, and ''sells'' it to the naive citizen expensively, who after faces the fact that he should cover a bigger sum than he borrowed.

Or, for example, the debtor gets less money than it is mentioned in the credit contract, and the part of the money as ''award for the agents'' is held by the ''black agent''. As a result from 500.000 drams 150-250,000 drams can be held.

In the latest times, a widely spread way of usury was monetization of consumer credit. Thus the naive creditor who should have been lent 500.000 drams is directed to a shop / mainly sailing telecommunication or domestic items/, where he forms a credit for iphone X, the market price of which is 730,000 drams at the moment of making the deal. However, as our companion tells, he gets for example 60,000 drams from ''black creditors'' as the sum left is promised to be given in 7-8 days, but the promises are left unrealized. Besides he gives the smartphone to ''black creditors''. As a results he gains a huge credit without the product and doesn't get the money. And who will have the idea? This scheme doesn't give blowouts.

Another problem in this case is the fact that practically it is difficult to prove that everything was done really this way and the product was given for promises of a quick credit. Here the decision should be made by law enforcement authorities.

New virtual ''loverboys''

In the latest times cheating grows in new expressions. There are some males that make acquaintances for example in social websites with girls, trying to ''have'' some of them- 3-4, 4-5 representatives of females.

The virtual acquaintance becomes real and when the venor dangler sees that the new girlfriend trusts him, persuades to form a credit for a month in one of the credit organizations. In the first month of crediting the percents are not being charged. This way 4-5 credits are formed in the sum of 150-200 thousand drams and after, the «admirer» disappears.

O tempora! O mores! In past times the naivegirlfriend was left pregnant and now... with percents. It is said that in one of the regions of Armenia a girl who represented herself as a man, found a virtual ''girlfriend'' in another region and received about 5 million drams from her.

«There was not even one case when a man said that he was cheated by a girl, mainly a girl becomes a victim of a cheat»-mentions Mari Manukyan.

Based on personal experience

We call by one of the numerous numbers which offers ՛՛easy credits՛՛. They say it is very attracting. We can form a credit in the sum of 500,000 drams for 12-24 annual percentage. We plan to meet. But we are accepted not by our companion but by a young man with a modern phone and computer.

This is a rented space in the territory of one of the universities. There is a queue of 3-4 potential creditors. And at last it is my turn. I give my passportand they ask me if I have a credit history. I have one positive. After the young specialist of credits finds out that I need 300,000 drams and presses some buttons on the phone. And comes the important moment, he tells me that I should pay 10 percent commissions, it means that I should form a credit of 350,000 drams to get 300,000 drams. Let it be this way, I agree. He inserts my data and asks to wait. I receive a SMS, he asks the code and I tell it. It seems to be an unrealistic situations.

And then he says:'' You contacted a bank for forming a credit a month ago. I know that I have not contacted. And I decide to continue playing and ask being shocked:''What can I do?'' He says that if I wished to get a credit of 700.000drams they could have found a solution.

I said that I would think about it. And I wonder who assists this new money lenders and obvious scammers.

They use the instruments of online crediting and ...

One of my old friends who is acquainted with the practise of banks explained how that works. My friend mentioned that the people who entice others mainly use the instruments of online crediting and the financial illiteracy of most of our compatriots.

People can surely form an online credit in any bank. However, taking into account some circumstances (age, non-acquiantance with online mechanisms or insufficient computer skills) it's difficult for them to do that practically. And that's why they apply to this kind of ''black agents'' who register with their name a credit in the sum of 150,000 drams but give them 100,000 or less. In the last years the occasions of forming consumer credits grow which seems to be a fraud as my friend said.

It is said that in the government people paid attention on this. We just should wait the moment we at last will get a message that a big group of money lenders or '' black agents'' were arrested thanks to common efforts of special governmental bodies.

A social advertisement and a mass advocacy will also assist. However, it would be better to see warnings of Central Bank or Ministry of Finance, government or police telling to apply for credits only to licensed organizations and to read any documents before signing them instead of advertisements about cheap and quick credits.

Life as a credit, after the amnesty the armenian farmer cannot understand how banks calculate

In Armenia there is no crediting with low percentage. The 15, 20 percents of advertisements can turn into a bigger sum of money, if you calculate the commisions for bank's services, add fees for services of credit account and etc. But this is another problem. Before that our socially disadvantaged compatriots should be released from ''black agents'', if it is interesting for someone from governmental bodies.

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