It seems as though every time we complete some kind of financial transaction whether it be a loan, a credit card, or bank account, there is a legal document called a "contract" that accompanies that transaction. Subscribing to an Internet service, taking out a car title loan, or even something as simple as signing up your child for a team sport, all require you to sign some form of legally binding contract. This is to not only ensure the lender, financial institution, or service provider that you will abide by their rules as well as make any type of monetary payment on time, but it also protects (or at least it should); the consumer.
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There's just one problem. It seems as though the contracts some of us are signing have become increasingly one-sided over the years. In other words, the "fine print" that is supposed to protect consumers, buyers, partakers, and customers -to-be have become riddle with rules and regulations that often time include unexpected fines, fees or charges. In many cases the average consumer doesn't read the fine print on their contract or much less understand these concealed conditions thus leaving themselves prone to dubious financial dangers.
Hidden among those tiny 8 point font words are a couple things you may want to pay close attention to if you want to protect yourself from the very contract that is supposed to protect you, the buyer.
*Arbitration Clauses- This is the part of the contract that forces you to forge the right to sue should something go wrong with the product or service you have purchased. In other words, even if you have been wronged by the company you signed the contract with, you may not sue them directly. If unfortunate enough to take legal action for any reason, you will have to settle your dispute through binding arbitration. The arbitration process is long, drawn out, and very expensive. Arbitrators most often side with the company they are representing (the one you signed the contract with) being that there is financial value to them if they win. Put another way, they won't get hired for another case if they lose.
If you are signing a contract with an arbitration clause, take a moment to write next to the clause (yes, on the actual contract) "I disavow this section of the contract". Make sure to initial it. The company may or may not accept the contract modification but if you do find yourself in a legal battle, it just might help.
*Escape Hatches- Companies often use verbiage (that's fancy for wording) in the fine print of their contract which allows them to escape what they have promised the consumer. By using certain words, terms or phrases, the company can insert language into contracts that allow them to change the terms of the contract at a later date by mailing the consumer letters in changes of contractual agreements.
When a large sum of money is involved, having a lawyer look over the contract is a smart idea. Someone who specializes in contract reading and interpretation can tell you if the contract enforces what the company says it is going to do and what it is promising.
Such can be the case when taking out a car title loan. Understanding how your loan works starts with taking the time to read the fine print, as small as it may be, and understanding exactly what the lender expects of you when entering into your loan. A trustworthy and honest car title loan lender will go over your the contract with you to make sure you understand all the terms of your loan.
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