May 14 2022, 10:57 AM
QUOTE(SpringBreak2012 @ May 13 2022, 08:49 PM)
Hi, would like to ask for sifus opinion.
A family member would like to apply for a long-term savings and investment plan (it's legit, 12m x 5y w/ 20 year maturity) in my name with payments fully made by them. It's a nice gesture, but since it's being made in my name I would like to know what is the worst case scenario that could happen?
e.g.
1) Payment is not made on time - any impact on my CCRIS?
2) Payment is not made on time - will I be hounded by payment reminders?
3) And anything else that could happen?
Is it via an insurance company thats offering these?A family member would like to apply for a long-term savings and investment plan (it's legit, 12m x 5y w/ 20 year maturity) in my name with payments fully made by them. It's a nice gesture, but since it's being made in my name I would like to know what is the worst case scenario that could happen?
e.g.
1) Payment is not made on time - any impact on my CCRIS?
2) Payment is not made on time - will I be hounded by payment reminders?
3) And anything else that could happen?
If yes, it would be similar to an insurance policy and worst case being that it lapses if payments are not made, no impact to CCRIS as that would primarily be looking at non payment of loans/borrowed money/credit facility.
Also, getting a copy of the terms & conditions should lay this out for you.
Just my 2 cents, and happy to be corrected in case I am wrong.
This post has been edited by joshgm_119: May 14 2022, 10:58 AM
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