Read the Fine Print

Discussion in 'Self Improvement and Being Successful' started by Nazreen, Aug 11, 2008.

  1. Nazreen

    Nazreen
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    When signing any contract or agreement, it is important that we always read the small print. Before I became a financial adviser, my agent who sold me insurance never explained to me that I will only be covered with hospitalization insurance one month after I sign and also about the 15 days free-look period. I got hospitalized 3 weeks after I signed but when I went to claim, the insurance company claimed that I will only be covered after 1 month and after the underwriting. All of these, they said, were written in the very small print in the contract.

    With this lesson, I now read all the fine print when I sign contracts including the time I signed up for credit cards. How about you? When was the last time you've read the fine print when signing contracts?
     
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  2. Fergal

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    It depends on the contract. If it's for a mobile phone I won't read the small print, but I probably should. If it's for a property I will speak to my solicitor and trust that she has everything covered. Obviously you need to be confident that you have a good solicitor.

    In general I will try to scan through the small print and hope that I pick up any important points.
     
  3. prettysue

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    This is a very important thread since many of us professionals are signing contracts for insurances, loans, etc. I'm guilty of not reading and understanding the rules and agreements. I should be careful and mindful next time so I wouldn't be shocked with my misinterpretation of the contract.

    The last time I signed a contract is my credit card too, Nazreen but did not read the fine print intentionally. I should not do this again.
     
  4. Nazreen

    Nazreen
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    When I also applied for credit card, the sales staff only focused on the benefits of the credit card like free annual fees for 3 years and the rebates and points I will earn if I use my credit card with their participating merchants. After that, he already brought out the application form and asked if I'm interested in joining.

    Learning from my mistakes, I read the fine print in the form and asked all about the fees including annual fees, late payment fees, cash advance fees, overlimit fees and interests. I also asked if I'm going to be charged anything if I don't use the card. :)

    The thing is... most sales staff will only tell you about the perks and benefits of their products and will not bother to explain what's written in the fine print. That's why it's up to us to read the fine print because this can have big consequences.
     

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