Answer:
Answer by Andy Zavoina:
I was taught the emergency was, as an example, the roof is gone and more damage will be done if this isn't taken care of NOW.
I want the cash for vacation is not a bona fide emergency, in my opinion. You have a say so in the emergency because of the golden rule, he who has the gold makes the rules. If this was left up to the borrower, every situation would be an emergency.
I wouldn't run the risk of funding early.
Answer:
Answer by Richard Insley:
The final call and all the risk of adverse consequences are yours. A pleasure trip can't by any stretch of the imagination be considered a "financial emergency." If the proceeds really will be used as spending money for a trip, why does it create such a hardship for the borrower to wait another day or two and receive the loan disbursement in Hawaii? Funds can be wired, accessed by debit card or check, or disbursed into the customer's credit card account (creating an overpaid balance from which trip expenses would be deducted via ordinary use of the card.)
Answer:
Answer by David Dickinson:
Just because this is an opinion answer, I thought I would throw in my 2ยข worth. I agree that this is not a financial emergency. This is a matter of poor planning. Your bank could be in major hot water if you waive the rescission period on this loan.
Answer:
Answer by Jim Bedsole:
I'll also opine in on the side that this is not a financial emergency. If it is, I'd be real concerned about the solvency of the loan I just made if I were the lender.
Answer:
Answer by John Burnett:
I'll join this parade.
The right of rescission was included in TIL by Congress to save people from their own "immediate gratification" drives drives that often led them to grant liens and incur debt without thinking things through. While legitimate lenders have rarely seen RORs exercised, they need to understand that the borrower doesn't get to interpret "personal financial emergency."
First published on BankersOnline.com 06/9/03
print
share