Why Georgia borrowers precaution is a bad place to borrow money
Nashville, Ga. — Four kilometres from the city, over one kilometre, where the footpath path to a soft, sandy soil, is an economic hub of Georgia and politics.
It is the life of the plantation South, 2000 hectares of hunting and preserve a small paradise for some of Georgia powerful officials. Governors, legislators, regulators — all gather here hunting quail, unwind in the morning in the lobby of the rustic hut and enjoy the old-time hospitality of a company Insurance to monitor.
The plantation is the owner, La vie South Corp., has agreed on these visits for the promotion of an enabling environment for their main product credit insurance. So far, at night: as a critical and often unnecessary, credit insurance pays the lender if the borrower dies or is disabled. The assurance of high commissions for lenders, they sell — and it can significantly increase the cost of borrowing the state of the poorest citizens.
The life of South bloomed so as to embody, as its operations in Georgia: the strengthening of relations with a network of influential politicians, have the power to influence the company Bottom-Line.
The plan nowadays, the idyllic countryside Tribute to the south, has an impressive list of customers in this remote part of southern Georgia.
National Institute of Insurance Commissioner John Oxendine, or does not check the rates of credit insurance for 10 years it took office, was here.
Thus, Sonny Perdue Dir. He hunting a free trip in planting six weeks before the signing of the entry into force a law relaxing restrictions on credit insurance for mortgages.
Former House Speaker Terry Coleman, an insurance and a representative of at least 25 current or recently retired state legislator relations to life in the South, a plan has been invited several times day. He wishes he could visit more often. Said Coleman (D-Eastman): “Any red blood is an American fighter, is not it?”
The life of the South’s history of growth and prosperity is a quail hunting, political ties and the business of a laborious experienced, talented seller. It is the quintessence of Georgia, the incarnation of a business environment, it was one of the least sympathetic to borrowers of the nation.
The idea of a plan days in a marketing tool of life came from the South, is the founder and chairman: Norman Houston George III, or “Butch” to his friends.
More than two decades, Houston (pronounced HOW-ston) constructed life in the South, one of the greatest nation intermediaries of credit insurance.
Houston, 63, said the reason for its success is simple.
“We sell a good product at a good price,” he said. “We offer a service of man.”
On the credit insurance was put on the market for borrowers to three-quarters of a century. And for most of the time, it was controversial.
Lenders offer coverage door-to-mortgages, car loans and many other types of loans, especially for consumers, they consider risky. Hence, it is often consultancy, the cost of borrowing for people who can least. Lenders as a way of consumer protection, but it is lender, the most useful.
And in Georgia, permissive regime credit insurance, more profitable for lenders, as in many other countries.
But humans think credit insurance is bad for consumers to talk, which is a very nice man Butch Houston. He and former Dir Roy Barnes, one of the harshest critics of credit insurance, have been friends for 30 years.
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