Due to the unstable economy of the country and the financial crises of 2008 and 2015, many of those who took a loan were unable to pay on time and spoiled their reputation. This negatively affects the ability of such people to receive new loans, because a low rating of a potential client for a financial institution is a powerful argument for refusing a loan.
The distrust of banking structures, the difficult financial situation of a citizen and other problems push to the most extreme measures. These include a loan to the MFI, but the interest on the loan will exceed all the expectations of the client, because it is 300-700% per annum. However, there is a seemingly attractive “Credit Doctor” service. Sovcombank has the most controversial customer reviews. The thing is that this program is similar to fraud. In this regard, many people are interested in knowing: “Credit Doctor” (“Sovcombank”) - do you get money or is this another scam scheme?
What is the essence of the service?
Sovcombank invites everyone with a damaged borrower rating to improve their credit history. A person turns to this organization, takes a few modest loans, pays everything without delay in accordance with the loan agreement. After the client fulfills all the obligations, the bank guarantees him the possibility of processing a large amount on credit.
At the first stage, the client does not receive money in his hands, he is issued only a MasterCard plastic card, which can be used in Russia and other countries. In addition, the client receives a contract for his life and health insurance for 50 thousand rubles.
Who can use the CI recovery program?
Each capable citizen of the Russian Federation aged 18 to 65 years has the opportunity to use the service "Credit Doctor" ("Sovcombank"). Reviews about it are mostly negative, since the terms and conditions in the contract are confused and incomprehensible. However, some borrowers with a damaged credit history apply to this bank in order to undergo the CI recovery program and claim that Sovcombank (the Credit Doctor service) helped them a lot.
What conditions must a borrower comply with?
The client can further expect to receive a new loan for a large amount and to whitewash his name with financial institutions only if he observes a number of conditions. First of all, the contract should be paid regularly and in full. During the program, you cannot take other loans and increase your debts to banks and MFIs, as this will complicate the process of improving a person’s credit history. Be sure to go through all the stages of the program.
It is important to consider that this service is not a loan, but an opportunity to improve your borrower rating and prove that you can trust the client. Money at registration of a service at the first stage is not handed out since the bank provides citizens with a loan to pay for its services. As a result, the person pays for the program, but remains due to the bank, as he took a loan.
What documents are needed to complete the program?
Those who are going to use the service to restore their credit history need to prepare certain documents:
- Passport of a citizen of Russia.
- The second document (this can be a driver’s license, medical insurance policy, TIN, passport, military ID or SNILS).
The first step of the program
There are two options for going through the process of restoring a client’s credit history within the framework of the Credit Doctor (Sovcombank) program. Customer reviews confirm that there are two ways to go.
I option:
- The borrower draws up a loan agreement with the bank for 5 thousand rubles (official amount for securities 4999).
- The delivery period varies from three to six months.
- The interest rate is 48% per year.
- The client receives from the bank a plastic card and accident insurance for 50 thousand rubles.
II option:
- A loan agreement is signed between the bank and the client in the amount of 10 thousand rubles.
- The term of the loan agreement may be six months or 9 months.
- The interest rate per year is 48%.
- The client receives a plastic card and an insurance policy of 50 thousand rubles.
It should be noted: early repayment of the loan is impossible, which provides for the mandatory payment of interest on the loan in full.
Second stage: issuing a credit card
The service “Credit Doctor” (“Sovcombank”) at the second stage provides for the execution of the next loan agreement (this is possible only if the borrower regularly made payments on the previous loan, avoiding delays).
However, after the first stage, many consumers indignantly declare that the “Credit Doctor” (Sovcombank) is a fraud, because at the previous stage the customers did not receive the amount that was prescribed in the contract and for which they had to pay interest .
Nevertheless, the second phase of the program exists and includes the following:
- The consumer submits the application via the Internet.
- At the organization’s office, bank employees are presented with a passport and an additional document at the discretion of the client.
- An agreement is drawn up between the parties.
Lending conditions at the second stage are identical to the first. The only difference is the fixed term of the loan agreement of 6 months and a doubled monetary limit on the client’s bank card. Repaying a loan ahead of schedule is prohibited.
The third stage of obtaining a loan: Express Plus
At this stage, the bank offers customers new lending conditions. Those who corrected their credit history as part of the first program receive a card from five to twenty thousand rubles for a period of six months to one year. The interest rate varies depending on whether the client will withdraw cash from the card or spend it on purchases.
In the case of passing the program according to the second option, the client is given an amount from five to thirty thousand rubles for 18 months. The interest rate differs depending on how much money will be withdrawn from the card, and how much is spent in a non-cash way. If the cash withdrawal does not exceed 20% of the total loan amount, the interest is charged at 39%. If the client withdraws and spends more than 20% of the loan amount from the card, the rate will be 45% per year.
Guarantees after passing the credit program
Credit Doctor from Sovcombank is a three-step service to restore a borrower's credit history. In case of passing all stages of the program without delays and violation of the rules, the bank guarantees the use of other financial products. Credit limits are available to customers up to one hundred thousand rubles or more, depending on which program the client restored his credit history. It is important to note that the bank may refuse to grant a loan for reasons not related to the applicant’s credit history.
Benefit for the Bank
What are the benefits of Sovcombank (the Credit Doctor program) if the service is in demand:
- It is very beneficial for a financial institution to conclude an agreement with a borrower without providing money on hand.
- Absolutely all banks need customers. By denying all applicants with a bad credit history in the provision of a loan, you can lose all customers. The situation was especially aggravated due to competition between financial institutions and the economic crisis.
- The borrower's CI does not always deteriorate for disrespectful reasons, so some clients deserve a second chance.
- The credit history can be completely corrected, that is, the borrower can prove his worth.
Why is this service better than a microloan?
Many microfinance institutions also allow credit rating adjustments to borrowers. Information on fulfilled loan obligations under the agreement is also entered into the general database. "Credit Doctor" (Sovcombank): what is it - we have already figured out. And why is this service more profitable than a loan in an MFI for a client? The guaranteed credit history recovery program is designed for a long term, and a microloan is issued for 1-2 months. Short-term records will not be enough to whitewash a client’s reputation.
Reviews on the program "Credit Doctor" from "Sovcombank"
The opinion of customers about the program is not the most positive. There are very few people who are satisfied that they paid for the product. Some confirm that the program helped them a lot, and they were able to get a large loan from this bank.
Most users of the Sovcombank program “Credit Doctor” decided not to apply for it themselves, but after the request of the organization’s employees when they were going to take a loan here. So many now unfoundedly accuse the bank of fraud. The program at the first stage does not involve the issuance of cash. However, there is no information in the contract about this. When a client tries to find out from the bank employees why the money was not transferred to the card, the answer to this question is constantly different. Employees claim that they are not required to transfer money to the card. With a second appeal, the same consumer may receive a completely new version of the answer, for example, about a program failure or lack of competence for some bank employees. As a result of such a frivolous attitude, customers lose confidence in the organization and feel cheated.
Some citizens who do not have arrears on loans are faced with the fact that they are offered the service in the most intrusive way. Pensioners who receive a pension through this bank are not particularly protected from this. Many of them are not very literate in terms of finances, which becomes the reason for their misunderstanding of the imposed service. Indeed, the conditions are so confusing that it’s difficult to understand the subtleties, and employees are not able to explain clearly what citizens should pay for if they did not receive money.
In fact, an experienced lawyer is able to see in the contract all the pitfalls at once. The bank cannot legally issue a loan to a citizen and not give him funds, which is why the contract is concluded with a loan, although in fact no loan actually exists. Perhaps this method really helps someone to fix their credit history, but the program looks like another fraudulent scheme, which citizens of the Russian Federation are already so tired of.
Employees comment on the dissatisfaction of some with the Credit Doctor (Sovcombank) service, the reviews of which are mostly negative, because grateful clients rarely write their opinions about the program. Such is supposedly the psychology of people.