Frequent excesses occur on the existing overdraft

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Reference no: EM131872390

Carefully read the following scenario and then complete the sentence by selecting the correct options from the terms further below. Scenario:

A customer has an unsecured overdraft facility of $10,000 with an exposure of $11,000 and a mortgage of $400,000 on a house with an outstanding amount of $397,500. The customer applies for increased overdraft facilities. Internal bank records indicate that frequent excesses occur on the existing overdraft and the mortgage bond in the personal name of the owner is two months in arrears.

Complete the sentence:

A solution may include the ______ of the debt exposure of the customer, providing __________ repayment schedules etc. The mortgage is normally the _______ part of the finance provided to the customer. In some circumstances overdraft facilities are provided on an unsecured basis, which means that there may be no ______ for it.

Terms:

consolidation

longer

safest

collateral

cancellation

shorter

riskier

covenants

Reference no: EM131872390

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