Avoiding financial traps
This chapter expands on information about risky products and how to avoid problems.
What are “instant loans”?
- Characteristics: fast loans provided by non-bank companies, often advertised as “instant money.”
- Risks: They have very high costs, hidden fees and high interest rates, which can lead you to quickly fall into a debt spiral.
- How to avoid? Always read the contract carefully. Before you sign, check the APR and calculate how much you will really give back.
What to do in case of debt?
- Don’t avoid contact: If you have a repayment problem, contact your bank and try to negotiate a new repayment plan.
- Seek help: Consult your county consumer ombudsman or NGOs that help you get out of debt.
Where to seek help for problems
A detailed guide to institutions
Office of Competition and Consumer Protection (UOKiK)
The OCCP works to protect the collective interests of consumers. Its role is strategic and consists of:
Anti-Monopoly Activity:
The OCCP ensures that there is no price collusion in the market and that large companies do not abuse their position.
Market monitoring:
It inspects advertisements, promotions and products so that they do not mislead customers.
Educational role:
The OCCP actively conducts information and education campaigns (e.g. “Beware of Scammers!”, “Finances at School”) that raise consumer awareness and teach how to protect their money.
- Examples: The website finanse.uokik.gov.pl is a goldmine of knowledge about finance, fraud and consumer rights.
District and Municipal Consumer Ombudsmen.
This is your first point of contact in case of problems with a company or bank.
Individual assistance:
The ombudsman deals with the specific problems you come with.
Tasks:
- Providing free legal advice and information.
- Appearing on your behalf to the entrepreneur, trying to resolve the dispute amicably.
- Assistance in writing claims.
- Assistance in preparing a lawsuit.