What do you do when there is a negative BDI?

Every year the banks in Israel inform their thousands of customers that they have a negative BDI and that they cannot receive loans, issue checks and lead a normal financial life.

Eli Adri and Karin Naftalev, founders and owners of "Daniel Finance", explain how to deal with the problem?

In collaboration with legal zap

10/23/2022

Sunday, October 23, 2022, 1:12 p.m

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"When a person has a negative BDI, the banks refuse to lend them money" (Photo: ShutterStock)

BDI report means a credit data report that includes the customer's problematic financial and business history, such as if he has bounced checks, if he has received notices before taking processes from the bank or credit companies, if he is in bankruptcy proceedings and any information that may indicate this that the bank will take a risk if it gives him a loan.

People who are dealing with a negative BDI try to walk between the drops and due to the inability to pay with credit they find themselves managing financially with only cash and are forced to take loans from non-banking sources at very high interest rates.

"When a person has a negative BDI, the banks refuse to lend them money," says Karin Naftalev.

"Instead of dealing with loans from the gray market, we at Daniel Finance refer to an optimal solution: a loan from the pension, which is much more affordable, and surprisingly, most people do not know that they can take loans through the pension."

One of the customers who came to Daniel Finance was a man who took out a loan of NIS 300,000 from several banks.

"He paid high interest to the banks, when each bank charged a different interest rate, and was unable to get out of the red. After he came to us, we helped him consolidate the loans and instead of paying a monthly repayment of NIS 10,000, he paid NIS 4,000 at a lower interest rate (a savings of NIS 6,000 a month ) and could sleep peacefully at night."

Why is a loan from the pension fund more affordable?

"With a loan from the pension, the interest rate is lower and there is more cooperation from the insurance company that comes towards the customer."

"A person who has NIS 50,000 or more in the pension fund and who has worked as an employee for at least a few years."

Another service provided at Daniel Finance is income tax refunds.

Most of the employees in Israel receive tax refunds in the amount of thousands of shekels on average, but they are not aware of this and in addition, in order to apply for a tax refund, people are required to deal with the procrastination of the income tax alone.

"Because there are quite a few people who do not deserve a tax refund. A single mother, for example, does not deserve a tax refund because her tax is not deducted. Or a client who contacted me two weeks ago, is married to someone from the territories. When I asked for a means of identification, I saw that her husband had a green card and no He deserves a tax refund, so she doesn't either. Even new immigrants don't deserve a tax refund in the first three years of their immigration."

"It is advisable to contact a company like Daniel Finance to make the inquiry. When a client contacts me, I ask to present a proof of identity, including an attachment or a passport or driver's license, or the proof of identity of one of the parents. From some clients I ask for a pay slip and pass the information on to Ru" h in my company

I go through a structured questionnaire with the client and find out if he has credit points for which he can receive reimbursements, such as whether one of the parents has a disability or receives a disability allowance, or whether the client has children in the placement committee.

All of these cost money, and because the state takes money from them,

For contact and additional details, you can contact

the office at 053-6231845 on the legal website.

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