The Task: Financial Products
Mr. Ali needs to consolidate his debts. He is 27 and lives in shared rented accommodation costing OMR104 per month. He has a student loan outstanding of OMR5,200. He owes OMR 936 on one credit card and OMR728 on another. Both credit cards have an annual percentage rate (APR) of 18.9%. He also owes his brother OMR364 and his parents OMR572. Mr. Ali has worked in low paid jobs since leaving university and for the last two years he has only made the minimum repayments on his credit cards. However, Mr. Ali has just been promoted to a new position with a salary of OMR6,800 gross p.a. He wants to take this opportunity to sort out his finances, pay off his debts, improve his credit score and start working towards a more financially secure future.
i. Suggest 3 different loan products from different providers that Mr. Ali could use to consolidate his debts.
ii. Provide details of the 3 different loan products in the form of a table.
iii. Compare the features of the 3 loan products.
iv. Analyse Mr. Ali's attitude to money as demonstrated by his past behavior and discuss the ways in which his life would become more difficult if he fails to meet his objectives as outlined in the task.
Structure
Content of the Criterion
I - For choosing three different loan products from different providers
- Introduction and meaning
- For three different loan
products from three different providers
II Relevant details for each of the products should be presented clearly in the form of a table
III Significant features of the products should be clearly compared and where relevant, applied to Mr. Ali's situation
IV Analyse the situation of Mr. Ali as it is discussed in the task
- Discuss the difficulties that will be faced by Mr. Ali, if he fails to meet his objectives
V Conclusion, structure, presentation style
VI Referencing (Harvard Referencing System) along with the citations