Personal Loan Debt Consolidation -Catholicscomehomeboston.Org Sun, 22 Dec 2019 00:37:30 +0000 en-US hourly 1 How to read a credit report? Sun, 22 Dec 2019 00:37:30 +0000

Please keep in mind that this is just a quick overview of the subject. If you have any other questions, we strongly suggest you consult the Financial Consumer Agency of Canada article .

Your credit report represents you as a consumer and debtor; it shows how and why you use credit at your disposal. Any Canadian who has any credit also has a credit report that includes all information relative to their credit history. These data are compiled by the credit agencies Equifax and TransUnion.


Who has access to your credit reports?

Who has access to your credit reports?

Any potential creditor can ask the agency to consult your credit report. For example, creditors can look at your credit history, credit rating, and past financial problems to assess creditworthiness. People with a good credit rating and few financial problems are often perceived as being more creditworthy and therefore can get a loan more easily.

Although less common, employers and homeowners that you rent may ask you to provide a credit report. They do it only to assess your reliability; Popular belief is that people with good credit scores are more reliable in general.

Finally, you too can request a copy of your credit report. Keep in mind however that this copy will not display your credit score.


What information is in my report?

What information is in my report?

Although both agencies have their own system for compiling information, you can expect to find the following information:

Personal information

  • Your full name
  • Your date of birth
  • Your present address and past addresses
  • Your phone numbers, current and past
  • Your Social Insurance Number (SIN)
  • Information on your driving license
  • Your passport number
  • Your current employer and the employers of the past

Information about your credit history

  • All your credit accounts and all transactions: credit card, customer card, line of credit and personal loan.
  • Your cell phone and home phone account
  • Bad point: fraud, closing accounts, etc.
  • Public and legal information: bankruptcies, judgments, pledges on houses or automobiles
  • Collection credit accounts
  • Credit applications from creditors, owners and employers
  • Information about fraud alerts and identity checks


Does the negative information stay on the report forever?

Does the negative information stay on the report forever?

Negative information can only appear on your report for a specific time; it’s the law in Canada. Although the rules and laws vary from province to province, the information is on your report for about 6-7 years.

To learn more about the different rules applicable in different provinces, click here to visit the Financial Consumer Agency of Canada website.


How do your debts appear on the report?

How do your debts appear on the report?

When your debtors and creditors send information to the credit reporting agencies, it appears with a letter and a number. That’s what each letter and number means:

  • “I” means that you have been granted an installment loan, such as a car loan; you borrow money once and repay it in installments at a fixed amount, at regular intervals, for a pre-established period until the loan is repaid.
  • “O” means that you have an open credit as a line of credit; you borrow money, if necessary, up to a certain limit and whose total balance is due at the end of each period. This category may also include student loans for which the money is due only after your studies are completed.
  • “R” means that you have obtained a “renewable” credit; you repay money regularly by paying variable amounts based on your account balance, which allows you to borrow additional money up to your credit limit. Credit cards are good examples of “revolving” credit.
  • “M” mainly concerns mortgages. Note that not all mortgages appear on the report.

Figures represent a ranking

  • 0: Too recent to be rated; allowed but not used
  • 1: Pay (or paid) within 30 days of the due date or no more than one late payment.
  • 2: Pays (or paid) within 30 days of the due date or no more than 60 days or two late payments.
  • 3: Pay (or pay) within 60 days of the due date or no more than 90 days or three late payments.
  • 4: Pays (or paid) within 90 days of the due date or no more than 120 days or four late payments.
  • 5: Account still at least 120 days late, but not filed 9.
  • 6: This rating does not exist.
  • 7: Makes payments regularly under a special agreement to settle debts.
  • 8: Resumption of possession (voluntary or involuntary, return of the goods).
  • 9: Bad debt, placed in recovery; moved without giving new address or bankruptcy.

Each credit account you own will be associated with a letter and a number. So anyone who consults your report will be able to see what type of credit you have chosen and how that credit is rated.


Want to improve your performance?

credit loan

Now that you better understand what a credit report is, you surely want to improve your financial health. For this, take a look at our Credit Enhancement Programs

For more extreme cases, please consult our page on debt consolidation and debt resolution

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Bank Loan – Find the cheapest loan Tue, 26 Nov 2019 14:51:53 +0000

Historically, those who need to borrow money have usually had to take out a bank loan, that is, they have had to turn to the bank and then hoped to get their loan approved. Today, there are still a number of large banks, but some things have changed. Competition is quite different nowadays and it has emerged a number of smaller banks and many other lenders that work great if you want to borrow both small and large sums.

There are a large number of other lenders and many of them specialize in specific types of loans such as SMS loans, micro loans, fast loans or loans to people who have payment complaints or generally difficult to get a loan at a regular major bank.

What is there to choose when you want to take a bank loan?


The usual banks are usually happy to see that you have some kind of collateral for your loan such as a home, a car or maybe a boat. Then the bank knows that it is easier to get the money back in the unfortunate situation as you are unable to repay your loan.

For those who have no security, there is the opportunity to find a guarantor, ie someone who can go well for you and who offers their own finances as security in case you would not be able to fulfill your obligations. That person may be required to repay your bank loan if you are unable to do so, so it is important to find someone who is willing to do good for you and who relies on your ability to pay.

If you have no collateral but simply want to take out a bank loan, it can be a private loan, where you can borrow from a few thousand notes up to a few hundred thousand USD. The interest rate on this type of loan is a little higher as collateral is lacking and you should preferably not have any payment notes. In many cases, an unsecured loan of this kind is also referred to as a “loan”. These types of loans you can easily find more information on here at Everything about loans.

How do you easily take out a bank loan and what does it mean?

How do you easily take out a bank loan and what does it mean?

A bank loan can be taken in several ways. The classic way is to go into the bank and ask to discuss a loan. Then you have to fill out a loan application and then go through a few different steps to finally get your loan, if you are now approved. In today’s digital society, however, there are plenty of opportunities to take their loan online, directly on the bank or lender’s website. There are several benefits to borrowing in this way.

Most banks and lenders offer the opportunity to apply for bank loans directly via the Internet. You then go to the bank or lender’s website and fill out a form for the loan application. Then your application is sent to the lender who does some checks on your financial situation (eg a credit report) and determines if you are suitable for the loan you have applied for. You will soon receive an answer and once you have been approved you will have your money in the account fairly quickly.

The advantages of using the Internet to take out a bank loan are, as I said, quite a few. First, it is much easier to fill in your application directly on the bank’s website. You can do it from home in peace and quiet and it often goes faster and is more manageable. Your application is submitted the moment you click “Submit” and banks and lenders will then usually be quick to check and process your application.

The supply on the Internet is also considerably greater


Instead of only having 3-4 banks to choose from, here you have over 20 different options, all of which can have their special advantages and disadvantages. For example, there are many lenders that offer specific types of bank loans that may be good for you. If you are looking for a lender who can, for example, give you a loan with a payment note, it is much better to find a good loan online.

Most major banks do not approve loans if you have a payment note, so in many cases it is better to look at other options. Furthermore, it is much easier to compare terms between different lenders on the Internet. It is usually normal to just turn to your regular bank, but there is nothing to say that these are the cheapest.

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Best payday loan consolidation -Find how to consolidate payday loans Sat, 09 Nov 2019 05:26:06 +0000

To cope with the many needs of everyday life it can happen to everyone to subscribe to more than one loan. Maybe for the purchase of a car or for home renovation, but also to organize a wedding or support a child in the studios. In the long run, however, all this could be a problem, when so many different exits must be faced with almost unchanged revenue.
Fortunately, there is a  solution to lighten the financial burden and group all the loans in progress into a single monthly installment, more sustainable and more convenient to repay. We are talking about Debt Consolidation: let’s see what it is!

Find how to consolidate payday loans

Payday loan consolidation from Dedebt is a financial solution that allows you to group all the payday loans in progress and pay a single installment, significantly reducing the monthly economic load.

Specifically, it is a matter of extinguishing the loans in progress in favor of a new single installment loan. The new monthly installment may be modulated so as to be undoubtedly lighter than the total installments currently in progress (acting on the duration of the new loan and possibly benefiting from more favorable market conditions).

As you can easily imagine, this is a solution that allows you to manage incoming money more easily and to look to the future with serenity, being able to meet your commitments more lightly and without the nightmare of deadlines.

But who has the possibility to take advantage of Debt Consolidation?

Debt Consolidation: who can request it

Debt Consolidation can be requested in various ways.

  • By choosing the mortgage formula you need to have an asset on which to make the mortgage.
  • Choosing the Fifth Assignment does not require property as a guarantee, but an income from employment or retirement is required.

Debt Consolidation with Cession of the Fifth: advantages

Debt Consolidation with Cession of the Fifth: advantages

The Cession of the Fifth, reserved for employees and retirees, is a form of loan particularly suited to Debt Consolidation thanks to its unique characteristics:

  • Sustainability: the monthly installment never exceeds 20% of net salary or net pension, in order to always guarantee the right balance between income and expenses
  • Practicality: the installment is held directly on the payroll or pension, for a comfortable and care-free return
  • Flexibility: it is possible to pay in installments from 24 to 120 months. Furthermore, if the needs change over time, it is possible to renegotiate the loan to lower the installment and obtain additional liquidity
  • Protection: life and employment insurance is always included, to better protect the applicant and his family
  • Convenience: the USPA Convention and the Social Security Convention are active for state employees and pensioners, thanks to which it is possible to obtain the Fifth Assignment at advantageous conditions, the result of direct agreements between the banks and the reference administrations.

In addition, the Cession of the Fifth can be requested even in the presence of other loans or in the case of previous payment delays.

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Finance Community Loan Thu, 09 May 2019 04:58:14 +0000

Manser Finance provides social loans through its own internet platform. With their help, we can both borrow money online, as well as invest it at a high percentage.

Although this company has been operating on the Polish market for several years, I have not yet had the opportunity to present it to my readers. Manser Finance is a company specializing in providing social loans. Therefore, it associates both those who want to invest their money, as well as people who plan to borrow money.

Manser Finance is a company originating from Finland, but operating in almost all of Europe. The company provides its own platform for social and crowdfunding loans, by means of which both natural persons and companies can reach for additional financial resources. The whole process is possible without the participation of the bank, because private investors are the strength of the platform. The main priority of the company is to change the traditional model of bank financing, to directly borrow funds between individuals and companies.

Manser Finance for borrowers

Manser Finance for borrowers

If you are interested in borrowing money through Fellowe Finance, I will try to briefly present their financing proposal. You can borrow from 1000 to 12,000 PLN. However, the repayment period may be from 4 to 24 monthly installments. We will know the approximate cost of the loan before applying for a loan. The final cost depends however on the individual assessment of creditworthiness.

A person interested in obtaining a loan via Manser Finance should be at least 20 years old and check in in Poland. In addition, to obtain a loan it will be necessary to have a bank account with online access, established in one of the Polish banks. Verification of the bank account is carried out through the Kontomatik service, which I have written about in my blog. Thanks to this, it is not necessary to present any additional documents to obtain a loan, with the exception of the ID card.

Social loans granted by Manser Finance can be used for any purpose. Both natural persons as well as persons conducting business activity may apply for them. Therefore, we can allocate them both for renovation of the flat, paying back overdue bills, as well as pay for payday debts.

Manser Finance for investors

Manser Finance for investors

This is a proposal for people who would like to invest their money on the Manser Finance platform. By creating a free account on the platform, we have the option of investing our own money in loans. Social loans allow the investor to obtain high interest profits, which can be up to 10% per annum. Of course, when deciding on such an investment, we must be aware of the potential investment risk. With such a high profit rate, there is always a potential risk of losing the invested funds. However, as Fellowe Finance informs on its website – “The amount of potential loss on investment in social loans for Finnish and Polish consumers is limited due to the possibility of assignment of receivables due to unpaid loan to a debt collection company.”

Investment in Manser Finance loans is definitely an option worth considering, especially for people looking for a higher rate of return than savings accounts or term deposits. Both individuals and companies can invest in them. As an investor, we also have the option of freely deciding who and how much money we will borrow. Detailed information on investing in Manser Finance loans can be found on the pages of their website in the Faq tab.

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Consolidation Loans Sun, 31 Mar 2019 08:23:16 +0000 Our list of consolidation loans presents only currently available loans – all data are updated and updated on a regular basis. The current offer of consolidation loans in one place is a good opportunity to make a comparison of consolidation loans, taking into account all relevant parameters: interest, interest rate, costs, minimum and maximum loan amount, APY, form of payment, promotions and bargains.

What is the consolidation of loans?

What is the consolidation of loans?

A consolidation loan is an offer for people who pay off a few loans or credits and want to exchange them for one loan in one bank with one repayment date. In practice, it turns out that repaying one loan, which is the sum of several smaller commitments, is a more advantageous solution – it involves less interest and better repayment terms. Repayment of consolidated loans is made by the bank granting a consolidation loan, so we do not receive any cash in hand, unless we apply for an amount exceeding the total liabilities. In some banks, additional cash for consolidation loans is a standard option.

Thanks to the consolidation loan, we can convert several smaller installments into one, and usually lower.

A consolidation loan can be obtained from a bank or loan company (consolidation loan). Before signing a loan agreement, you will be asked to provide credit and loan agreements related to the repaid liabilities. The bank may also wish to present a repayment schedule or a certificate of timely repayment of liabilities from other banks or financial institutions.

Advantages of consolidation loan

Advantages of consolidation loan

  • Lower installment to pay monthly.
  • Convenience to use – even fewer transfers a month and less fees for making transfers.
  • The possibility of obtaining an additional amount for any expenses (depending on the creditworthiness).
  • Possibility to change the date of installment payment and extension of the loan period (spread over more installments).
  • The possibility of negotiating better terms of crediting.
  • Facilitating freeing yourself from the credit spiral, as all liabilities can be included in the consolidation loan (including loans, loans, credit card debt and credit limit).

Have you already used the consolidation of loans? If you have suggestions or requests on this topic – write about it in the comment. We ask for both positive and negative opinions. All information will help other people make the decision.

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What is the Margin in the Loan? Loan Margin Explanation Sun, 31 Mar 2019 08:02:48 +0000 The bank’s margin is nothing more than the component part of interest on loans. The interest rate is a combination of two elements, such as the bank’s margin, which is a fixed value determined in the loan agreement and the base rate, which jabank is used in credit facilities. If the interest rate is 7%, and the base rate is 6%, then the bank’s margin is 1%. Thus, the bank’s margin is the value of earning money for the bank when it shares the loan. The bank’s margin is a fixed value that the bank can change when both parties to the loan agreement express consent to such an option.

Its amount, however, depends primarily on the policy of the institution in terms of a specific loan.

Its amount, however, depends primarily on the policy of the institution in terms of a specific loan.

The amount of the loan margin is primarily affected by the LTV ratio, which is the value of a loan depending on the value of the real estate constituting a certain type of mortgage collateral. When calculating the LTV, in any case, the bank will take into account the value of the property. We can observe cases in which, in a situation of a lower transaction value in relation to the market value, the bank will take into account the LTV ratio the lower of these amounts. Referring to the bank’s margin, usually the lower the LTV ratio, the lower the bank’s margin, and therefore the cheaper credit in a given institution.

The type of loan also determines the high margin. When it comes to mortgage loans, consolidation loans, home loans and mortgages are at stake. Depending on the type of loan, the bank sets a different margin. The lowest value of the margin, however, is noted in the case of loans for the purchase of real estate. However, the highest bank determines when it takes into account consolidation loans or in the form of a traditional loan.

Another factor that affects the amount of margin imposed by the bank is the commission on the loan, which is imposed on the client during the activation of a given loan. In fact, it is assumed that a higher amount of loan commission may decide about a lower bank’s margin.

Additional bank products are the next parameter on which the institution’s margin depends. It depends primarily on the number of services used by the bank, i.e. credit card, account, and additional insurance. It is worth bearing in mind that although the condition of lower value of margin in connection with the purchase of additional services is recorded on the credit agreement, it is usually not specified in the costs of using the account or card. We can therefore find a situation that, despite the free account, the bank will start to collect the relevant fees related to the changes in the fee and commission tariff that apply to the account.

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Loan without residual debt insurance Fri, 08 Mar 2019 12:28:19 +0000

Consumers have a good time looking for a loan today. Not only branch banks offer loans, but also the numerous online banks. Meanwhile, it has become clear that the offerings differ significantly. Sometimes the banks require the completion of a residual debt insurance. Without this there is no loan approval. However, those who study the offers carefully will also find a loan without residual debt insurance.

What is a residual debt insurance?

What is a residual debt insurance?

A residual debt insurance to protect the borrower and his family. It is possible to safeguard the death, a sickness and unemployment. The more hedged, the more expensive the residual debt insurance and therefore also the credit. The contribution for this insurance is added to the loan amount, which makes a loan more expensive. The conclusion of such insurance should therefore be well considered. If the bank insists, then you should look for another loan without debt insurance.

However, a residual debt insurance should not be vilified. There may be enough reasons for a degree. In the case of high loan amounts, it is in any case recommended that this loan be secured in any way. Particularly important is a hedge of a real estate loan. Here are completely different loan amounts estimated and it makes sense to hedge such a loan.

No compulsion to take out a residual debt insurance

The bank can not force a customer to take out a residual debt insurance. If the customer refuses, it may happen that the bank refuses to lend. Fortunately, there are plenty of banks that offer a loan without residual debt insurance. These can be found on the comparison calculator that exists on the Internet. Banks always want collateral. But they can also be brought in a different form. Luxury cars, real estate or life insurance that would cover the loan are popular collateral. With such options, the banks do not require any residual debt insurance at all.

The advantages and disadvantages of the residual debt insurance

The advantages:

– Securing the loan amount in case of accident, illness, death or unemployment 
– The insured have a worldwide protection 
– No health check is required. For older people, the premium increases

The disadvantages:

– The loan amount is increased by the conclusion of a residual debt insurance 
– Not worth it for small loans 
– The borrowers have no means of comparison, as the banks already cooperate with insurance companies

However, the advantages and disadvantages should not obscure the fact that such insurance can certainly be appropriate. If the borrower wants that, she will jump in if she is unemployed. Thus, it secures the existence of the borrower. The best example is real estate loans. The term is at least ten years. During this time, the borrower can become unemployed and get along with less money. If he has now completed a loan without residual debt insurance, he looks in the tube. If the installments for the real estate loan are no longer paid, the house will be auctioned as a consequence. The borrower and his family then have to look for a new place to stay.

If the bank grants the loan without residual debt insurance, then it is up to the borrower to decide whether or not to conclude one. It is not worth it for mini loans or small loans. If the loan amount is high, then it makes sense. It is then a calculation example, whether a risk life insurance would be cheaper.

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Borrow money, but from whom only? Wed, 06 Mar 2019 13:59:02 +0000 Whether it’s a broken refrigerator or an urgent car repair – larger expenses usually come in the financially unfavorable moments. Consumers who do not have sufficient reserves inevitably face the question of who they can borrow the much-needed money from. Many come first the well-heeled relatives, better-earning or the house bank in mind. Depending on the situation, these can be the right contacts, but what if the loan from the house bank is out of the question, for example because of a negative entry in the personal Private credit file? Even in these situations, there are many ways to borrow money. Find out what these are and what you should consider when making loans from various lenders here.

Credit request at the house bank or another bank

Company loans

If you want to bridge a financial shortage with a short-term loan, you can confidently turn to your bank. Find the interview with your local banker and let them know about the possibility of borrowing. However, consider well in advance what the required amount of the loan should be, the duration of the loan and how high the monthly installment should be. All these aspects have an impact on the cost of the loan. The higher the loan amount and the longer the term, the higher the interest that has to be paid in total. However, with a reduction in the running time, the monthly rate increases and this should definitely be calculated realistically. First, make a comparison of your monthly spend and revenue. Once again, deduct a certain part of the resulting difference for unforeseen costs (experts recommend at least 150 euros). The balance is the maximum amount that can be raised for a loan installment.

However, the interest rate itself usually depends on the creditworthiness of the borrower, which in most cases is requested by the Private credit. The better the credit rating (and thus the credit rating), the lower the risk of the bank and therefore the interest rates are lower. In addition, the loan rate differs considerably from bank to bank, so it makes sense to compare the offer of the house bank with other offers. Direct banks often offer the more favorable terms, but you also have to do without the personal advice that a branch bank offers. Depending on whether you want a branch bank or a direct bank as a lender, or have no preference, you should make an appropriate online loan comparison. Such a comparison is offered by numerous platforms free of charge and shows you in the blink of an eye the cheapest loans that have been selected based on your information. The comparison allows you to save several hundred to thousands of Euros depending on the loan amount. But consider not only the cost of a loan, which is reflected in the APR, but also the terms of the repayment.


– fast availability of money,
– not normally earmarked, but freely available,
– Repayment plan with high planning certainty (interest rate and repayment fixed from the beginning).


– Grant and interest rate usually credit-related,
– Credit is reported to the Private credit and thus affects even the credit rating,
– early redemption partly only against fees (prepayment penalty)

Credit from friends or relatives

Employers loan

For example, if a regular loan from a bank is not possible due to poor credit ratings, friends or relatives may be asked for a short-term loan. This is usually much less complicated than a loan request from a bank. Above all, the personal relationship and the elimination of the credit check, including a look into the personal file of the Private credit, the chances to get the required amount, very good. However, a request from friends, relatives or acquaintances should be well considered. If you borrow money from a person you know, you should make sure that the general conditions of the loan are always recorded in writing. Although it is by law quite permissible to arrange a private loan orally. But if, contrary to expectations, there are disputes, both sides have nothing to appeal to. A contract for a private loan does not have to be a legal masterpiece, it is sufficient if the most important data such as the name of the borrower and the lender, the loan amount, the agreed term and the method of repayment (monthly installments or an amount?) Are included.


– no credit check or additional collateral,
– Interest and repayment is agreed individually
– Premature replacement is possible at any time.


– usually only small loan amounts possible (up to a maximum of 10,000 euros),
– Credit can be terminated at any time (notice period: three months),
– Disagreements over the credit affect the personal relationship.

Employers loan

Not only friends, acquaintances and relatives are potential lenders, but the employer can also take a loan in times of financial shortage. Most companies granting an employer loan do not base the grant on the employee’s credit rating, but on other factors such as their position in the company, length of service, and level of salary. In the case of an employer loan, sometimes referred to as a staff or employee loan, the employee receives a certain sum as a loan and has to pay it back in regular installments. This can be done either by transferring the agreed amount or by deducting the loan installment directly from the monthly salary. In order to avoid disputes, it is strongly advised to record the loan agreements in a contract. Specifically, the contract should include the loan amount, the agreed interest rate, the repayment modalities and, if desired, the intended use. If no repayment agreements are made, the employer is entitled to terminate the loan upon termination of the employment relationship of the borrower. In this case, the entire sum must be repaid within a period of three months.

Employee or employer loans are also tax relevant. Employees must indicate in the tax return the monetary benefit they receive from the low-interest loan. On the employer side, it should be noted that the interest earned on employee loans is included in operating income and must be reported accordingly.


– very low or no interest,
– trust and loyalty to the company instead of credit check and collateral,
– flexible repayment terms.


– Employer gets insight into the financial situation of the employee,
– Credit is tied to employment (immediate repayment on termination),
– Interest advantages must be stated as monetary benefits in the tax return.

Peer-to-peer credit through online platforms

If credit to the bank is not possible due to negative Private credit entries and the financial support of friends, relatives, acquaintances and employers is out of the question, a loan seeker has the possibility to apply for a loan privately via special online platforms. Here are potential credit  and borrower. Loan seekers can use these peer-to-peer (P2P) credits to obtain their desired amount without having to meet banks’ strict award criteria. Here they just have to describe their intention or the reason for their search for credit, and then their concerns are examined by the operators of the platform. If successful, the interest rate for the loan request is determined and the request is published. Now interested investors can offer a portion of the loan amount as a loan and once the desired amount is offered at 100 percent, it will be paid to the borrower. The repayment takes place analogously to the conventional bank loan in monthly installments.


– no fixed award criteria, usually without Private credit query,
– will not be reported to Private credit,
– also original and innovative uses possible.


– from request to authorization (= enough investors) it can take a long time,
– fees are charged for mediation or account management,
– some higher interest rates than bank loans.

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