Help In Paying Off Loans By Using Excess Fees and Commissions

Feb. 25, 2012 - PRLog -- Sydney, Australia, My Money Technology Solutions today announced the availability of an open license patent in Australia that utilizes commissions on financial service products to assist with the payment of interest on credit cards and home loans. The team is made up of industry personnel from the wholesale, retail and marketing sectors, and professional programmers, all of whom have extensive experience in financial services around the globe.

Commissions have been a hot topic in the financial service industry. With recent Government inquiries and submissions noting the impact of commissions and the arguments for and against, the service will assist with the issue of transparency.

We are providing an open license structure to enable interested parties to consider the benefits of transparency and utilization of commissions in a constructive way for consumers and to reduce the barriers that are sometimes restrictive. We are a small organization and want to encourage innovation and collaboration in the financial services industry and the use and transparency of commissions maybe a way to start. New ideas, new technologies and new products that give choice to the consumer may develop says Graham Chee, Managing Director of My Money Technology Solutions.

In simple terms, the business method enables the conversion of the commissions paid to rewards credits that can then be used to pay the interest on your home loan or credit card. Consumers that are paying commissions can simply ask the adviser how much they are paying and ask for a transaction list.

The business method developed by My Money Technology Solutions simply enables:
• Full disclosure and transparency of all commissions that are paid by product providers.
• You are not required to sell or terminate your existing financial products or change financial advisers. Our product does not impact or affect the clients ownership of the products.
• The reward credits are allocated to your online account the month following the receipt of payment from the product providers and to be allocated to a credit card or home loan facility.

Our business method is a simple solution to a hotly debated issue in the industry and will enable an alternative and beneficial use of the commissions for clients.

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My Money Group is a strategy and research consulting firm that advises executives on growth and innovation issues. Our methods uniquely combine experience working for well-known organizations with experience in entrepreneurship.