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Compensación por desistimiento

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09:56 Feb 15, 2008
Spanish to English translations [PRO]
Bus/Financial - Finance (general) / Loan advertisement
Spanish term or phrase: Compensación por desistimiento
Context: This is in an ad for a loan, in a list of loan features. Could this be a cancellation or withdrawal fee?
Tina Delia
United Kingdom
Local time: 23:45
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Summary of answers provided
4 +3early termination fee
Rob Lunn
5 +2compensation due to withdrawal
trnet
4 +1Compensation due to cancellation
Edward Tully
5abandonment fee
Nelida Kreer
4withdrawal charges
Cecilia Della Croce
1Info
Andy Watkinson
2 -2default paymentTatty


  

Answers


1 hr   confidence: Answerer confidence 5/5 peer agreement (net): +2
compensation due to withdrawal


Explanation:
Así es.

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Note added at 1 hr (2008-02-15 10:57:50 GMT)
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.... por abandono. (Dicc. Terminología Jurídica)

trnet
Local time: 23:45
Works in field
Native speaker of: Native in SpanishSpanish

Peer comments on this answer (and responses from the answerer)
agree  Andy Watkinson: This is closest the the sense of the original.
9 hrs
  -> Thanks.

agree  Carolina Ruiz
12 hrs
  -> Gracias
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The asker has declined this answer

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
early termination fee


Explanation:
...


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Note added at 1 hr (2008-02-15 11:11:11 GMT)
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Second Mortgage Pre-Payment - Bad Credit Second Mortgages - Call ...- [ Traduzca esta página ]Second Mortgage Loans - Understanding Prepayment Penalties and Early Termination Fees. According to Freddie Mac, a mortgage with a prepayment penalty option ...
www.bridgemortgages.com/second-mortgage-prepay.html - 36k - En caché - Páginas similares

Termination fee - Wikipedia, the free encyclopedia- [ Traduzca esta página ]Early Termination Fee – The total fee that will be charged for early ... If the contract has a declining rate “Early Termination Fee” refers to the initial ...
en.wikipedia.org/wiki/Termination_fee - 18k - En caché - Páginas similares


Rob Lunn
Spain
Local time: 00:45
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
agree  Victoria Burns:
3 hrs
  -> thanks Victoria

agree  Beatriz Galiano
1 day15 hrs

agree  James Salter
3198 days
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The asker has declined this answer

1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Compensation due to cancellation


Explanation:
I think that "cancellation" is more appropriate here, to cancel a loan insurance policy etc., "withdrawal" is more of a legal term...
40.11 Guaranteed Housing Loan Plan- [ Traduzca esta página ](h): Cancellation of Loan: Any loans given under this plan will contain the condition that the entire balance of any principal outstanding together with ...
www.caut.ca/cuasa/agreement/s156.html - 13k - En caché - Páginas similares
[DOC] Tel: +264 61 270 6111Formato de archivo: Microsoft Word - Versión en HTML
6.4 Suspension (of interest) and cancellation of loan repayment. The NSFAF Board may decide to suspend the repayment of a loan if: ...
www.mec.gov.na/ministryOfEducation/downloads/REVISED POLICI... - Páginas similares

[PDF] Auburn UniversityFormato de archivo: PDF/Adobe Acrobat - Versión en HTML
A borrower should request a PARTIAL CANCELLATION of loan repayment for a COMPLETED 12-month period, if during that 12-month period, ...
www.auburn.edu/administration/business_office/pdf/bsl-instd... - Páginas similares


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Note added at 1 hr (2008-02-15 11:11:35 GMT)
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and "payment" may be more common than "fee"...
Personal Banking- [ Traduzca esta página ]Debt Cancellation Payment Protection is an optional product available on certain consumer loans that can provide you peace of mind during an unexpected job ...
www.nbarizona.com/PersonalBanking/OnlineApplication/FAQ/Rel... - 25k - En caché - Páginas similares
SEC Info - Pinnacle Entertainment Inc - 10-K - For 12/31/01 - EX-10.55- [ Traduzca esta página ]3 to Reducing Revolving Loan Agrmnt. 2 13K 7: EX-10.37 Amend. ... an Election Form shall be effective with respect to an Option Cancellation Payment upon a ...
www.secinfo.com/dV5Ff.34dw.6.htm - 24k - En caché - Páginas similares

Student Loan Forgiveness- [ Traduzca esta página ]Forms for cancellation/payment postponement and interest rate reduction can be located at www.scstudentloan.org. Stafford loan: ...
www.kershaw.k12.sc.us/district/human_resources/student_loan... - 25k - En caché - Páginas similares


Edward Tully
Local time: 00:45
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 814

Peer comments on this answer (and responses from the answerer)
neutral  Andy Watkinson: So would you continue to use e.g. GAAP terminology instead of the new IFRS? Unlikely//Quite. I've made no suggestion - I have simply informed the asker and yourself of something you obviously weren't aware of./Pls. see note below
1 hr
  -> sorry Andy, but you cannot change language to suit new (and perhaps equally temporary) laws - the translation has to stand "as is" - it is significant that you have made no suggestion yourself, best regards.

agree  xxxalizestarfir: based on the words i see.. the term 'as is' this is what i think.
5 hrs
  -> thank you! ;-)
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The asker has declined this answer

2 hrs   confidence: Answerer confidence 1/5Answerer confidence 1/5
Info


Explanation:
Tina,

Just some background info.

A law has recently been passed in Spain referring to loans (especially mortgage loans but not exclusively) in which the compensation for "cancelación" has ceased to exist and been replaced with the "compensación por desistimiento".

I would therefore be reluctant to use the work "cancellation" as this was the term used prior to the law.

Here's the relevant quote and you can find the entire text at the address below:

Andy

"La nueva ley hipotecaria no facilita el cambio de banco y establece nuevos gastos

El ´bluff´ de la rebaja hipotecaria

----------------------------------------------------------------------------------------------
La nueva Ley penaliza el cambio de hipoteca al otorgar a la banca la potestad de paralizarlo; elimina la comisión de cancelación, pero establece un pago por desistimiento y añade nuevos gastos"

"Por otro lado, la que la ley confiere a la banca el derecho a cobrar una nueva comisión -ahora denominada 'compensación de desistimiento'- para 'resarcir' a las entidades financieras por el hipotético quebranto que podría causarles la cancelación anticipada del préstamo hipotecario. Cierto es que esa compensación se ha fijado en un máximo de un 0,50% del capital amortizado anticipadamente por la cancelación o subrogación, frente al 1% en que estaba establecido el anterior límite máximo por la cancelación en subrogaciones"

"Se quita la comisión de cancelación pero se fija una compensación nueva por desistimiento"

"Finalmente, la nueva ley da cobertura legal a un nuevo tipo de hipotecas, que en el mercado se denominan como 'flotantes' o 'de máximo' y que permiten a los hipotecados volver a disponer de capital que han ido amortizando."

"Compensaciones por desistimiento y tipo de interés
La nueva ley hipotecaria ha establecido dos nuevas compensaciones que los bancos y cajas pueden cobrar en las subrogaciones, lo que encarece el gasto para los clientes. Estas compensaciones sustituyen a las antiguas comisiones por amortización anticipada"
http://www.mercado-dinero.es/Noticias/GestionNoticias_586_ES...

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Note added at 10 hrs (2008-02-15 20:04:20 GMT)
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To Edward:

Pls. read the KudoZ description:
"The KudoZ network provides a framework for translators and others to assist each other with translations or explanations of terms and short phrases"

This is an explanation of the need for a new term, within the context of a new law. Simple.

Andy Watkinson
Spain
Local time: 00:45
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 88

Peer comments on this answer (and responses from the answerer)
neutral  Edward Tully: Explanations should be made in the form of notes to askers, not as answers. Very simple! a) Use that b) Since you started lecturing me on ProZ.com rules
2 days4 hrs
  -> Edward: a) There is no "note to asker" box, only "ask the asker" b) Since when are you a moderator?
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The asker has declined this answer

13 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
withdrawal charges


Explanation:
o cancellation fee

Cecilia Della Croce
Argentina
Local time: 19:45
Works in field
Native speaker of: Native in SpanishSpanish
PRO pts in category: 68
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The asker has declined this answer

1 day5 hrs   confidence: Answerer confidence 5/5
abandonment fee


Explanation:


http://www.secinfo.com/d13trv.33t.d.htm
2.3 ABANDONMENT FEE. If the Company elects to terminate the License Agreement pursuant to Section 11.2(a) thereof, (for any reason or for no reason under such Section 11.2(a), provided BSC has delivered the BSC Deliverables (as defined thereunder) to the Company), then the Company shall promptly give BSC written notice of such termination and shall forthwith, at its election, (i)
without additional consideration, pay an abandonment fee (the "Abandonment Fee") to BSC payable, at the Company's option, in the form of: (i) a stock certificate, registered in the name of BSC, for such nearest whole number of shares of Company Common Stock as shall equal the quotient obtained by dividing
$1,000,000 by the Company Share Price (the "Abandonment Fee Shares"), or, ........

http://www.westernportwater.com.au/PaymentsCharges/
Disconnection – plugging tee removal/abandonment fee




Nelida Kreer
Uruguay
Local time: 19:45
Specializes in field
Native speaker of: Spanish
PRO pts in category: 32
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The asker has declined this answer

5 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): -2
default payment


Explanation:
A guess, it looks more like there has been a lapse in payment.

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Note added at 2 días8 horas (2008-02-17 18:11:21 GMT)
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What about cancellation fee then, as the asker suggests.

Tatty
Local time: 00:45
Native speaker of: Native in EnglishEnglish
PRO pts in category: 28

Peer comments on this answer (and responses from the answerer)
disagree  Andy Watkinson: Sorry, no "default" involved. If a person wishes to transfer the loan, what used to be the "cancellation charge" is now called "compensación por desistimiento". Depending on the case, it is considerably lower than the original charge.
4 hrs

disagree  Eoghan McMonagle: completely agree with Andy. no "default" is involved in this case.
1894 days
  -> Mortgage exit fee, probably. The question is over 5 years old...
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