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WHITBY FREE PRESS, WEDNESDAY JANUARY 12, 1983, PAGE 19 Now is the time to re-finance your consumer loans By ALAN C. GUNN, CA Syndicated Columnist Almost everyone knows that interest rates have fallen, over the last few weeks, from the astronomically high levels of last spring and summer. What many people may not know, however, is that if they borrowed money from a bank at a high rate earlier this year, they can have that rate adjusted to reflect current interest rates. We are talking here about "personal" or "consumer" bank loans, as opposed to "demand" loans on which the rate fluctu- ates anyway, or mort- gages which can nor- mally be adjusted only with a penalty of two or three months' interest charges. Consumer loans are "open" - they can be paid off at any time, without penalty al- though there may be a small administrative fee. In effect you can borrow now, at today's rate, to pay off the originalloan. If you own bank balks Speaking to You By SCOTT FENNELL, M.P. (PC - Ontario) It looks as if Parliament isn't going to get off to a very good start in the New Year. Before Christmas it was embroiled in an ungentlemenly disagreement over Canagrex - a crown corporation whieh the Minister of Agriculture, Eugene Whelan, wants to create. Canagrex is one of those ideas that looks good at a glance but which fails to survive more detailed scrutiny. It is described as a company to promote, facilitate and engage in the export of agricultural and food products from Canada. Parliament has been reluctant to approve this creation and Whelan has imposed closure to get it through the House. I'm convinced that Whelan's motives have more to do with empire-building than they do with good government. He has boasted in the past "my department's budget is now more than a billion dollars a year". He rejects at every turn the overwhelming econo- mie evidence that his supply marketing boards cost food consumers more than a billion a year in inflat- ed prices. Canagrex is one way Whelan can guaran- tee that his empire will grow. In September, attempting to justify Canagrex, Whelan said "We have identified market opportuni- ties for approximately $500 million in potential agri- export sales that could be made if there was some help from an agency such as Canagrex. Despite very pointed questions, Whelan has refused to detail where such potential lies. Why? Why has he been shy to answer? What evidence is there that the pri- vate sector couldn't handle the sales? Should we take Whelan's word for it? I might have been willing to before the Auditor General's report, but not now. Kenneth Dye called the crown corporations a "sub-government", one which manages to hide its $33.6 billion annual spending from Parliament's eyes. My party is not going to support the creation of another potential taxdollar eater until Ottawa prevents crown corporations from becoming pawns in the empire-building game. BORED?- CERAMIC CLASSES STARTING WEEK OF APRIL 5 LARGE SELECTION OF GREENWARE & SUPPLIES WHITBY CERAMICS 1450 HOPKINS STREET, WHITBY 668-6941 Typewriter RENTALS t at that request, go to another bank. If your security was good enough for the original loan at the higher rate, it should be good enough for a loan for a lesser amount at a lower rate. How much difference can an adjustment make? Let's take a loan for $10,000 over 5 years at last spring's con- sumer rate of 19.75 per cent per annum. Pay- ments were about $264 per month. If six payments have been made, the out- standing balance is now Two W Two Whitby men were arrested by police fol- lowing the theft of eight guns from an Oshawa residence last Saturday. The guns, valued at approximately $10,000 by owner Mike Nicolussi of Oshawa, were taken from Nicolussi's resi- dence some time Satur- day. $9,377. At the current consumer rate of 17 per cent, you could borrow that amouint over 41½ years (the remaining term of the original loan) and pay $250 per month, a saving of some $756 over the full term. However, if you were willing to pay $5 more per month, or $269, you could borrow the $9,377 over 4 years, you could be out of debt six mon- ths sooner and save an additional $590 - for a total saving of ab.out $1,350 versus the originalloan. Police report that no forced entry had occurr- ed, and suspect a key was used to enter the Nicolussi residence at 978 Ronlea Cres. in Oshawa. The two Whitby men were arrested following a police investigation. Charged with break, Tylenol taken A small quantity of Tylenol pills and codeine was taken from the Whitby Medical Cen- tre, 1619 Brock St. S., on the night of Jan. 9. Police report thieves entered the building through a basement window on the northeast corner of the building some time before 8 a.m. Jan.9. The thieves removed a small but unknown quantity of Tylenol pills and codeine syrup. Danage to the window was valued at $50. Police have no sus- pects. also SALES & SERVICE Furthermore, if in another six months the consumer loan rate should drop even fur- ther, to the 14 per cent level that applied about two years ago, you could renew the loan again. You will then owe about $8,350. If you accept an increase in payments of $13 per month, or $282, and reduce the term to three years, you can save an additional $1,140 over the term. In total, if interest rates continue to fall you can be out of debt a full year sooner than enter and theft, and possession of stolen pro- perty over $200 is Ed- ward Louis Van Roie, 30, of 200 Garden St. in Whitby. Charged with posses- sion of stolen property over $200 is Ronald James Erickson, 23, of 800 Beech St. in Whitby. Give to the Kidney Foundation of Canada you expected and pay almost $2,500 less than you expected. But even if rates don't continue to fall, you should take advantage of the fact that they have fallen. The oppor- tunity Is there; don't let It pass you by. WHITBY • NEW DETACHED - $64,990 - 3 bed- rooms, dining, 53' lot, qualifies for $3,000 Grant. Call Merv Parchment, 668-6171 or 668-8040. Canada-wide (eokCon real estate service. Canada-wde <elocon real estate service. hitby men charged A march on City Hall shouldn't be the only time you get PIC"IPaLTIon 1