Too many credits accumulated? The repurchase of credit is an option that opens to you. This is a somewhat special credit transaction, which is to consolidate all your outstanding credits into one credit. The purpose is the restructuring of credit, in order to allow the debtor to repay his debts under better conditions and in particular to alleviate any situation of overindebtedness. In addition, be aware that the repurchase of loan is not only used to solve your financial difficulties, many are the other advantages.
Thus, optimizing budget management is also one of the advantages of credit redemption. The principle is as follows: at the end of the debt restructuring, the debtor gets away with a single monthly payment, a new term and a single rate.
And finally, next to everything that is budget, the loan buyback can also be used to reduce the total cost of loans. A new rate is renegotiated downwards, a new term is proposed as well as a new monthly payment. You can hire a financial advisor before you start negotiations with the financial institution.
There are also special cases where recourse to pooling credits may be appropriate. This is particularly the case when a life accident occurs and the income falls to the downside. In this case, we are talking about financial rehabilitation through debt restructuring.
Loan purchase: What are the eligible credits?
In principle, almost all loans can be renegotiated: consumer credit, home loans, revolving credit, construction loans and even auto loans.
The repurchase of mortgage
Who says immo credit says assigned credit, so you understand that this is a previously defined credit to finance the purchase of real estate in part or in all. The immo credit also includes the work credit intended to finance the work to be done or any construction operation. The mortgage is fully eligible for the repurchase of credit, it can be the subject of a fixed or variable rate, it can also be depreciable or in fine, that is to say that the repayment of the capital will be made following a deadline in the loan agreement.
The purchase of consumer credit
When talking about consumer credit, you have to differentiate between credit and unrestricted credit.
The credit allocated is the one intended exclusively for the financing of a particular project, previously defined by the parties in the loan agreement. Examples include car loans, car loans and credit sales, which are used to finance the purchase of a good in several stages.
Unrestricted consumer credit, commonly referred to as a fast credit, is that subscribed for the purchase or financing of any project, without the debtor being accountable to the financial institution for the use of the loan. the amount borrowed. A personal loan and a revolving loan can be distinguished in the unrestricted consumer credit family. The purchase of consumer credit is a possibility that opens perfectly to any housekeeper who has contracted a little too much credit and who ends up having trouble meeting its repayment obligation.
Moreover, it is possible to have a personalized study of the situation before embarking on the loan consolidation, through the services of a financial advisor, or simply by using the credit redemption simulation.
The stages of credit consolidation
The repurchase of credit was said to be a very particular financial operation. When a household or a private individual has taken out too much debt, their financial situation is likely to deteriorate rapidly. Then comes the solution to over-indebtedness that is the repurchase of credit to avoid banking as a banking prohibition or simply to lower the total cost.
The loan buyback is obviously different from the conventional credit system, through processes and procedures for restructuring and renegotiating loans. Nonetheless, like any credit, the debtor will have to apply to an online credit institution to make the redemption request. It may be a traditional establishment, but nowadays preferences tend to be more about online establishments. Let’s make a small list of steps to follow.
Always start with a request to buy back credit. When done online, the online application is free and non-binding.
Study of the request
Once the request is made, a financial adviser proceeds directly to a review of your case, thanks to the information which you will have provided to him through a form which was presented to you on the site. A first opinion is then given as to the feasibility of granting credit.
Once a first downstream has been given, it is now possible to start mounting the file. This is the construction stage at which the debtor and the advisor will proceed. It will be necessary to mount in particular the various elements of the file, essential to the realization of the loan contract.
Then, once mounted, the file is sent to partners that the counselor will have carefully chosen.
The sending of the file will in principle be followed by the agreement of the partner to grant a repurchase of credit to the borrower. At the end of this agreement, an offer will be offered by the credit institution. It is the responsibility of each borrower to thoroughly analyze the credit restructuring offer, including whether it can alleviate financial difficulties.
The release of the sum granted
Once the loan agreement is concluded, the old loans are made up to make room for the new single loan after the renegotiation. The new credit agreement will start playing and the funds will be released.