If you accumulate several credits and you have some difficulty managing your money at the end of the month, it’s time to think about buying back credits. Discover below the steps of a grouping of credits.
In concrete terms, what is the redemption of credits?
More commonly known as debt restructuring or credit consolidation, this operation allows you to consolidate all your credits into one, with the aim of obtaining only one reduced rate loan. The duration of the credit is then extended for a reduction in monthly payments and reduced monthly ends.
How it works?
Step 1: I make my request to buy back credits
Before embarking on this type of procedure, it is important to compare the different rates applicable to your repurchase of loans. For this, manucredit offers you to compare the offers of pooling of the market in a few minutes, you just need to fill in the information requested in the questionnaire. Comparing several offers will save you money on the total amount of your loan buyback.
Step 2: I am quickly contacted by one or more credit broker (s) in my area
Once you have chosen a credit broker, it helps you and assists you to build your case in the rules.
What is his file? First, gather all the necessary supporting documents. You can consult the necessary documents by clicking here.
First of all, it is a question of gathering all the information concerning your credits in progress (statements of accounts of your revolving credits / revolving as well as the tables of amortization of all your credits).
Then, accompanied by your advisor, you will make an overview of your personal and family situation (all fixed and variable charges related to your home and lifestyle), as well as professional (pay slips, tax level, etc.). ).
And finally, you will analyze together your request to buy back credits and determine a financing plan.
Step 3: I get my loan offer
Shortly after, you will receive a 30-day credit buy-back offer. You have a 10-day cooling-off period to accept or reject this loan offer.
Step 4: Unlocking the funds
Your steps stop here. Your new lending bank will directly repay your old creditors. From there, you will benefit from a single reduced monthly payment. You will then have the choice of the fixed date of sampling. Your advisor will, of course, listen to you for any follow-up concerning your purchase of credits.
In which case could my file be refused?
As in any field, banking organizations must adhere to standards and criteria before agreeing to grant you a buy back credit.
The number one reason for refusing credit redemption and the most common one is your employment status and salary. This is the case if you are an employee and you are on a temporary or temporary contract.
If you are a homeowner, want to redeem credit including your home loan, and your mortgage guarantee is considered insufficient, this will also be grounds for refusal.
If you are the subject of a file at the bank for unpaid, this automatically results in a negative rating with the lender who will be forced to refuse to your folder.
Thus, using a broker buyback loans can be useful when its situation is a little complicated or particular. A credit buyback broker has extensive knowledge and advanced credit mechanisms and will bring you all the information and get around the flaws of the traditional banking system.