All about buy back credit

All about buy back credit

Do you have multiple loans to pay off at different interest rates? Every year, thousands of people find themselves in a situation of excessive indebtedness. Fortunately, there are credit consolidation specialists who help borrowers reduce their monthly payments.

more than 120,000; This is the number of households that were over-indebted in 2021. This stressful situation affects people who are no longer able to repay their debts. To get out of this hellish spiral, solutions exist. This is the case for credit repurchases. The benefit of this group of loans lies in the fact that all the loans obtained, regardless of their nature (consumer loan, car loan, mortgage, etc.), are combined. This financial solution is a response to the excessive indebtedness that is unfortunately sometimes experienced by some families.

What are the advantages of repurchasing credit?

By repurchasing credit, the indebted person will be able to pool together in one loan and all the same credits he has. In this case, the term and the interest rate will be coordinated. This new credit makes it possible, in most cases, to benefit from a lower interest rate than that contracted before the buyback. By definition, if the monthly payments are reduced, the repayment period is extended. This credit consolidation, with the help of a financial institution, allows the debtor to draw up a budget more suitable for everyday life.

Thanks to this, it will again be possible to build life projects with monthly installment payments. This procedure is simple and above all, it is suitable for everyone. If it is the indebted persons who benefit from the credit repurchase, each borrower (of several loans) can perform a merger simulation. Thanks to simulations, it is very easy to estimate the amount of future premiums.

How does credit recovery work?

To take advantage of the loan buyback, the borrower must first submit an online application. The process is fast and the result is available in just 3 minutes. Once this first step is taken, the financial advisor contacts the borrower to offer him a financing plan adapted to his situation.

If the contract suits him, the person will have to send his complete file so that the consultant can do his study before sending it to his banking partner. Once the project is awarded, the funds will be released after the 14-day withdrawal period.

How does credit recovery work?
How does credit recovery work? ©Istock

Who is the buy back loan for?

Good news, credit consolidation for all! Whether you are a landlord or renter, single or married, retired or active, on a fixed-term or temporary contract, from age 18 until about age 85, it is possible to reduce your monthly payments by buying back your balance. Whether you are a tradesman, craftsman, self-employed or a carrier of SCI, this recovery solution is possible.

Unfortunately, it is often difficult for agricultural workers to obtain a credit union. In fact, the loans contracted are generally related to their private and professional life. Credit consolidation is a unique and personalized system according to the profile of the borrower.

What are the steps for credit recovery?

If you want to get a “refund in principle”, in this case no supporting document is required. For this, the borrower can contact a consultant who will answer all his questions regarding the process. It is also possible to go online to apply online, simply by responding to a form. For people who want to create a file, several documents will be required, such as:

  • the last three account statements,
  • identity papers and documents,
  • income proof,
  • Credit offers in the process of being repaid,
  • Proof of personal and professional status.

As you understand, in the vast majority of cases, once the borrower takes out several loans, he has the possibility to reduce his monthly installments by pooling all his loans. It is a way to live more calmly on a daily basis. No more interest rates that vary, no more monthly installments to accumulate; This is not a viable long-term situation. Choosing to go through an institution that specializes in credit consolidation gives you the opportunity to stop over-indebtedness. So you will have one credit and reduced interest rates.

BFMTV’s editorial staff was not involved in the production of this partner content.

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