The repurchase of credit for dummies
You have several credits (real estate, consumer or private) or you have to repay each month your credits without stopping your budget?
You can ask to renegotiate your debt and reduce your expenses in a single credit at a rate if possible lower, in a single bank.
The repurchase of credit: what consequence?
The repurchase of credit makes it possible to reduce the monthly payments, but by increasing the duration of repayment. Clearly you pay less but longer. And whoever says one credit also says one insurance.
Be careful however, you may have early repayment penalties to pay and fees (file, brokerage …) are also requested. All this is integrated in the new monthly payment. As long as a repurchase agreement is not signed, the borrower has no fees to advance.
Credit redemption is for whom?
An individual can request a repurchase of credit, but also a professional, an SCI … that you are owner, tenant or hosted.
The redemption of credit, why?
The purchase of credit can help reduce its monthly payments but also finance a new project such as work or the purchase of a car (with the possibility of asking for additional money), simplify its budget, prepare for retirement …
The credit redemption how does it work?
First of all, you have to take stock of your financial situation, group all the papers (loans in progress, income, expenses …). The bank that will buy back your credits will ask you. It is recommended to make simulations and compare the proposals.
Once your redemption request has been made and all requested information sent (proof of identity, residence, debt … but also account statements and others), an adviser examines whether this operation is possible. This advisor will then negotiate with the lenders and offer you offers to consider carefully. And for that you have 14 days of reflection: you can within this time retract. Once the offer is accepted, the bank that has your new credit will reimburse all existing credits. But we keep our current accounts in the bank of origin, it does not change anything.
Credit redemption: how long?
Generally speaking, the credit surrender transaction takes a minimum of one month. But some offers can be financed within 8 days depending on the situation of each borrower.