You have subscribed to several consumption credits and you do not know how to reduce your monthly payments ? Grouping your loans is the solution. The credit redemption can help you
pay more easily for your monthly debts. Very effective, this operation can be applied to restructure several consumer loans, various types of personal loans and even mortgages. More details on this very popular financial solution.
Benefit from a refinancing solution to reduce your monthly debts
In order to restructure your debts according to your monthly income, you must find a solution to reduce your monthly payments. The purchase of credit is one of the modern solutions that can reorganize its monthly debts, that is to say its monthly payments, according to its budget. It is based on a simple principle: collect all of your credits in progress to create a new credit and set up a single monthly payment.
Following consolidation, the borrower only has to repay a single credit over an optimized repayment period:
if previously the borrower had to pay several credits over a period of two years, this period can be extended over several years. This restructuring gives the borrower the opportunity to reduce the expenses related to his credits, benefiting from a rate often lower than when contracting his old credits. The advantage with the repurchase of credit is that it is customizable according to the situation of the borrower and its repayment capacity: in fact, the debt consolidation is made according to the loans in progress. borrower, be it a mortgage, a work loan or a credit for the purchase of a car.
Use a credit buy-back organization to consolidate its loans
Credit redemption is an operation that necessarily requires the use of a specialized body. The role of the latter is to check whether the loan consolidation project is feasible. Following the study, it is up to the credit institution to prepare a refinancing file that will allow the borrower to benefit from a single credit with a lower monthly payment. However, before choosing a credit repurchase organization, it is best to simulate the operation via online loan simulators or through a broker who can compare the offers of the credit union organizations. Simulating a loan will also allow the borrower to observe the interest earned by each bank according to the rate applied, whether fixed or variable.
Succeeding your credit redemption request : the solutions
To maximize your chances of getting a debt consolidation contract, there are some rules to follow. First, it is important to inform all outstanding loans including those that will not be consolidated. These details will facilitate the task of the selected credit institution that would not need to inquire with other banks to assess the client’s debt ratio.
The second rule is to establish a relationship of trust between your advisor and you:
this must be reflected in your willingness to tell your advisor without hiding the slightest detail. Note that the role of your advisor is to support you throughout the loan consolidation process. If necessary, he will not hesitate to defend your file with the bank for the redemption of credit is granted. Finally, be sure to remain optimistic in your request: it will also allow your advisor to remain positive and to be more confident towards you and himself in carrying out his mission.