The repurchase of credit is an alternative solution offered to individuals to better lighten the burden of over-indebtedness. It allows to postpone the repayment of credits to a certain time.
Also, resorting to a loan redemption makes it possible to substitute one or more credits in a single credit, with a lower rate, if possible, to be returned in a longer period according to the income of the borrower. To benefit from the credit redemption, three steps are to follow.
Step One: Make a Credit Redemption Request
Analysis of the financial situation and determination of the loan buyback
Before resorting to a repurchase of credit, it is fundamental to analyze well the financial situation and to determine the type of repurchase to be carried out. For that, it would be necessary to know the different services available.
Making a simulation of online credit redemption is also indicated to get an idea of what to do. Many easy-to-use, free, non-binding demand simulation tools are available on the net.
Meeting with an advisor specializing in credit redemption
A financial advisor will help you in your request and direct you to a customized credit buy offer, tailored to your situation.
Second step: Build the file and compare the offers
After conducting the various analyzes beforehand, it is time to build the file and to contact the credit organizations or banks that offer this service.
The necessary documents
To validate your request, credit organizations need the following documents:
- Civil status, including a photocopy of your identity card or passport;
- Copies of the latest bank statements;
- Copies of the latest pay slips;
- A domiciliation including a title deed, proof of residence of less than three months, a housing insurance or the last tax of habitation;
- The various current credits containing the loan offers with the amortization table.
After having gathered all the files, it is then advisable to contact the organization to submit the project of purchase of credits. For this, we should list the maximum number of organizations to find the best offer. Especially since the examination of the file and the sending of the offer are free and require no commitment.
Comparison of different loan offers
After having received the various proposals from the credit repurchase organizations, it is important to compare the latter on various criteria in particular as regards the duration of the loan, the type of rate, the insurances, the clauses and condition of loans, the expenses file, the final amount of the loan redemption, etc.
Step Three: Choose the Right Proposal and Get the Loan Offer
After selecting the right offer for your needs, all you have to do is meet with the credit institution for the proposal. It would therefore be necessary to file the complete documents in order to finalize the file and benefit from the offer to buy back loans.
Once the credit agency has finalized your file, it will send you the definitive offer. However, the law grants you a cooling off period of 10 days minimum before accepting the definitive offer. Once the offer is accepted, the institution will then release funds to repay your credits depending on the type of credit redemption solicited.
In short, the repayment of the consolidation of the credits will be, indeed, according to the terms defined by the contract. In this case, the repurchase of credit will allow you to lighten the expenses of refund and to benefit from a more consequent time to settle all your debts.