The consolidation of loans via https://greendayonline.com/payday-loan-consolidation/ allows the borrower to consolidate all credits that he can have into a single loan. He can thus rehabilitate them according to his capacity of repayment by modifying the amount of the monthly payments, the interest rate, and the duration. The credit is then repaid to a single financial institution.
The repurchase of credit also allows simpler and clearer management of the loan. Certain types of credit are excluded from this option. This article is about knowing what credits the borrower can bring together.
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Another advantage of the credit buyback is getting money to finance a new project, but also to pay off debts.
In general, the repurchase of credit allows the grouping of a mortgage loan with consumer credits and various other credits. It is also possible to add unpaid taxes, family debts, bank overdrafts, and rents. Both young and old can benefit from the loan buyback, there are even suitable solutions such as the senior credit buyout and the buyout credit official.
Example of the repurchase of credit
A loan works with revolving credit, a car loan, etc. This is the most common type of credit redemption on the market.
Simplification of credit management
Repayment of multiple credits at a time may jeopardize the financial capacity of the borrower. The repurchase of credit supposes a new credit management plan and thus a reorganization of their repayment. The borrower will only have one credit to repay. This greatly simplifies loan management and makes it much safer.
The inclusion of lease debts
The new regulation offers the borrower the option of including rental debts in the redemption of credits. This option existed shortly before this new law, badly seen by credit institutions. Only people with mortgages were allowed to include rent debts in their purchase of credits. Rent debts are currently considered social or tax debts.
A measure criticized
This measure has been strongly criticized. Indeed, the tenants not being the owners of real estate, they can not give it in the mortgage as a guarantee of their loan.
Obligation or choice?
One of the first things borrowers question when they want to buy back their loans is the obligation or not to buy back all the credits. Currently, there is no law that obliges the borrower to buy back all his credits. He has a perfect choice to include the credits according to the formula that suits him best.
The advice of a broker
Credit redemption certainly simplifies credit management, but it is an easy operation in itself. A credit redemption simulation with a repurchase broker is the best decision a borrower can make. Based on the results of this simulation, the broker will analyze in detail all possibilities and give advice on the credits to be included in the purchase.