The purchase of consumer credit is now a hot topic because it is not uncommon (it is even more frequent) that a person or a home, pushed by the permanent incentive to credit and the payment facilities, go beyond reasonable debt and strike its budget of monthly installments.
It becomes impossible to cope with this over-indebtedness.
When the accumulating debts do not include bills relating to a home loan, to work, but rather debts related to a personal loan, a revolving credit, or a car loan, it is called a repurchase of credit to the consumption. In accordance with the technique of credit redemption, the purchase of consumer credit consists of extending the repayment period (thus the total amount reimbursed) while decreasing the amount of monthly payments, to allow the beneficiary to rebalance his budget and breathe financially, even to save.
How does it work ?
As regards the repurchase of consumer credit, the duration of the credit consolidation can not exceed 12 years.
As for the conditions of access to the purchase of consumer credit, they are as follows:
If he is not the owner, the candidate for the purchase of a consumer credit is admitted according to his income. Beyond their amount, the guarantee of their regularity and duration is preponderant for the lending institution, om the disadvantage that may occur in respect of commercial, liberal, or independent professions. An operating profit account over the last 3 years will generally be required by the bank. Because of its relative brevity (10 to 12 years), the age of the beneficiary does not enter into account for the admission to the redemption. On the other hand, it influences the amount of insurance, which is also dependent on the candidate’s state of health.
Accessible to the greatest number
The repurchase of consumer credit is prohibited to persons previously registered with the Bank of France because of insolvency problems, which is not illogical. But overall, it is accessible quite widely, including to persons domiciled with a family member, a third party, or an employer.
Finally, it should be borne in mind that obtaining a buy back credit is not just an accounting matter; it is also, and perhaps above all, a matter of trust.
Your role as the bank will be to convince you of your determination to find a good father behavior in the management of your budget. If the credit institution has reason to believe that excesses may be committed, it will refuse the repurchase of consumer credit. Put all the assets on your side by showing that you have adopted a new behavior with regard to the one who had put you in difficulty initially.
Other types of credit redemption
Beyond the consumer credit redemption, other types of credit redemption exist.
The grouping of different credits is particularly useful to benefit from advantageous rates or to lengthen the period of the debt.
You can make credit purchases for just about any type of loan (mortgage, personal loan, car loan, credit work, revolving credit, bank overdraft, etc.) and mix several types of loans between them.
We strongly advise you to go through specialized brokers near you. For example, you can consult the directory of the repurchase of credit and enter the name of your city in the search engine.
You will find the best brokers in your city or region and you can ask for a free quote. Enjoy!