Find how to consolidate your loans into one
After taking stock of your financial situation and calculating your debt ratio, you want to set up the payday loan consolidation solution. An ideal option to reduce the number of your credits and monthly payments, while optimizing your budget over a repayment period obviously longer.
All individuals who have difficulty repaying their loans, or who wish to optimize their monthly payments, may read this and apply for the consolidation loan.
Demand is increasingly simplified via the internet and especially via specialized intermediary sites. Totally free, the request for the redemption of credits consists in providing all this information:
- The amount and number of loans in progress (including real estate loans, consumer loans and even other debts…) that are useful for calculating the debt ratio before and after the purchase of credits.
- The amount of the household’s monthly net income (wages, pensions, property income, allowances…).
- The personal details of the home (name, first name, date of birth, profession, address, telephone number, number of dependent children…).
The request also consists in answering these three essential questions:
- Is he the owner, tenant or lodger?
- Does he have a co-borrower?
- Is it the subject of a bank check?
All this information allows credit union professionals to understand your financial situation in order to present the most appropriate solutions.
Attention, the redemption of credits is a highly regulated operation in France. It is a profession performed by certified brokers (Intermediary in Banking Operations and Payment Services), registered in the Arios register. Their main role is to connect an individual or a professional wishing to consolidate its debts with a bank offering buyback loan.
Loan consolidation: the simulation
On the basis of the information collected, the intermediary in banking operations and payment services (IOBSP) aims to study in detail your file, to search all possible options with simulations, to verify the feasibility of the operation credit repurchase by calculating the rate of the debt before and after the proposed credit redemption, in order to propose the most optimized solution adapted to your situation.
For any simulation via a form on the Internet, you are called back on the phone within 24 hours by a counselor who checks your situation and your motivation. It is only after having accepted the simulation of this one that your file then passes to the phase “assembly”.
Regrouping of credits: the assembly of the file
The editing of the file consists of calculating the total cost of the new credit on the basis of this list of supporting documents requested by the banking partners who need information to refine their proposal (Attention this list varies from one file to another ) :
- I dentity : photocopies of the National Identity Card, Family Booklet, marriage or divorce contracts…
- D omicile : photocopies of less than 3 months bills of water, electricity, gas, Internet…
- The ccommodation : rent receipts, housing tax (for the tenant) or title deed with estimate of the property (for an owner)…
- Report : proof of last salary slips, pension, unemployment benefit, tax notice…
- LATEST bank records of all current accounts of the borrower applicant
- The amortization of loans in progress (personal loans, revolving loans or mortgages…)
- Dtaxettes, debts of his employer or family debts…
All these proofs are intended to establish the solvency of the borrower. The advisor (IOBSP) can then find and negotiate the best offer with the lenders for the applicant.
Credit consolidation: the signature
The offer of redemption of credits is presented to you after the simulation and the assembly. The best offer is not always the cheapest. It is important to take into account all the characteristics of the repurchase of credit:
- The total cost.
- The amount of the monthly payment.
- The repayment term.
- Costs in case of early repayment.
Once these elements verified, it remains only to affix his signature. However, a 14-day legal reflection period must be respected, in the case of the resumption of consumer loans in the form of a personal loan, or even 10 days ( Scrivener Law ) in the case of a mortgage loan subject to the French Commercial Code. the consumption. Attention, to be valid, the offer of redemption of credits must not be ratcheted or overloaded. Any error then results in an extension of the funds release phase.
Loan consolidation: the release of funds
Upon final acceptance of the credit surrender offer, the credit institution repays all existing credits and pays a new cash credit to the borrower’s current account. Even if another institution gives you this new credit, you do not have to change banks, even if the Macron law facilitates banking mobility since February 6, 2017. Why change banks when you have tied good relationships for years?
Between the first step and the last step (ie the payment of funds), it takes at least a month of delay. With the purchase of credits, the applicant can start on a good basis to manage his budget, or even generate additional cash to pay for unforeseen expenses (change of vehicle, etc.) or finance new projects (real estate purchase, etc.).
It is a real breath of fresh air to bounce even grow thanks to the banking intermediary.
The essential point to remember according to Harrison for the stages of the redemption of credits:
- The redemption of credits is open to all
- The regrouping or repurchasing of credits comprises 5 stages: the request, the simulation, the mounting of the file, the signature, the release of the funds
- The minimum period of consolidation of credits is one month
- The intermediary in banking and payment services makes the simulation by interviewing several organizations to offer the client the best possible offer
- The purchase of credits does not require a change of bank