Credit buy-back has become an effective solution for anyone who wants to reduce their financial burden in the medium term. These are the 5 questions to ask before a credit redemption.
Do I have to change banks or institutions to consolidate my credits?
You do have here is no requirement to change their financial institution. The amount of your new monthly payment will be debited to the account of your choice, without you having to change your management habits.
Is the repurchase of credit reserved for the over-indebted people?
Beware of misconceptions: the repurchase of credit is not directly related to the over-indebtedness. An over-indebted person is no longer able to meet his repayment schedule. She then asks for a plan of overindebtedness with a specialized commission of the Francia Bank. The repurchase of credit is not intended for people in debt distress, but homes with resources necessary to repay the loan, who wish to reduce the amount of their monthly payments. This is a precaution to take before sliding to a situation of over-indebtedness.
Will I have a better rate with a credit redemption?
As with any loan, the interest rate on the credit surrender is calculated based on the borrower’s resources and expenses. It is therefore likely to vary depending on the situation. The lengthening of the repayment term does not, however, have a direct impact on the interest rate.
Will it cost me more?
The redemption of credit first and foremost helps to clean up finances in the short term, not to make you earn money in the long run. It reduces your monthly payments in the short term, but lengthens the repayment period. It allows to find a rest to live more important. You repay less each month, over a longer period.
Can I include a new project in a pool of credits?
When subscribing to a credit buy-back, it is quite possible to include a new loan in the form of cash. Everything will of course depend on your financial situation and your ability to repay. You also have the opportunity to add an unpaid rent debt or bank overdraft.