A repurchase of credit is an interesting operation, as long as it is made by taking into consideration all the parameters. On this subject, how to choose the repurchase organization of credit with which to sign?
Your bank first
Before doing your prospecting in any establishment whatsoever for your credit repurchase, remember to check with your bank. Indeed, if your initial credit agreement provides for it, you can have your credit bought back at your bank, which is called renegotiating credit. Be aware that this has the effect of updating the interest rate and / or lengthening the repayment period of the loan, so that the monthly payments are not too heavy compared to your budget.
However, it is not an option that appeals to banks in particular. However, sometimes they accept, so that their customers are not attracted to the competition. So if you were a customer of your bank for years, and you have always been creditworthy despite your financial difficulties, try to buy a loan from your bank. Besides, this will save you from the long and tedious administrative procedures, and will avoid you having to pay again the filing fees.
When your bank refuses your credit renegotiation request, try to make requests to competing banks. Indeed, the latter are constantly looking for new customers, to whom they could later offer their banking products. As far as buying back credit is concerned, the procedure is easy: the bank that buys the loan frees up the funds necessary so that you can repay your old credit in advance.
This new borrowed capital will then have to be repaid from your new bank, with a new interest rate and a new repayment duration. For the principle of the repurchase of credit to be interesting, this duration of repayment must be considerably increased, so that the new monthly payments allow you to pay off your debt more comfortably, and that you can keep a decent standard of living. at the same time.
To guide you, you can also call on professional referrals in this type of case, such as mortgage brokers. Indeed, these banking intermediaries benefit from a great knowledge of the mortgage market and maintain close relations with the banks. You will then have no problem finding an establishment that can redeem your credit while offering attractive conditions.
Often considered as sharks or scavengers, establishments specializing in the repurchase of credit are however an interesting solution if discussions with banks have not borne fruit. Indeed, credit buyback companies can offer you solutions to pay off your debt, regardless of the size of it. Although interest rates can be high, it is still an attractive alternative as it allows you to get out of debt while maintaining a decent standard of living.
Admittedly, you will repay your credit over a longer period and for a significant additional cost, but the main thing is that you can get out of debt, and that your children will not have to inherit your debts in the future. Today, the establishments specialized in the repurchase of credit are numerous, it will not be difficult to find one.