It is a financial transaction offered to all those who have at least one credit and who have new projects for the future or to all those who wish to get out of the infernal spiral of credits.
Anyone can theoretically redeem their credits. Whether you are a couple with or without children, single, divorced or widowed, or even retired, you can have your loan loans consolidated.
Who can redeem their credits?
In terms of your accommodation, you are a tenant or a lodger, in an official or owner’s accommodation, your broker is there to find you the ideal operation to buy back your credits. You work in the public sector, in the private or independent sector in the liberal profession, you are between 21 years and 95 years young or senior, there is a solution of repurchase of credit adapted to your situation.
You can be the sole borrower or have a co-borrower to do a credit consolidation transaction.
- Return to summary of definitions
- What is the buy-back of credits?
- How does a loan buyback work?
- Why make a loan consolidation?
- What credits can be redeemed?
- What are the stages of a loan buy-back?
The loan redemption is offered in the following personal situations
For the single person: family or marital status is not an obstacle to credit consolidation. Your personal single situation gives you access to a financial transaction in a single loan that will be better suited to your daily management. Your monthly payments and your repayment period will be adapted to your income.
For a couple without children: the loan repurchase allows you to group your loans and debts, made before or after your common life or your union by a marriage or a PACS. Managing your finances will be made easier by having only one loan to repay and above all having a reduced monthly payment.
For a couple with children: the arrival of a child is the most beautiful event, but also often a lot more expense and the race for credits if we have not financially anticipated the arrival of the baby. Nothing is too good for a child, so we will redo all the decorations of his room which was a storage room, we will buy him furniture, we will change the car because two doors are not practical to put a baby in a car seat.
Not to mention the cost of childcare as soon as the mother returns to work. We are going to finance all this with a lot of small consumer credits or with revolving credits and also personal loans and in a relatively short time and the spiral of credits begins.
The debt ratio has increased sharply the remainder of living has decreased significantly and you can no longer repay all your credits at the end of the month. Redeeming and consolidating your credits will be the relief operation before resorting to other loans that will be used to pay the credits.
For the retired or the senior: it is not because you are going to retire or that you are retired that you are not entitled to the repurchase of credits. On the contrary, your income will drop as soon as you retire, so you have to anticipate, you shouldn’t wait any longer. In calculating your future debt, we will start from the estimate of your future retirement, in order to adapt your new monthly payment to your future income.
As a loan consolidation broker, we will find the right solution for the senior based on your age. We can buy consumer credit without a mortgage guarantee until you are 85 years old. If we do a loan consolidation with a mortgage guarantee we can intervene until your 95th birthday. The duration of your reimbursement will be calculated according to your lifestyle. Loan insurance remains optional.
For the divorced, or widowed: daily financial management is even harder for the widowed borrower or the divorced person who finds himself brutally alone because he is not used to living on a single income. You very often have to go from two incomes to one income and therefore to halve your lifestyle at least in a very short time. But rest assured it is not because you are alone that we cannot do a credit consolidation.
We take into account your former family situation to explain your file. However, to calculate your debt ratio we will take your current income. The debt ratio before or the debt ratio after and the remainder of living is calculated in the same way as for making a mortgage or a personal loan.
The loan repurchase adapted, according to your type of housing
For the owner: a home loan repurchase is considered when the total amount of your repossessed home loans represents more than 60% of the total amount of the credit grouping. It is quite possible to include consumer loans, revolving loans or personal loans without however exceeding 40% of the total amount of loans taken over. The new loan will be secured by a mortgage or a surety which will be taken from the borrower’s property.
If the total amount of the real estate loans taken back is lower than 60% of the total amount of all the credits, we will finance a repurchase of a consumer loan, either with a mortgage guarantee or a surety or without a mortgage guarantee. The financial conditions are different in terms of the rate and the duration if it is a repurchase of mortgage or repurchase of consumer loans.
The rate is more interesting if it is a grouping of mortgage and the duration can go up to 35 years or 420 months. For a grouping of consumer credits without a mortgage guarantee, the duration of the loan will be limited to 15 years or 180 months. All new projects relating to the works, the car or a cash requirement are included in the total amount of funding.
For the tenant and the lodged: the consolidation of consumer loan allows the tenant to group his credits in a single loan and to reduce the monthly repayment. The borrower can include a new project such as financing a car.
For a person accommodated, we will retain in the calculation of debt after a fictitious rent up to 300 $ to 500 $ within the limit of 20% of income. The repurchase of consumer loans is limited to 12 years or 144 months. Insurance for this new buyout is highly recommended.