The answers to your questions about credit consolidation.
Make a loan buyback simulation
The repurchase of credit is an operation which makes it possible to combine several credits into a single repayable each month in a progressive way by paying a single draft . Debtors can thus adapt their repayment load to their income.
This operation has its advantages and disadvantages. Indeed, it allows to lower the monthly debt and to pay a single monthly payment instead of several. However, the credit becomes longer , more expensive and you have to pay many fees (administration fees, guarantee fees, etc. ) before being able to benefit from the repurchase of credit.
It is applicable to certain private debts ( donation, cash payment following a divorce, recognition, etc. ), to tax debts ( donation tax, housing tax, income taxes, etc. ) but above all to consumer loans and home loans.
However, not all situations are conducive to credit redemption. For example, if the borrower's debt ratio exceeds the limits set by the banks, his loan redemption request will surely be refused. Likewise, there is no interest in repurchasing credit when the end of the repayment is approaching.
Thus, the decision to request a repurchase of credit cannot be taken just any old way. It is necessary to plan well and in this sense, it is possible to make a simulation of repurchase of credit to better see what it is possible to do.
There are many credit redemption simulators online. They are offered by: Banks, such as Crédit Mutuel and Banque Postale ; Specialized credit institutions like Cetelem ; Brokers like Empruntis and Meilleurtaux.com . All of them follow roughly the same simulation scheme. Here is an example.
First, you need to define your need by first specifying whether you are an owner , tenant or lodged. If you are a homeowner, you must indicate the value of your property. If, on the contrary, you are a tenant , you will indicate the amount of your rent. Subsequently, you will specify the cash flow you want, the number of consumer and real estate loans you have, if you have already made a loan buyback and if you are already registered in a bank in United States. If so, you have consumer and / or real estate loans, you must indicate, for each, the amount of monthly payments and the outstanding capital.
The second part of the simulation consists of indicating your professional status, your family situation, the number of children you have and the presence or not of a co-borrower . If you are working, you will need to report your monthly net income and other income. If you buy back credit with a co-borrower, you will need to provide the same information for them.
Thirdly, you will be asked for personal information such as: gender, first name and last name, date of birth, profession, address, postal code and city, telephone, e-mail.
Once all your information has been validated, you can request the results of your simulation. You will then be provided with an estimate of the reduction in your debt and your monthly payments that would result from a repurchase of your credits according to the repurchase loan rate or according to the duration of the repurchase loan. You can then vary the rate and the duration of the buyback loan to see how your monthly payments and your debt after buyback will evolve.
In most cases, after you have obtained the simulation, you will be contacted by a specialist advisor who will take care of making a personalized quote that adapts to your needs. However, it should be noted that the simulations are independent of the banks' acceptance criteria.