As a consumer, you are aware that the economy is critical and that it is becoming increasingly difficult to succeed in saving and making ends meet. That's a fact ! One in two households living in the United States has problems with their cash flow. But the United States is not the only country that encounters this scourge. In Luxembourg, for example, 60% of owner households were in debt (2014 data). England and Germany are also affected by this scourge. Faced with this alarming observation, banks and credit organizations offer the repurchase of credits. Is this financial transaction for everyone?
Credit redemption: concept and for whom?
There are two situations: indebtedness and over-indebtedness . Let's understand the difference between these two concepts:
- An over- indebted person has a deplorable financial record . She generally lives beyond her means, leaving room for unpaid bills . To try to find a good living condition, you must file an over-indebtedness file with the Central Bank of your place of life. Over-indebtedness leads to consequences such as a ban on the checkbook or a ban on contracting new loans.
- A person in debt has an unstable financial record, but remains able to pay his expenses. In this situation, it is possible to turn to a financial institution in order to make a check-up of its financial position and to open rights, if necessary, to a repurchase of credits. The repurchase will reduce the monthly loan payments and optimize the budget.
Who can request a consolidation of credits?
Although this type of operation is for everyone who has at least two loans to renegotiate in terms of consumer loans or a mortgage in progress, it is necessary to be clear, the banks grant it only under conditions . Thus, when one is stuck in Bank of United States, it is difficult to access this lifeline. However, we must not lose hope. If a bank (or an institution specializing in loans) refuses your file, another is able to accept it. Indeed, there are organizations specializing in the repurchase of credits which analyze the requests of people in great financial difficulty . Owners registered with the Central Bank , for example, can have access to it if they provide solid guarantees (mortgage of real estate).
Making comparisons using online comparators is still a good weapon. If you have no knowledge of the financial market, know that it is possible to send agents . Agents are experienced negotiators who are responsible for finding the best solution based on your profile.