The repurchase of credits is a solution offered by various banking or credit organizations to reduce budgets or to finance a new project . Do French rules and laws apply in New Caledonia? Why use this device? What are the conditions for obtaining a repurchase of credits?
New Caledonia: a French community
New Caledonia is a French archipelago. This community applies the same laws as the metropolis . In fact, consumer loans and mortgage loans are governed by French law (Châtel law, consumer law, etc.). The same goes for credit redemptions. We remind you that a loan buyback is a loan that must be repaid and which is subject to an interest rate. In addition, some organizations only offer the grouping of consumer loans ( car loan , loan for work or revolving credit) while others offer the possibility of bringing together mortgage loans as well as current consumer loans . It is, therefore, important to analyze your needs carefully before making a request. The principle of the repurchase of credits: consolidate the debts with a single financial institution to reduce monthly payments while extending the duration of the loan.
Why have recourse to a repurchase of credits?
The economic situation in New Caledonia is critical; life is expensive, wages are low, competition is low, there is inequality between Caledonians and residents in metropolitan France. To improve their purchasing power , Caledonians resort to borrowing in the form of consumer credit. However, you should know that the Caledonians do not have the same way of life. To overcome financial difficulties, residents of the French Pacific Island rely more on solidarity between friends or family. It is, for them, a question of image and values . Renewable credits are much less developed than on French territory. Moreover, it was found that the indebtedness of the residents of the Island of Eternal Spring was often caused by some unforeseeable life event like divorce or accident . Even if the refinancing of loans is not anchored in the values of Caledonians, it can be a possible solution to increase their purchasing power.
Conditions to be respected?
Of course, organizations are required to check your over-indebtedness rate as well as your personal and professional situation before granting you this financial assistance. Thus, it should be known that a person in CDI is more likely to have recourse to a repurchase of credits than a person in CDD or in precarious employment (seasonal, CDD, interim…). Just like someone in their thirties is twice as lucky as a retiree. And for good reason, organizations need to have a good number of guarantees to ensure that the reimbursement of monthly drafts will take place. It is therefore necessary to be able to present a concrete case to have recourse to a repurchase of credits. Some organizations are more lax than others, so take the time to compare while analyzing the advantages and disadvantages of this anti-over-indebtedness solution. You can also seek advice from experts since there are financial institutions on the archipelago.