Credit buyback: why, for whom and by whom?

Posted on May 3, 2016 by Marion

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When you accumulate loans, especially consumer loans or real estate loans and you find yourself overwhelmed by monthly payments, the repurchase of credit is one of the solutions that can allow to rebalance its charges, without the monthly payments not are too heavy a load. Here is some useful information for those who wish to reduce the monthly payments they have to pay by means of the repurchase of credit.

A credit consolidation

The repurchase of credit is intended for borrowers who have contracted two or more credits, in particular the different forms of consumer credit: car credit, personal loan, work credit, but also a mortgage. By doing this, the amount that remains to be paid for all the loans taken out are combined into a single loan, which will be repaid by means of monthly payments, which are generally less than the total amount of all the monthly payments.

It is therefore a solution to reduce the monthly payments to be paid, but the duration of the loan will be extended, depending on the possibilities of the contractor.

For who ?

The repurchase of credit is recommended for people whose amount of monthly payments becomes too heavy for their budget . The borrower can choose all the credits he wants to group or not, that is to say that if there is a mortgage with consumer loans, he can choose to integrate or not his mortgage in the redemption.

It is always recommended to opt for a fixed rate credit repurchase. The operation will allow the borrower to gradually repay his debts, while leading a normal life, thanks to the reduction in his monthly payments.

By who ?

Many banking establishments offer the repurchase of credit, and you can surely negotiate with your bank to negotiate a repurchase of credit. However, you can also ask other banks to get current offers and see if they are good or not.

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