The purchase of consumer credit is also called credit consolidation. The principle is extremely simple since it involves bringing together in a single monthly payment various consumer credits contracted.
These credits may have different utilities and have been contracted on very different dates. The amounts themselves may differ.
Consolidate credits to reduce monthly payments
In general terms, the purpose of the repurchase of credit is to reduce the amount of monthly payments. In fact, many people have contracted too many loans and want to reduce their monthly repayments in order to increase their purchasing power and deal with unexpected events without having to take out a new loan.
Note: If your credit buyback includes one or more real estate loans and one or more credits, the new credit will be subject to the same terms and conditions as the mortgage if the latter’s share represents more than 60% of all loans.
This reorganization also applies to the withdrawal periods.
- 10 days if the credit consolidation falls under the mortgage.
- 14 days if the credit consolidation falls under consumer credit.
Credit redemption and over-indebtedness
Credit redemption has become a real weapon against over-indebtedness and the main alternative to filing an over-indebtedness file. Indeed, the verifications by the credit agencies are not numerous enough at the time of contracting a credit conso.
Consumers tend to multiply loans to pay their debts and sometimes become over-indebted. Redeeming credits can help avoid being stuck to the FICP.
Who can group credits?
If you want to consolidate your credits, you can choose to contact your bank (or a competing bank) or a credit agency.
All these professionals are able to grant a credit and conso purchase your various credits to reduce your monthly payments and improve your daily life.
Why compare credit surrender rates?
Redeeming your credit increases your purchasing power. This solution, however salutary, must not be chosen with haste. Do not forget to compare the interest rates of various credit agencies and banks to get the best proposals. This will allow you to further reduce the amount of your refunds.
Before embarking on a buy back credit, it is recommended to evaluate all costs. By extending the duration of your credit, you benefit from the lightening of your monthly payments. This change is accompanied by an increase in the total cost of your credit.
Note: Since January 1, 2013, the credit institution has indicated to the borrower whether its repurchase of credit results in the extension of the repayment term and / or an increase in the total cost of credit.
Compare with Estrella Winters
If you are looking for a 100% neutral site to compare your buy back credit, you are at the right place. On average, 4 minutes will be enough for you to make significant savings and obtain quotes from partner organizations. Do not wait any longer to save and start counting now on Estrella Winters.
All about the purchase of consumer credit
The purchase of consumer credit is a solution that can be interesting in many situations (problem of over-indebtedness, monthly payments too high …). Estrella Winters details the operation of the credit redemption and gives you her advice in order to benefit from it in the best conditions:
- To get out of over-indebtedness by buying back credit
- Negotiate the rate of a credit surrender
- Consumer credit: conditions of redemption
- What are the consumer credit redemption fees?
- Credit redemption and banking prohibition
To go further, consult all our guides on the purchase of consumer credit.