The loan repayment is sometimes difficult when the monthly payments start to accumulate and as it is unfortunately too often the case to create debts. As a result, some people find it a bit difficult to reimburse them. It is during these moments that they can encourage their loved ones to redeem their credit. The article we have prepared here is based on the steps for doing this.
You should make a request to start
To make it easier for you, all you have to do is call a broker or contact a commercial agent at a banking establishment to do things properly. If applicable, you will usually need to provide the following information:
- your full identity,
- your direct debit,
- your real income,
- your bank account number,
- your credit as well as your possible debts.
This will facilitate your solvency. Note that some institutions can give you another loan even if you buy back the current one if you provide the right arguments like a well thought-out new project requiring a personal loan to name just one example.
Let your representative take the time to properly analyze your file
Remember that getting a loan buyout or a loan consolidation is not a simple operation. This is why the action must be well studied. As a result, you should let the broker or your bank advisor fully examine the possibility of your recourse. Note that the bank to which you intend to make the request will scrupulously check the debt ratio on the credit that you plan to buy back as well as your possibilities of payment. Consider, for example, having a very effective guarantee. Do not think that the fact that the bank can repay your previous loan will exempt you from having to take out new borrower insurance.
The financial package is something not to be overlooked
This third step will allow you to specify the total cost of your new loan so that the bank can validate your request without complicating matters. However, please note that using a broker will require you to initial a mandate which will authorize him to enter into contact with other providers who may be linked to you. Also note that all potential costs must be visible in this mandate that you will sign when your request is accepted.
Thus, he can easily find the most profitable bank for you while doing simulations in the meantime, because the establishment can examine all your assets.
Let’s talk about the takeover offer
After examining your file, the bank will contact you to make some redemption offers which you will in turn study. You can then calmly choose the one that suits you with your advisor. Sure, you could quickly be won over by an offer, but that won’t give you permission to rush things. You will have to start by respecting the date which will be communicated to you by the bank.
The last step is to unlock your money
This is very simple. After the redemption signature that you will make with the bank, it will immediately reimburse all the old credits with the other loan request that you have made. You will then only have to respect the due dates of your new loan to keep your commitments and thus avoid problems in the future.