Loans are currently used to cover our most frequent needs. However, a large accumulation of credits can make us unable to settle them. The repurchase of credit thus presents a potential solution to get out of this impasse, but still it is necessary to manage it well.
The credit paradox
The multitude of loan-related products offered by credit institutions presents a paradox. On the one hand, this multiplicity opens the way to a “better life”. We can at the same time have a home that meets our expectations, have adequate access to care when an illness occurs, ensure a better future for our children, afford a dream vacation. But if however, we are not taking the right path, this accumulation of debts can lead us to a nightmare.
Why ? For the simple reason that the totality of the monthly payments that we owe to our credit institutions could greatly exceed our repayment capacity. This represents a very significant risk of being filed with the Cream Bank for non-repayment of credit for a maximum period of eight years.
Escape the file at the Cream Bank
However, the repurchase of credit constitutes an “escape” from this filing. This operation consists of a few words to group together with a repurchase institution all debts in a single credit, in order to benefit from a lower monthly payment with a lower interest rate and a longer maturity in terms of repayment .
Less stifled cash
There are many advantages to buying back credit. Thanks to this credit reorganization, we no longer get lost in the monthly payments to be paid since these have been standardized. This will further de-stress the over-indebted in order to better focus its energies on other activities. In addition, the takeover will ensure that the finances of the over-indebted can breathe and cover their daily expenses.
Stop the temptation
But like any medal has its downside, good management of the redemption on the part of the over-indebted is required insofar as the latter must rule out any temptation to request unnecessary credits during this period. The reason is simple. It is indeed possible that the over-indebted could fall back into a situation of over-indebtedness, thus forcing it to resort to the support and accompaniment of the Commission of over-indebtedness of the Cream Bank.
This will disadvantage him since such recourse will lead to automatic registration with the Cream Bank files. This will reduce the possibility for the over-indebted to access most banking services.
How to choose your buyout establishment
But managing your buyout also involves choosing the right buyout establishment. The French Directorate General for Competition, Consumption and Repression of Fraud has just revealed that around 125 online buy-back establishments, that is to say half of them, no ” do not operate according to the rules of the art due to ignorance of the laws in force. Some, on the other hand, deceive their potential customers. Thus, it is necessary to be well informed before choosing.