The repurchase of loans is often associated with the profiles of borrowers who can no longer manage their debt. It would be the last chance before being completely helpless. If it can effectively help households on the brink of over-indebtedness, and restructure debts, it is not only a solution of last resort. On the contrary, it can be part of a real management strategy to get your budget back on track.
However, as with most financial tools, you must then choose a loan buy-back suited to your profile (arbitrate between the various loans to buy back, whether or not to include a new amount of money). Here is what to study in each situation before getting started.
You are retired or you will soon be
Reducing pensions, increasing number of semesters to contribute, the standard of living of retirees is also suffering from the economic slowdown. If you retire with a mortgage loan in the process of repayment or several credits, this can quickly become complicated to manage. Complicated but not impossible! Many establishments offer solutions adapted to seniors.
Provided you are over 50, you can access monthly payments calculated according to the retirement pension that you will receive, or that you already receive. You can also vary your monthly payments to make them “stick” to your real situation, and finally take out insurance that will protect your loved ones if necessary.
You are a civil servant in activity
If you are still active and a civil servant, you are not immune to repayment difficulties either. You still have a real advantage to negotiate your credits, you are employed by the State. This means that you have a stable profile and therefore that the establishments take little risk by lending you money. T
he latter were not mistaken and there are even so-called “civil servant credit buy-back” formulas. Depending on your profession, military for example, you may also be entitled to individual insurance.
You are self-employed
For the self-employed, at first glance, relations with credit institutions are more complex. Your income is sometimes unpredictable, particularly at the start of your business and your professional needs often require you to take out a first loan to get started.
However, being a liberal professional is not a prohibitive condition for credit institutions. On the contrary, they know how to recognize that you have specific needs and adapt their offers accordingly. You can thus find groupings of specialized loans according to your branch of activity, if you practice in the field of health or law for example.
You have already filed an over-indebtedness file
Have you let your finances run wild and you have already been forced to file an over-indebtedness file with the Banque de France? In this case you can no longer take out any credit, this also applies to credit redemptions.
This legal prohibition takes effect upon receipt of the over-indebtedness file. On the other hand, once filed, you may still have a last resort. If you are an owner, some establishments will accept your project.
You just want new projects
If you want to finance new projects, but you do not have a sufficient envelope, restructure its credits and find a new balance for your budget is a track to follow. By reducing the monthly payments and adding (where possible and reasonable), an additional amount of money, you can consider new projects.
Whether you are in financial difficulty or simply looking for a second wind for your budget, there are solutions. Each profile is different and if you do not recognize your situation in one of the offers mentioned by a credit institution it does not mean that all doors are closed to you.
You can carry out a simulation online, contact several establishments, compare their responses. Each organization is likely to offer you different redemption conditions and their rates can be negotiated. The best solution not to miss the best offer? Entrust your project to an intermediary like.