Succeed in grouping your loans: the secrets
Credit consolidation is today the best way out of overindebtedness. When you subscribe to more than one personal loan and that each month, you are forced to pay several monthly payments, the situation can quickly become heavy and cause over-indebtedness, if the borrower fails to properly perform his debts.
What are the secrets?
To deal with this kind of situation, the repurchase of credit can be of great help. However, the success of a repurchase of credit is not systematic: it is conditioned by the respect of some important points.
1 point if question
Clustering is not a hasty decision. It deserves reflection and requires a questioning, before making its decision definitively. It is important for this, to wonder if one really needs to make a credit surrender? In order to get an answer to this question, it is important to review the monthly payments that you will have to pay every month: to do this, do not hesitate to call the credit agencies to which you must pay monthly installments.
If the possibility of modifying certain parts of the contract has been mentioned in your credit agreements, try a negotiation to find out if it is possible to reduce your monthly payments and spread the repayment period. If you have tried everything but in vain, do not hesitate to inquire about the possibilities of making a credit redemption.
The loan buyback can, in some cases, reduce your monthly payments by half. And therefore, allow you to save for possible future projects. Start by making an inventory of your credits: loan work, home loan, consumer credit, auto loan… Above all, avoid hiding some debts to your credit repurchase adviser.
2nd point: Choosing between a broker and credit repurchase institution
The second thing to do is to choose between using a broker who will act as an intermediary or directly consult an organization specialized in credit repurchase. If each option has its own advantages, your choice should be made according to your situation and your knowledge of the field.
If the domain of the repurchase of credit is not new to you and that you think to be able to negotiate yourself the conditions of your new contract, nothing is worth a direct interview with the credit organization which you wish. On the other hand, if the domain of the repurchase of credit seems to you too complex or that you are afraid to see your file refused by the establishments of repurchase of credit, prefer to resort to the services of a broker: after having simulated a loan, it will be in able to choose a suitable offer and direct you to the cheapest offer. In addition, knowing the field well, it will have more credibility with the bank, which will be an asset to see your request for repurchase of credit.
3rd point: Remember to save after accepting the repurchase of credit
A repurchase of credit would not be profitable if you do not grasp the situation to improve your financial means. Take advantage of your reduced monthly payments, save money and build funds. Do not be fooled by the simple fact that your buying power is increasing: focus instead on the possibility of building up savings to finance future projects yourself and finally freeing yourself of any debt in the long term.