It’s decided, are you going to ask for a credit buyout? It is a good idea if you need to increase your living allowance or decrease your debt ratio, either to avoid the risk of over-indebtedness or, on the contrary, to offer you additional room for maneuver to finance your ‘a new project. However, take no steps to make your operation a success! You will save time, money and peace of mind.
Opt for the right offer
The first step when you want to carry out a repurchase of credit obviously consists in finding the right organization to carry out the operation. It seems obvious, but it is not that simple to identify the organizations best suited to your situation. These establishments are often little known and it is therefore difficult to know who to contact. Indeed, it should be understood that not all banking or credit establishments offering credit buy-back offers offer identical services. This is why it is important to compare loan repurchases after, for example, having carried out a credit repurchase simulation online, with the aim of being accompanied by an expert in the implementation of the best solution.
Using a credit repurchase broker
Using a loan repurchase broker allows you to be referred to the organization offering the offer that best meets your expectations, based on your profile. Indeed, the broker gives you the benefit of his expertise by analyzing your profile and your credit buyout project, and guides you to the loan consolidation solution adapted to your needs.
For example, your need may be to find a better place to live. In this case, consolidating your consumer loans will allow you to pay a single monthly payment, lower than the total amount of your previous credit terms.
Or, your project may be to buy a property, but you already have credits in progress that create too much debt, which prevents you from taking out a mortgage: consolidating your credits then makes it possible to lighten the weight of your monthly payments in order to lower your debt ratio. This then allows you to contract your mortgage.
Finally, you may want to do some work, but you do not have the necessary savings? If you already have other loans outstanding, group them together may be wise to avoid being overly heavy on various loan monthly payments. And at the same time, it is possible to integrate into your credit repurchase additional cash to finance your work.
Once the solution has been identified, the loan repurchase broker helps you build your file in order to gather all the necessary documents. He accompanies you until the implementation of your loan pool. Lite Lender brokers work with partners who buy back consumer credit and buy mortgage loans : they will guide you to the one that best suits your situation.
Prepare your file
As mentioned above, your broker helps you build your file, and provides you with precious help. You will indeed have to provide a large number of various documents aimed at justifying our personal and family situation, our income level, our financial situation or even the place of residence. And it is essential to present all the elements in a solid and complete file, as soon as possible, so as not to delay the procedure.
Find the right insurance
The Loan counselors will also help you find insurance. Taking out insurance as part of a credit buy-back is not compulsory, but highly recommended, since very few organizations will accept to carry out the operation without this process. The issue is particularly important for the borrower, since this insurance protects him from the vagaries of life. His choice is not trivial when we know that the Lagarde law allows borrowers to choose insurance from an organization different from that which purchases credit. Significant savings can be made.
Sign the buyout offer
Once the file duly checked and validated by the banking organization which will carry out the repurchase of your credits, and the offer of loan emitted, it remains for you to sign it. You have a withdrawal period of 10 to 14 days depending on whether it is a repurchase of mortgage credit or a repurchase of consumer loans. When credit repurchase is implemented, the organization grouping your loans balances your various credits / debts with the organizations concerned. You then have only one loan left to pay back, with lower monthly payments, a lower debt ratio and an extended loan period.