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Repurchase of credit for very large loans and large sums

The credit buyback is for homeowners and tenants alike and may well be for large loans or large amounts. This financing solution allows the borrower to reduce his debt ratio or even to finance another project.

The accumulation of large loans can be dangerous for the subscriber and lead to a situation of over-indebtedness. To avoid this, it is better to anticipate by resorting to the repurchase of credit. Explanations.

The redemption of credit to avoid over-indebtedness

The redemption of credit to avoid over-indebtedness

You subscribed a few years ago very large loans that now place you in a delicate financial situation? The repurchase of credit consists of grouping all these credits into one, with a reduced monthly payment but a longer borrowing period.

This solution has several advantages. First, by using this practice, you can choose a lending agency yourself in order to enjoy a more attractive rate than the initial rates. Then, this operation reduces the debt ratio since the new monthly payment will be calculated based on your current income. The redemption of credit for very large loans and large sums can be put in place to avoid a situation of over-indebtedness. Finally, it is possible to include the financing of a new project (purchase of a car, financing of works or a trip).

Steps to redeem credit with large sums

Steps to redeem credit with large sums

To set up a loan buyback for very large loans, certain conditions must be met. You will need to prove your creditworthiness by providing your latest pay slips and your last statements. In addition, you must not be registered in the Personal Credit Payment Incident File (FICP) or the Central Check File (CCF). The fact that you are banned from banking can also block the loan consolidation agreement.

The establishment of a credit redemption with large sums finally requires the subscription of a mortgage insurance covering the death, disability and possibly loss of employment. To easily find insurance, do not hesitate to compete by comparing online offers.

The interest of making an online credit redemption simulation

The interest of making an online credit redemption simulation

Before applying for a loan from a bank or lending institution, it is strongly recommended that you use an online simulator. This 100% free and non-binding tool allows you to know in advance the amount of your monthly payment and the total cost of the purchase of credit for large amounts. Its use is simple: you only need to indicate the amount and nature of the loans subscribed, your current monthly payments, the new term of repayment desired and the possible addition of additional financing. The result appears in a few seconds and allows you to confirm or not your project.

If the results provided by the online simulator support you in your decision to make a purchase of credit for large sums, you will only have to send the supporting documents requested by the lending institution. Following this, you will receive a definitive offer that you can accept or not.

It can happen that because of your financial situation too degraded, the bank refuses your request for repurchase of credit. In this case, do not hesitate to call a broker to put all the chances on your side.

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