Find out how to buy back credit in order to renegotiate the terms of repayment of a consumer loan, the simulation is offered free of charge and without obligation.
According to the legislation in France, the renegotiation operation concerns only mortgage loans. It is in fact an amendment concluded between the borrower and his lender who comes to modify the repayment terms of the current credit: duration, rate, monthly payment. The renegotiation can be done directly with the lender or with a third party establishment (bank, bank intermediary, etc.) and in this case we no longer speak of renegotiation but of credit repurchase. Borrowers tend to confuse renegotiation of consumer credit and consolidation of loans, we can effectively review the terms of repayment of a consumer loan but this is not a renegotiation since the loan is redeemed. Thus, we proceed to a repurchase of consumer credit allowing to readjust the repayment conditions, namely the implementation of a fixed rate, a longer duration and a reduced monthly payment. Note that you can also opt for a faster repayment with a higher monthly payment.
Consumer credit: how to renegotiate it?
The renegotiation of consumer loans does not exist, but the purchase of consumer credit does exist. The principle is however slightly different: we balance several consumer loans and then carry the remaining sums onto a new contract. The purchase of consumer creditwill therefore be offered with new repayment terms as previously specified. The old contracts being settled, the new contract will be valid. In this operation, the borrower has the possibility of defining the amount of the new monthly payment but also of choosing the date of withdrawal. There will also be prepayment charges which will be applied by the old creditors, all of which will be carried over into the proposed new credit agreement. Good to know: it is possible during this consumer loan buyback operation to include a new amount dedicated to a new project,
Lower rates: is it worth buying consumer loans?
The very principle of grouping loans is to spread out a repayment period, which generally leads to an increase in the total cost of credit. However, in a period of falling rates, this increase is minimized. In addition, the operation is interesting in terms of monthly payments because the borrower will observe a decrease of up to -60% of the initial amount. The standardization of rates is also an interesting element, especially when the borrower has several revolving loans. The best in this kind of situation is to compare the situation before and after repurchase of credits, this can be done directly online by performing a credit repurchase simulation. By filling in the amount remaining to be reimbursed for each loan, one obtains one or more financing proposals with, for each, an estimate of the new reduced monthly payment.