Repurchase of credit: The procedure to follow from A to Z


Like all other credits, the credit group (or the repurchase of credit) is subject to a fairly rigorous procedure. Indeed, the organization of the credit redemption procedure is based on an analysis of the borrower’s debt capacity. The lending structure assesses the borrower’s expenses and income to be able to determine the amount of money to be repaid monthly. For this, it is necessary to complete with care and sincerity, the preparatory file. Find out all the steps here.

What is the procedure to follow to benefit from a loan buy-back?

To obtain a credit consolidation , you must follow a procedure grouped in 6 steps. The first step is to gather the elements that describe your current situation. It consists of making a complete balance sheet of all your current loans (linked insurance, amortization tables, loan account statements, etc.), calculating your monthly charges (to do this, you must list all of your expenses, tax notices, invoices, non-tax notices, etc.) and to list your income (without however overestimating them). You can find practical examples on if you’re a little confused.

The second step is that of filling out the credit consolidation study line. It is free and requires no commitment. Once this is done, France finance will take care of sending you a personalized response.

The third step is where you mount the entire folder . The file should contain all the data previously collected. With this information, your adviser will be able to tell you the probability that your file will be received favorably.

The fourth phase of the procedure is when you receive a credit consolidation (or loan buyback) offer. After that, you will only have to fill in, sign and renew your file with all the documents that will be required of you by the new financial structure.

The penultimate step (step 5) is that of the confirmation or not of the acceptance of your credit redemption request file . This occurs after a new study of the files by the financial structure that contacted you.

Finally, in step 6, the financial structure will repay your loans that are outstanding with your old bank . You won’t have to move a finger for that. The consolidation of your credits (or the redemption of your credits) has then come to an end. You only owe your new bank. You will only have to repay a final monthly payment according to the clauses of the contract signed with your new credit.

What are the documents to provide for a loan redemption?

Here are the documents you will need for a procedure to buy back your credit:

An identity document: resident card, national identity card, passport, etc. ;

A document justifying your residence: rent receipt (dating back at least 3 months), certificate of residence, electricity or water bill (6 months at least)…;

Documents proving your income: payslips, invoices, etc.;

A bank document: bank identity statement, etc.;

Employees: the latest tax notice, a copy of the last two payslips, etc.;

The self-employed (or those in the liberal professions): a copy of your tax return and your tax notice;

A signed letter attesting to the closure of your old credits.

What are the conditions for accepting a loan buy-back?

Before accepting your request to buy back credit , the new financial structure will first analyze your ability to repay such debt. And in their overall credit assessment, your advisor will add up:

The amount of expenses (guarantee, insurance costs, etc.) related to your new loan;

Penalty fees provided for by the contracts of your old loans (if it is a case of early termination);

The amount of the remaining capital of (your old credits).

Based on the total amount of your credit redemption and its duration, the credit bank will find the best solution, the one that will guarantee monthly payments up to your repayment capacity .

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