If debts accumulate, buying back loans is a solution to lower your monthly payments and avoid over-indebtedness. In return, the duration of the loan increases, bringing with it its overall cost. Let us take stock of this mechanism.
Lighten your monthly budget with the credit buyout
While immediately reducing the weight of repayments on your monthly budget, a loan repurchase allows you to obtain an amount in addition to the grouped loans. It is a way to finance another project or to have savings for the unexpected.
To restructure your debts, you can contact banking and financial institutions directly or go through a broker. The advantage of their support is the saving of time and obtaining better conditions. Thanks to his knowledge of the market and his privileged relationships with specialized players, he presents several proposals adapted to your situation and your needs.
All you have to do is make the right choice with sound advice, and sign the contract with the chosen bank. Once the legal reflection and withdrawal period has expired, the credit buy-back takes effect.
Fees to be paid for a loan buy-back
Please note, a credit buyback generates certain costs. Those on file are generally negotiable with the organization granting the new loan. The penalties for early repayment of restructured loans are also to be expected, as well as the land registration tax if the loan is guaranteed by a mortgage.
If you have used a broker, he must be remunerated only if you accepted one of the loan consolidation offers that he submitted to you, even if you signed a capital search mandate indicating his prices.
Thus, despite the time he was able to devote to the processing of your file and the search for a formula for the repurchase of credits, article L321-2 of the Consumer Code prohibits him from claiming any payment from you before the conclusion of the new contract. Before writing him a check, make sure to check that the loan does not include his fees.