Proposed by the repurchase of credit, to reorganize its loans and to reschedule the amount of the monthly payments are maneuvers which can interest the people who change of position and salary.
Credits are dependent on income variations
When a professional change presages, whether it is a promotion, a move to a less rewarding position or even a job loss, it is necessary to take its predispositions in advance to manage with efficiency transition. This preparation is all the more necessary when credits are being refunded. Why do you have to plan a change of position in advance? Already because it is usually accompanied by a fluctuation of the perceived income. Mobility to an advanced position increases the chances of getting a salary increase. In this case, the financial situation can only improve.
Nevertheless, he can be affected by a loss of salary. Here, the standard of living once acquired may be called into question. The point of concern is when loans are being refunded. When they are contracted with a financial institution, offers of credit are indexed according to the income earned by the household and its solvency. A loss of salary can, therefore, have particularly bad budgetary repercussions since the new income can make take off the debt ratio according to the recorded fall.
Reschedule monthly payments with a credit surrender
But then, what are the solutions to review the conditions of loans in repayment after a decline in income? As a first step, it is possible to negotiate with the lending institution to restructure the terms of the current loans. If for real estate credit the approach is relatively accessible, although sometimes refused by bank advisers, it is another story for consumer credit. Indeed, unless you benefit from a specific and rare clause inserted into a contract, it is difficult to review the conditions.
To reduce the amount of mortgage payments due to a loss of income, the alternative is to combine at least two loans, real estate and/or consumer, in a single credit. This is the principle of a grouping of credits or a repurchase of credit. This operation proposes to increase the repayment period in order to lower the amount of the monthly payment that is levied once a month on behalf of an interlocutor. If the cost of credit increases in fine, the borrower can nevertheless pay each month his monthly payment which corresponds better to his new budget. There is no real limit on the amounts to be pooled, which means that a credit buyback of a large sum is possible as well as a credit buyback of a small amount.
Reassess its borrowing capacity
Good to know, the credit redemption is also for borrowers who get a better job. Increasing the number of monthly payments to repay faster is, for example, an assumption that can be considered. Just like buying a home loan in order to obtain a better credit rate, achievable thanks to an improvement of the budgetary situation and the favorable context of historically low rates. Depending on the outstanding amounts outstanding and the quality of the borrower’s profile, an offer to buy back credit may very well lower the total cost of credit.
Finally, the operation of operation makes it possible to gain simplicity in budget management and also to finance new projects with the possibility of opening a new line of credit. This is to be claimed during a request and is then inserted in the new single monthly payment and can be used to finance real estate as projects for consumption. Obviously, an analyst must first decide on the feasibility of a new release. The operation is therefore not only intended to regulate the debt of a household since it is a lever to support the success of new projects.