How is this banking operation set up?
The repurchase of credit is established by a financial organization, different from that or those which initially granted the funds.
This body (traditional bank, institution specializing in credit, loan platform) may be required to settle all the loans contracted with creditors. These cleared credits (canceled in previous institutions) are transferred to the new organization and take the form of a new single contract.
The loan buyback can be concluded over a shortened period or on the contrary extended. It all depends on how much the borrower can repay each month. To accurately assess your future monthly payments, but also to know the total repayment amount following a possible redemption, it is more than advisable to use a credit redemption simulation tool.
A credit consolidation offer is also accompanied by optional customizable insurance. Because no one is immune from a drop in income, whether as a result of job loss, the death of a spouse or even total disability! This insurance offers substantial financial security to the borrower, since in the event that the latter is faced with one of these situations, all or part of the amount of the current loan (outstanding capital) is taken care of.