To find an organization that easily accepts your credit redemption request, your file must be as complete as possible. The competition of banks and specialized organizations is also essential.
There is no a miraculous recipe. The ease of obtaining a buy back credit depends mainly on the transparency of your file and your actual ability to repay. It should be remembered that this operation can be particularly expensive, hence the importance of properly analyzing your situation and making calculations before signing such an offer. Do you want to buy a loan simply? Here are our best tips.
Know the people eligible to buy credit
In terms of repurchase of credit, the conditions of acceptance vary from one bank to another. However, some constants are found. Thus, people on permanent contracts (CDI) or having regular incomes, employees on fixed-term contracts (CDD) provided that they justify seniority in the company are eligible.
Some requests are systematically refused because the agencies believe that the borrower’s risk of default is too high. This is particularly the case when the latter is registered on the Central Check File (FCC) which lists people who are prohibited from issuing checks or using a bank card, when in a situation of overindebtedness, when he is not a French national and has a temporary residence permit, when he wishes to make a repurchase of credit for a professional activity. An entry in the Personal Credit Payment Incident File (FICP) is nevertheless tolerated.
Identify the main conditions for accepting a credit surrender
The borrower who wants to accept his credit redemption request easily must know the elements taken into account by the bank to set up this type of operation. In fact, the definitive agreement and the sending of an offer to buy back credit will only come into play after studying several parameters.
The organization will first consider the solvency of the applicant. The total amount of his monthly repayments must not exceed 33% of his income. Some institutions accept higher levels as long as the borrower has more comfortable incomes. It should be noted that the higher the debt ratio, the higher the rate of the repurchase of credit.
Another element taken into account: the bank balance. The financial institution will examine the history of the applicant’s bank account and, in particular, his last three bank statements, to check for the presence or absence of disordered movements.
Credit redemption organizations consider the age of the borrower. The last repayment term can be up to 80 years in the context of a consumer credit redemption, up to the age of 90 as part of a mortgage repurchase.
Finally, the situation of the borrower is also important. In case of divorce, the financial institution will request a copy of the divorce judgment and the liquidation of the community.
Prepare your credit buyback
The body responsible for reviewing your file will need information about your personal and financial situation to respond to your request for credit redemption. To constitute a clear and complete file is thus indispensable. Regardless of which institution you are applying for a credit surrender, you will be asked for information on: your marital status, your income and expenses, your level of indebtedness, your property portfolio.
To verify your identity, the lender will request a photocopy of ID, a photocopy of the family record book, a photocopy of the marriage contract or PACS, the divorce decree, proof of address.
The organization must also be informed of your financial situation. As a result, you will be required to provide: your last three payslips, a photocopy of your employment contract, proof of regular non-professional income, and your last tax notice.
The bank must finally know the amount of your credits in progress. It will therefore bring together your last three statements of account, loan offers and amortization tables of your personal loans and those of your home loans. Your real estate heritage can play in your favor. Do not hesitate to present to the organization your last rent receipts if you are a tenant or a copy of the act of purchase if you are the owner.
Submit a request to several organizations
The repurchase of credit does not require keeping the same lender until the end of the repayments. Indeed, it is quite possible to transfer your file to another institution offering more advantageous conditions. To compete and try to get a buy back simply, you need to know your repayment capacity and the amount of current loan payments. You will also need to report the current rate of your credits.
The easiest way is to use an online comparator. With this tool, you will get several free credit redemption studies tailored to your situation and your borrower profile.
Call a broker or an IOB
For your convenience, you can use a broker or Intermediary in Banking Operations (IOB). This specialist negotiates with banks to find the best credit buy offer and is able to advise you in your steps. You do not have to pay for the services of the IO because it is the bank that pays the salaries.
In other words, going through a broker allows you to save valuable time and money. Indeed, this professional is responsible for completing all steps related to the purchase of credit for you.
Thus, the repurchase of credit has several advantages for the borrower. It aims to simplify the management of outstanding loans and lower the monthly payment to gain purchasing power. However, the repurchase of credit remains a complex operation to implement. It is therefore important to prepare your file and learn about its cost before launching.