- July 22, 2019
- Jesse Skillman
- Comments Off on What is the difference between credit redemption and over-indebtedness? | Loan Consolidation
Credit redemption, Over-indebtedness
Are over-indebted people eligible for credit redemption?
This may seem absurd as a question when one thinks that the people who make a loan for a credit union have as their main objective to reduce the debt ratio of their home by reducing the monthly load of their monthly installments of credits.
Do not confuse over indebtedness and bad debts
Anyone who is poorly indebted, ie who has a stable and sustainable income, but who can not make ends meet at the end of each month because of having to pay multiple monthly payments corresponding to maturities of credits taken from financial institutions and banking institutions can always be from a bank thanks to its ability to repay.
In contrast to a person whose financial situation is in a state of over-indebtedness, ie who is no longer in the capacity to face the payment of a debt can not claim to obtain a restructuring loan in order to at a banking institution. The Bank of France remains the only solution to clean up its debts over time by filing an over-indebtedness file.
Repurchase of credit overindebtedness
To qualify for a buyout of overindebtedness credit in order to rebalance one’s accounts, one must anticipate the timing of the over-indebtedness and apply for a loan consolidation with a loan repurchase broker quickly.
It must be done quickly before the financial ratios of your budget situation deteriorate too much, and no longer allow you to be eligible for at least one credit redemption product of one of the partner banks of the intermediary in banking operation sought.
Loan redemption solutions exist for account managers registered in the Individual Credit Payment Incident File, subject to review by the bank transaction intermediary and the lending institution.