Have you identified the repurchase of credits as being a solution adapted to your situation? Consolidating several loans to combine them into one is a way to restructure your budget and better make it coincide with your needs (job loss, drop in income, savings that is running out). But how do you put it in place? Is it easier to negotiate directly with a bank or to entrust this step to a third party? With what advantages? Here we point out to you the advantages and disadvantages of each possibility.
Negotiate yourself with your bank
You have the freedom to negotiate yourself, with your bank, or with another banking establishment. By contacting your usual advisor, or by contacting a new bank, you can take stock of your situation, explain the different loans you have, and ask to carry out a consolidation.
The advantage of doing this is clear: your bank knows you, and has access (in theory) to most of the information that concerns you. She knows your income, some of your credits, the state of your finances … If you have a good relationship with your bank, this avenue is perhaps the first to explore.
After all, your bank is best placed, from the outset, to have a vision of your account management. But this is also a real disadvantage in certain cases.
If you want to use credit because you tend to spend “easily” and are a compulsive buyer, the bank may not make an effort. If it judges that you are already abusing bank overdrafts a little too much, or that several payment incidents appear in your file, it may not really be mobilized to group all your credits, and in particular credits subscribed elsewhere.
She can offer you a lower monthly payment, and spread the payment over a new longer period, but knowing your way of managing the money, she can be reluctant to make this proposal.
Another negative point: consulting your bank is one thing, but don’t limit yourself to it. When you want to buy a new car, do you compare the prices? You undoubtedly solicit several garage owners in order to have the best offer. When it comes to debt restructuring, take the same approach. The more financial organizations you stimulate, the more you can compete.
Attention, the procedures will be long. By multiplying the appointments, you will have to take time, find the necessary supporting documents each time (not always the same). In short, arm yourself with patience.
Ask an organization to negotiate for you
Entrusting your file to an intermediary organization makes it possible to avoid the inconveniences that we have just mentioned. A specialist organization has made loan consolidation its business, its preferred field. You therefore have the assurance of having tailor-made support, and real assets to find an offer even more attractive than taking care of the procedures in your corner.
- The volume of files processed each day allows a specialist to have negotiating strength and conviction with banking partners. The result is better conditions, with reduced rates and attractive insurance offers;
- All the steps are taken care of by your advisor. You will only have to provide him with the documents necessary to study your situation. You don’t waste time with the various meetings! You have only one contact;
- Deadlines are reduced. Because your file is created only once, and is then sent to different banking partners to have an offer, you get a faster response. The proof: you can already count on a feasibility response within 24 hours!
The action of a specialist like is designed to help you find the best offer, at even more advantageous conditions than by launching yourself alone in the process. Try today by filling out the online request form. It only takes two minutes.