It is quite possible to buy back a loan that was bought back before. In addition to clear make a second redemption of credit. A borrower can claim a combination of its consumer credit and real estate to reduce its monthly payments or renegotiate the rate of its loan with or without additional cash. If the capital of the outstanding home loan represents more than 60% of the total capital to be repurchased, it is a real estate rate that will be applied to the repurchase of loan. And if it is less than 60%, the rate proposed will be the one practiced for the purchase of consumer credit.
I am asking for a redemption of credits
Buy back his first credit redemption, is it possible? Yes quite.
We can first consider this solution when for example the rate of its current loan is higher than the average rate offered to borrowers. We may also have had financial worries: an incompressible expense, important and mandatory work to be expected, a sudden change of situation such as a long period of disability … You must know that 2/3 of indebted people are because of life-threatening accidents that result in a new financial solution to rebalance the budget.
Time between two loan consolidations?
There is no legal delay between two buy-backs, but most of the time credit repurchase organizations estimate that it usually takes one year between two buy-backs. It is also necessary that the number of new loans taken over after the first takeover is reasonable: having taken more than 4 to 6 new consumer loans is a blocking criterion, as well as the rejections on deduction of credits. The borrower must present a stable professional situation, a reasonable debt ratio, but also that it is not filed with the Francis Bank. Being a compulsive buyer and bulimic credit can severely hamper a claim.
Motivations to buy back his credit buyback
The borrower will have to justify his motivations during this second redemption so that his request is carefully studied by the new organization. Do not hesitate to write a detailed letter explaining the history of the situation to support your approach.
If you are homeowners, you will be more likely to have a second or an umpteenth buyback credits because you can mortgage your property, provided that their value is sufficient. Tenants are unlikely to be offered a second redemption.
Repeat credit redemptions are to be avoided and intervention of the over-indebtedness commission can be requested before the finances of the household have deteriorated too much. The latter will be able to find suitable solutions.
Repurchase of credit redemption with cash
If possible and thought before, It is sometimes interesting to subscribe to a second redemption of credits with a cash which can constitute a sum of extra money quickly available included to the total amount of the new credit to concretize projects while remaining in its repayment capacity.
As part of a second pool of credits, a feasibility study will be established based on your situation, your ability to borrow and repay. The requested documents will be the same as when the first loan was purchased. Simulation and study of your file are completely free and without commitment.