The purchase of credits is financing that will consolidate several credits into one credit. It is intended for any solvent legal or physical person, having the desire to restructure some or all of the remaining capital due credits in the process of repayment. Also known as credit consolidation.
The different types of credit redemption
The choice of credit redemption products is very varied. It breaks down several types of financing plan with the characteristics of financial restructuring.
- Purchase of unsecured credits
- Redemption of credits with guarantee
The repurchase of credit without guarantee
This is a personal fixed rate amortization loan that typically lasts for one amortization period of 36 months to 144 months, up to 180 months in some cases.
It allows the grouping of consumer loans, unsecured work backed by financing, revolving credit and cash reserve. It is possible in some cases to take back a remaining capital of the mortgage.
Subscribers can benefit from a cash flow in the financing plan.
The purchase of credit with guarantee
This is a mortgage loan repurchase, ie a mortgage type guarantee backed by the financing. The bank or lending financial institution requires a mortgage guarantee in addition to the perennial income of the debtor (s).
The repurchase of mortgage credit is eligible only for borrowers who own one or more properties. The market value of the building comes as collateral in case of default of payment (s). In this case the property is seized to settle the outstanding debt.
Repurchase of credits for debtors
Individuals registered in the personal credit repayment incident file can claim credit refinancing for FICP subject to a favorable response to the eligibility criteria.
For this type of product, a mortgage guarantee is required to cover the risk of insolvency of the borrowing (s).