The repurchase of credits is a solution which makes it possible to reduce the debt ratio, and to simplify the monthly budgetary management by proposing only one monthly payment of credit, instead of the various maturities which were to settle before.
If you have already bought back credit, can you claim to use this formula again? If yes, how long will it take? Is it possible to make a second loan repurchase, in the year following a first grouping of loans? Our responses.
Is it possible to repurchase a second loan one year after the first?
The main objective of a loan repurchase is to support households in a progressive deleveraging. By reducing the weight of loans and therefore the monthly payments of the loan to be paid each month, and by lengthening the repayment period, households find some air. Theoretically, a loan consolidation operation therefore helps borrowers to envisage the future in a more serene way, with an optimized organization of their debt.
If you reapply a request a few months after using this system, then it means that a problem has occurred. Using credit a second time is possible, but not always easy. You must indeed convince the credit organizations to support you … and justify this new request. It’s up to you to find the right explanations!
What loans have been taken out since the first grouping of loans?
The first piece of information that credit agencies will seek to verify is to understand how the money borrowed since the first loan was used. For this, as for a first request, you will have to provide your account statements, your savings statements, but also the detail of the credits in progress (those subscribed since the repurchase, and those which had possibly remained outside the operation ).
Take the example of a person who bought back a loan a year ago for a total amount of $ 80,000. He appeared again before the banks a year later. He has accumulated in one year several credits for a total amount of $ 60,000. It’s a safe bet that the various credit organizations will not see this profile very well. By having accumulated new debts despite a successful transaction, the borrower loses credibility. Worse, his profile will be considered unreliable, with a compulsive buyer character.
Watch out for the overindebtedness spiral
Performing an operation means being aware of the imbalance in your budget and taking action to get out of it. Thus, it is an action rather well seen by banking organizations, which will prefer responsible customers and with a real desire to get out of it.
The proof, it is completely possible to borrow to buy a house or an apartment by having realized just before a repurchase of credit. The consolidation of your finances via the grouping of loans is an act that demonstrates real proof of seriousness.
If many credits have accumulated since the buyout, over a very short period of time, and the monthly payments once again put your budget in the red, then the banks will be very vigilant. We can see here all the signs of the beginning of the spiral towards over-indebtedness, which can lead to filing with the Banque de France. Action must therefore be taken, but credit institutions will be wary.
Carry out a second loan buy-back, under what conditions?
If your profile matches this type of borrower, all is not lost. The banking partners will try to find a solution, even if your profile is deemed to be risky. However, there will be certain conditions linked to your multiple expenses. Thus, the overall rate applied to the grouping of loans will be higher than a profile deemed less risky. Certain criteria will be hardened because the bank will start from the principle that there is a risk of recidivism, and therefore of non-payment of the credit. So expect to pay higher than average warranty fees.
Have you ever bought back credit less than a year ago? Ask advisers for a free study of your situation. We can provide a feasibility response in less than 24 hours, all without obligation. You will thus have a quick response to find out if a second loan repurchase is possible or not according to your profile.