Do you have several credits in progress? Suppose you have purchased auto financing for a purchase of 25,000 €; you also have an installment loan of € 10,000 through which you have made some renovations in your house; finally, you have contracted a revolving credit (a credit opening) of € 3,000 in a supermarket to buy high-tech products (tablets, computers, printer, smartphone, phone, etc …).
You realize today that the sum of your three separate monthly payments are starting to reach your monthly budget and that the end of the month becomes difficult.
Rather than dragging out monthly repayment difficulties, it’s time to think about finding a solution: redeeming your three credits towards a single credit can certainly reduce your new monthly premium. A few words of explanation.
What is the redemption of credit?
The repurchase of credit aims – in a way – to effect a consolidation of credit. In the example below, you have three separate monthly payments to pay. By repurchasing the three outstanding credit balances, you will only have one credit, the monthly payment of which will be far less important.
For what benefits?
First, from an administrative point of view, you no longer have to think of paying your three premiums each month to different interlocutors. By buying back credit, you have only one credit in progress and one contact.
Then, it is obvious that the accumulation of three separate premiums resulted in much larger repayments than if you had only one credit in progress, even if the amount of this credit is greater.
When should you redeem your credits?
As soon as you have more than one credit in progress, it may be interesting to proceed with a credit consolidation. This is an assumption that should be considered with your broker.
Obstacle to the repurchase of credit
It will be difficult to make a credit redemption if you are registered with the National Bank of Belgium that is to say if your file has been litigated.
If you own a property, free of charges, it can still be considered to make a homeowner credit and take a new mortgage registration on your property.
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