How much does a credit buyback transaction cost?
Nowadays, the projects on credit has returned to the mores. Thus more than 75% of French households choose their car on credit. Especially since borrowing interest rates are particularly low for a few months. These new consumer attitudes are encouraging financial organizations that have seen their economic role grow further. Learn more at http://newhostgatorcoupon.com
However, these payment facilities can be dangerous for those who abuse them. The accumulation of consumer credit then weighs on the household budget and limits their lifestyle. The redemption of credits is an emergency exit to put an end to budgetary asphyxiation . But the loan buyback has a cost, what is it made of?
A debtor who initiates a credit redemption procedure must expect to pay prepayment penalties to the banks that initially financed it. They will ask him to pay early redemption fees. These fees are framed by law and can not exceed 3% (real estate) of the remaining capital due on the day of redemption by the body. With regard to consumer loans (Auto Loan, Student, Works) that are distinguished from mortgages, the penalties are lower, of the order of 1% or 0.5% of the remaining capital of. To know the exact amount of the penalties that will be applied, it is necessary to refer to the initial loan offer. If the level corresponds to the French standard (a semester of interest limited to 3% of the capital remaining due), it remains only to calculate them using the repayment plan of the loan. The debt repurchase broker will include these ancillary fees to estimate the amount of the repurchase of loans .
Mortgage fees of a credit redemption
In some cases, especially when the purchase of credits includes one or more home loans, the establishment of a mortgage may be necessary. This guarantee on the property portfolio of the client, allows the bank specialized in repurchase of credits to ensure that will be refunded. If the borrower does not repay the loan, then the bank will be able to seize the property and sell it in order to pay. The mortgage is not a trivial act, it is a notary who records this guarantee. This one will invoice the notarial act to the borrower. The amount of mortgage fees depends on the amount of the loan buyback.
Brokerage fees for a pool of credits
The credit consolidation operation is reserved for specialized banks. Without the help of an expert broker in financial restructuring, it is very difficult to get in touch with the organizations dedicated to. In addition, by using a credit buyback broker, the borrower makes sure to submit a complete file. It is also the perfect solution to benefit from the personalized advice of an expert advisor in this field. The remuneration of this intermediary is also part of the cost of a credit buyback procedure. Brokerage fees are included in the redemption of loans, which facilitates payment.
The cost of borrower insurance
As with any other, it is advisable to ensure a repurchase of credits. Covering potential life events (death, disability, sickness, unemployment) has a cost. It is also within the framework of the monthly payment of credit that the debtor will honor this cost. If the creditor organization will advise a borrower insurance contract at the proposal of the Duchessment, nothing obliges the debtor to accept it. It is also possible to choose a delegated insurance contract.