For many inhabitants of the country, the end of the month is often very difficult. Between average incomes and fixed charges that fall inexorably, they are unlikely to be able to save money for the holidays or simply have fun from time to time. This is the reason why they often take out their first loan. But is it possible to combine several?
What is a credit?
Credit is a sum of money that is asked from a bank or a credit institution. If the request is accepted, the entity pays this sum which the individual (or the company) undertakes to reimburse within a specified period. Payment is made through monthly payments, the amount of which has been determined by income, in particular. In return for this loan, the bank or the credit company receives interest. Depending on the nature of the credits, repayment is made over a few months or several years.
To have a favorable response to a credit request, you must prove that you will be able to repay the entire amount, in addition to interest. To calculate this, we take the income, we remove the cartoons, to calculate the rest to live. The debt ratio not to be exceeded is generally 33%.
Credit comes in several forms. Firstly, there is the mortgage, used to acquire a property; whether it’s an apartment or a house. Then there is consumer credit, which is divided into several families. Affected credit; for which it will be necessary to give proof of his purchase or the personal credit which leaves the person free to do what he wants with the loaned money.
Can we have several credits?
It is quite possible to have several credits in progress. This can be a mortgage and one or more consumer loans. However, before committing to this type of procedure, you must be certain that you can reimburse all the monthly payments until the end of the reimbursement.
The process is the same for each loan contracted. The entity that lends the money must have the assurance that it will be reimbursed. This is why it is necessary to carry out simulations, adding the new monthly payment, to study the feasibility, at the level of the budget.
What to do when you have difficulty repaying your credits?
Many people have several credits in progress, and that makes their life easier. They pay small monthly payments to be able to pay for their car, change the living room furniture or go on vacation. But in the event of an unforeseen problem, it may happen that the payment of monthly payments becomes difficult. If this happens to you, don’t wait for the situation to worsen and consider requesting a loan buyout.
Again, a simulation can quickly determine whether this operation is feasible and under what conditions. The repurchase of credit makes it possible to regroup some or all of the credits. The organization then establishes a new contract in which it stipulates a single monthly payment, over a longer reimbursement period. Ask if you are interested.