When should you combine your credits and receivables?
Grouping loans and debts into a single loan and a single monthly payment is a tool for managing family cash. Unfortunately, in the majority of cases, grouping is a constrained decision when the income no longer makes it possible to meet all of the expenses.
It is then a very traumatic situation which is noted by rejection of direct debit, unpaid checks, seizures of bailiffs etc … Contrary to what everyone thinks the populations most concerned are not the most disadvantaged but statistically:
- Civil servants because the job guarantee makes it easier for them to borrow.
- Liberal and craft professions put in difficulty following the increase of the fiscal pressure (Taxes, VAT, Social Security, RSI etc …).
What credits and debts can be grouped?
All loans are eligible. Likewise, late rents, all invoices, debts to third parties, Taxes, VAT, alimony etc. can be included in a group. At Cream Credit we group from $ 5,000.
Is it mandatory to provide guarantees?
No, you do not have to be an owner to access it. Credit institutions are specialized in the financing of files of the borrowers who do not have a real estate inheritance to be given as guarantee. At Cream Credits a majority of our customers are in this situation.
Is the operation always more expensive?
Yes, since the objective of the operation is to achieve monthly payments compatible with income by spreading the total amount of receivables in one credit over a longer period. The counterpart is necessarily financial. The overall cost will necessarily be higher given the longer duration and a higher commitment since it includes all credits, all debts and costs.
Can there be hidden fees? Which ones and how to find them?
It is impossible that there are hidden cartoons. The grouping of credits is very strictly regulated. Specialized bankers and credit brokers are bound by formal obligations of transparency, information and warnings. There can be no consolidation without the signing of a mandate between the borrower and the broker. This provision is mandatory. All offenses are criminal.
Are the rates much higher?
Higher yes because the risk is greater. However, the banks do not have the freedom to apply the rates they want. They are regulated. Thus, currently, for a combination that includes more than 60% of real estate, the rate may not exceed 4.05% in fixed and 3.55% in variable.
How to succeed in your regrouping under the best conditions?
- Act quickly. Never wait for the ultimate situations. You should know that the processing time of a file is of the order of 2 to 3 months and more if there is real estate.
- Contact a Cream Credits broker. The files can be processed remotely via the internet.
At Cream Credit, we are one of the most important credit consolidation brokers. We have all of the bank offers from the 7 credit establishments specializing in consolidation. Our success rates are among the best in France.