You then have a statutory reflection period of 11 days if your loan offer is subject to articles L312-1; the loan offer is valid for 30 days from the date of receipt. The customer cannot retract after having returned the acceptance to the Lender.
If your loan offer is subject to articles L311-1 you have a withdrawal period of 14 days from acceptance of the offer. The loan offer is valid for 30 days from the date of publication.
As soon as our partner receives your acceptance, your creditors are reimbursed immediately and any cash you have requested is paid to you. The following month, without having to change anything, your new monthly payment will be debited directly from your account.
The different stages of a loan buyback file
The constitution of a credit consolidation operation takes place in several stages, starting with finding the right broker specialized in loan consolidation, then the simulation, the analysis of the file and the issuance of a loan offer, ending with the credit financing.
Find the broker specializing in loan repurchase
The broker is the intermediary in banking operations who has the mission his client therefore the borrower finds a solution by grouping credits with lending partners. You consult your bank or a loan consolidation broker. This request for loan consolidation can be made to your bank adviser, but beware you certainly have a liability in your bank that does not necessarily work in your favor or you do not fit into the criteria of banks: such as duration or amount credit or loan start and end ages.
Make a simulation
The purpose of the simulation is to save time for both parties, both the borrower and the loan repurchase broker. The easiest way is to contact a broker specializing in loan consolidation, either by phone or directly by the internet by filling out a form called the simulation. This simulation concerns your marital status, your income, the amount of your credits, your monthly payments and your home.
If you address several brokers directly on their site you will receive different proposals for credit consolidation. Comparing the proposals well is a very important step which will allow you to make your choice in all transparency and with the best conditions.
- The total amount of your loans to take back.
- The amount of the new project or cash included in the amount of your financing.
- The interest rate on the loan repurchase.
- The repayment duration of the redemption.
- The new monthly payment for your credit union.
- The insurance prices must be indicated on the loan consolidation proposal.
After comparing the different proposals, ask the right questions to the loan consolidation broker:
- Cash and all fees are included in the total amount of your buy-back, so monthly payments include cash and fees. Or is the monthly payment calculated excluding cash or fees?
- Is the insurance coverage 50% on each head or 100% for the borrower and 100% for the co-borrower? Insurance pricing, in the end, is double to double.
When you have had all the answers to your questions, you will be able to choose the credit repurchase broker to whom you will send your file.
Warning: if you do not want to be invaded by phone calls and emails, avoid filling out forms on comparison sites, because your file is automatically sold to a dozen brokers who will harass you in order to retrieve your file without having does a very thorough analysis. You will, therefore, receive a very attractive but erroneous proposal.
Analysis of your loan buyback file
Upon receipt of your simulation, an analyst studies your request. He will check your repayment capacity: your new monthly payment must respect a maximum debt ratio of 45% compared to your income. Your living space must be at least 900th for a couple without children.
The repayment period must be adapted to your situation. If the credit consolidation transaction is favorable, the borrower must provide the list of documents requested. If the redemption of your credits proves impossible, the refusal will be given to you immediately, without asking for your documents.
The assembly and the feasibility of your file
On receipt of all your documents, the same analyst takes the personal information that you transmitted during your redemption simulation and verifies it with your documents. Your file complies with the criteria of our partner that we have selected in order to get you the best rate and the most suitable duration for this credit consolidation operation. Your file is sent to our partner for the edition of a loan offer.
Issuance of the loan offer
The borrower receives his loan consolidation offer in general by mail or online. These are very well detailed. First, there is the user manual to complete your file and the reflection period for the acceptance of your credit offer. The customer information sheet contains all the information that your loan repurchase broker transmitted to his lender and that you gave him during your simulation.
All your credits are noted one by one, whether or not they are included in the loan group. The credit summary is detailed for each amount concerning the amount of credits to be grouped, the amount of costs and amount of cash for new projects or works. The future debt ratio after the credit consolidation operation and the residual are recalculated.
Then comes the European standardized information sheet which contains all the characteristics of credit. Finally, the loan consolidation contract offer which summarizes all the information: the total amount of the credit, the duration, the monthly payments, the borrowing rate, the annual effective annual rate (APR), the total cost of the credit and the total amount due. by the borrower.
It is specified if he has a mortgage and the contact details of the notary. Optional loan insurance coverage is specified. The general conditions indicate the penalties in the event of early repayment The borrower must comply with a mandatory cooling-off period before returning his credit offer.
The reflection period for a grouping of consumer loans is 14 days and 10 days for the repurchase of home loans. The borrower only has to initial and sign and send by mail his loan offer directly to the lender.