About a year ago, I wanted to buy a new car (after parting with it a few years before), but I didn’t have the money. So I applied for a loan from my bank. Recently, I also undertook some development work in my home, I also requested a loan from my bank.
I later noticed that the monthly payments were really too heavy. In addition, it is a bit difficult to navigate among the various paperwork. The solution I found is to perform a credit consolidation. I offer you an article on this technique and I tell you at the end how much I was able to save per month using this method.
As I explained to you a little above, I have taken out several loans in recent years. The result is that my budget has become very tight. You will understand, the sum of all my monthly payments is too high to a point where I have to limit some of my expenses (sports betting, Netflix and Amazon Prime subscriptions).
I don’t like this situation and to solve the problem, I contacted a broker. To find this specialist, I just typed the following phrase “credit consolidation broker” into Google, and I got hundreds of results. After comparing the best offers, I found the broker that meets my needs. On this point, always check that the intermediary you are dealing with is in the official register, you can check it here.
This finance professional advised me to request a credit consolidation from a bank. This is a technique that allows you to merge all of your credits into one. This solution is quite interesting in many aspects, although at first I was a little confused.
When I used a broker, the latter offered me the most interesting credit buyback offers on the market. In a few minutes, I found the one that suits me. The procedure was really fast since in a few days we were able to close the negotiations. Here is what was agreed, a third bank agrees to buy all my credits then it combines them into one. I have to pay a single monthly installment with this new bank with certain advantages.
After calculations, I can easily save more than 150 euros monthly. It’s substantial, I have to admit. With this new contract, I can easily make ends meet every month. The only drawback is that the duration of the loan has been extended by one semester. This is quite normal, since the organization that bought my credits must also derive a small advantage from it.
In summary, the repurchase of credit is a solution to consider if you have a risk of over-indebtedness. This is one of the ways to lighten your burdens. However, it is necessary to pay attention especially on the duration of the refunding. The trick is in negotiation, if you’re not good at it, hire a finance broker.