Credit repurchase has become so common that we mistakenly believe it is automatic. Like any loan, the redemption is subject to drastic conditions. The operation comes under the sovereign appreciation of each organization you approach. So how do you get your file through and avoid refusals?
The criteria for accepting your file
Each application is examined with a magnifying glass. To qualify for a loan buy-back, it is crucial to avoid over-indebtedness. Indeed, banks are prohibited from supporting a person in a state of over-indebtedness. Remember that the legal threshold is set at 33% of your income. If your debts exceed a third of your income, you can be considered as over-indebted and any request for credit can be refused.
The second criterion is that you are not filed with regulatory authorities. The filing makes you prohibited banking and therefore prohibited credit. Obviously, there are ways to be able to benefit from a credit or a redemption if you are stuck, but the chances are very low.
Among other things, filing requires the regularization of your financial situation. This means that you have to settle all the delays recorded. However, you should know that the filing does not disappear upon regularization. It takes approximately twelve months for your name to be removed from the prohibited banking list. In the meantime, your credit or redemption requests are unlikely to be successful.
The intermediary in banking operations, the solution to a refusal
Although you meet all the criteria to be able to benefit from a credit repurchase or consolidation, the bank retains the right to refuse it to you without reason. The intermediary in banking operations or IOB can help you to intervene with credit institutions. Thanks to its network and its mandate with credit institutions, IOB can indeed conduct negotiations differently in order to convince organizations to accept your file. It is sort of lobbying to defend and speed up your case.
The IOB takes full charge of your file. It does not only help you build your file since it does it for you. He is also the best qualified to know the workings and the functioning of a credit institution. Thanks to its expertise, your file is always well organized and well defended.
Finally, if your request has been refused, please note that you cannot renew your request with the same establishment after 6 months.