Bank bans and multiple lending can put households in uncomfortable financial conditions, especially when it comes to applying to credit agencies. However, there is an option to turn around the situation: the repurchase of credit.

To subscribe a credit by being prohibited banking: a complex situation for the borrower

The banking ban: what is it?

The bank ban usually comes after an improper use of a bank card or an issue of bad checks. It is then impossible to use his credit card or his checkbook.

This banking ban applies to all your bank accounts. Its maximum duration is 5 years.

Difficulty attracting credit agencies

If you are unable to pay in the near future, you will be placed in the Unpaid Check File or the Credit Repayment Incident File. Such bookings with the Bank of France will prevent you from getting closer to lending institutions while being banned banking, they then doubting your solvency and your financial stability.

But it is very urgent for these people to have money to get by. In addition, each organization has the ability to consult each person’s file to verify its financial situation, which makes any negotiation very difficult.

It is therefore important to get closer to a bank loan lending agency.

By approaching these companies, the borrower then has the opportunity to make a repurchase of credit to mitigate the over-indebtedness.

The repurchase of credit for forbidden banking: what advantages?

The repurchase of credit

The concept of credit redemption is quite simple since it involves grouping all your different credits in order to have only one monthly payment. Anyone who has taken out several loans may resort to the purchase of consumer credit.

It is important to note that consumer credit can be grouped with real estate loans, to further lighten the burden on already indebted households.

This merger of loans provides a longer repayment margin over time, in addition to a significantly reduced monthly payment. The purchasing power will increase automatically, for more peace of mind on a daily basis.

The repurchase of credit for prohibited banking

When a borrower collapses under the debts, he obviously has difficulty in paying his monthly payments and practices payment incidents. This can lead to a ban on banking and registration in the Repayment of Credit to Individuals, a directory managed by the Bank of France.

In order to lift the prohibition, the borrower has the possibility to appeal to a credit institution for bank bans that can   redeem uncleared loans and honor unpaid checks. There are, however, credit redemption solutions for the Bank of France. As a result, the debts can be restructured and additional income becomes even conceivable.

In other words, the redemption of overindebtedness credit makes it possible to regularize complicated situations and offers the opportunity to rebalance the family budget without having to contract new loans. It’s a simple solution that opens doors to new projects thanks to the savings it makes possible.

Focus on the repurchase of credit for file Repayment of Credit to Individuals

The repurchase of credit Repayment of Credits to Individuals applies to persons having experienced payment incidents characterized.

These characterized payment incidents must be reported on the second due date or from a 90-day default. The debtor then has a payment period of one month to regularize his situation.

What are the steps to follow for a loan forgiveness loan?

  • The repurchase of credit for forbidden banking is not done anyhow. You have to know how to remain vigilant to the extent that some enticing offers are real scams. Hence the interest of making a comparison of multiple proposals before deciding.
  • The file for the in-depth study of a credit redemption must mention the civil status, the income and credits, the vouchers of the real situation like the last payslips or the most recent credit statements. The analysis of the file must then be accepted before the institution begins the procedures for repurchasing credits. The creditors will be fully reimbursed, the banking ban will be lifted and the single monthly payment will be introduced.
  • You have to know that each organization has its own rules. The credit surrender ceilings and the proposed repayment terms are therefore variable. The same goes for interest rates. Before embarking, it is better to learn about the conditions set by the financial institution.
Linda Rivera