With the continuous increase of small personal loans, such as the installment for the telephone, the installment of the car, the installment of the furniture, etc … people began to find themselves, over time, indebted to different providers. Different installments, with different interest rates, to be incurred with several financial ones.
Hence the need to collect all these installments under a single loan/loan and to have unique interest rates through debt consolidation.
Debt consolidation loans: rush in today
Debt consolidation consists of receiving a loan destined for the extinction of all currently outstanding debts and the direct consequence is to bring the different installments together under a single one.
Let’s see it together with a practical example:
Mr. Paul has currently opened Cart revolving with a bank, a small loan with the dealership for the new car and needs liquidity to replace some of the worn-out furniture in the house.
Faced with this situation, Mr. Paul finds himself having to pay 3 different monthly installments to 3 different providers. The best solution, in this case, is to close the three previously opened loans early and find yourself talking to a single institution and a single installment, solving the different problems of managing the update of the rates and doing a little order from the financial point of view. familiar.
Advantages of debt consolidation
By consolidating, you can get:
- Lowest monthly rate
- Installments distributed over longer periods of time
- Lower rates (because higher numbers of different small loans are required)
- Debt repayment
- Greater personal serenity
Who can request it?
Funding for consolidation can be requested by natural persons who already have mortgages and/or loans, who are public, private or retired employees.
The aim is to lighten the monthly disbursement load on the paycheck/pension by reducing the debt created with multiple entities, to a single installment recalculated towards a single referent so as not to exceed one-fifth of the monthly income. (find out how it is calculated here)
How does debt consolidation work?
Leaving aside the multiple possibilities that can give rise to a request for consolidation, the procedure does not change.
There are entities on the market, accredited by banks, also recognized by the Moneysound Bank as a Dedicated Agreement, which deals with debt consolidation by offering various financial packages. The procedure, therefore, consists of contacting one of these entities and providing the amounts to be consolidated and the characteristics of the ongoing loans.
Once the documents are received, the chosen body will check the data provided and present a specific offer for the situation presented.
From the date of approval to the disbursement of liquidity, there are times that can vary from 15 to 25 days to see the requested amount credited.
Subsequently, you will interface directly with the lender chosen for the payment by installments of the loan and any other requests
When is it suitable?
Consolidation is to be seriously considered in situations that include excessive accumulation of debts, or where these added to the legal over-indebtedness threshold.
When a family accumulates too many installments, even if small, but all with different entities and above all with different rates, it becomes unthinkable for a bank to indebt a person again with other loans. From this point, it is, therefore, necessary to consider a loan aimed at consolidating existing debts.
In fact, this financial instrument makes it possible to group all debts together and to repay them in one fell swoop with the advantages described above (see advantages section). It certainly pays to families, who must think of everything except their debts. However, it is an excellent tool for individuals to close open positions and simplify their portfolio management.
What do we mean by the bad payer?
As you can imagine, finance companies, insurance companies, and banks do not make loans unless they are sure of the return on investment. Consequently, in addition to the documents submitted by the applicants, these funding bodies consult registers and databases trying to trace our situation of defaults.
In fact, there are databases recognized by the Moneysound Bank which contain all the data of all Italians relating to payments and open situations in place.
A bank, in the face of a consolidation request or any request for financing, consults these records and evaluates, not only the situation of the applicant but also the family history of the latter. In this way, the banks obtain very precise data on the economic seriousness of the person and consequently evaluate any rates, procedures or methods. In some cases, the bank, in the face of these data, refuses the request for financing because it is considered too risky.
The “bad payer”, consequently, appears to be a person who in the past has not economically fulfilled obligations. We are therefore talking about people who have skipped a mortgage payment, defaulters or even people who have been reported because they have forgotten a postal order or a specific tax.