You think that given the state of your finances, a restructuring of credits would be very timely in your case. As a result, you would like to know better the steps to take and the progress of such an operation. Below you will find the basics of what you need to know about it.
Evaluate and analyze your situation
In the first place, you must start by properly assessing your financial needs and your repayment capacity. You can do credit restructuring simulations using the calculators available on the personal credit websites.
Then you can do the bidding with credit institutions yourself, but it takes time. As a result, you can speed up your process by going through a credit restructuring broker . He will analyze your situation with you and will be responsible for presenting your file to the banks.
File mounting and selection of the offer
The next phase of the procedure of your credit restructuring is the study of your file. Banks must analyze your creditworthiness and find out what is the best repayment period for you. This step is quite simple if it is a simple restructuring of consumer credit or revolving credit . The procedure will be heavier if your credit restructuring includes a home loan. Indeed, in this case, you may need to take a medical examination to benefit from the death insurance incapacity for work. Please note that if you have health problems, solutions may be proposed so that you can still benefit from this insurance.
After the study of your file, the banks will send you their answer. You can then compare the offers and choose the one that best meets your expectations.
Implementation of the restructuring
Once you have chosen the best offer, the bank you select will reimburse the organizations you are debtor. However, if it is a mortgage restructuring , it will be necessary to sign the act of constitution of mortgage at the notary so that the funds can be released.
If the credit institution has agreed to provide you with additional cash, the funds will be paid to you by check or bank transfer.
After the release of funds , you will reimburse the organization by paying your installments each month.