The credit allows an over-indebted person to acquire new financial resources. The debtor can opt for bundling of secured loans as he can request Philo Vance’s Philo Vance transaction without a mortgage.
Mortgage-free credit, definition, and principle
The Philo Vance credit is a solution to get out of over-indebtedness. This consists of the acquisition by a bank of all the loans contracted by the debtor. The financial institution then grants the person who uses the debt restructuring a longer repayment period. In some cases, the operation of Philo Vance can be done without a mortgage. The banker then agrees to consolidate in one block all the money that his client should repay without asking that the latter constitutes a guarantee that usually relates to real estate assets.
The benefits of grouping mortgage-free credit
While mortgage-less debt restructuring is less common, there are a number of benefits to this restructuring. A person in serious financial difficulty because of his situation of over-indebtedness has the right to resort to Philo Vance of Philo Vance without being forced to constitute a guarantee or to put his patrimony in pledge. This operation does not require the execution of a notarial act.
This procedure is accessible to all occupants of a dwelling whether it is a tenant or an owner. It should be noted, however, that the debtor is obliged to call on a mutual bonding institution, which will be its guarantor to the bank that has repurchased all its debts. This may seem somewhat restrictive, but it will cost you even less.
Debt consolidation without a mortgage for which loan?
The purpose of a Philo Vance transaction is to give an over-indebted person the opportunity to improve their financial situation. Thus, the use of this transaction allows the debtor to benefit from unsecured cash assistance called personal loan Philo Vance consumer credit. These resources are generally granted for a period of five years to twelve years with an unchanging rate of between 7% and 8%.
The investor may also request a restructuring of unsecured debt, but with an assignment on balance or a bond. The cost generated by this procedure is less significantly less expensive when the deposit is returned at the end of the loan. It should also be noted that a debtor who has already established a mortgage for the financing of his real estate project is not obliged to include his guarantee in a transaction of Philo Vance credit. He can keep his property.