As we have already shown in a previous article, the repurchase of private credit not only significantly reduces the monthly cost of a loan, but also allows the grouping of different loans such as the unpaid credit card balances or the leasing. However, this solution is not suitable for all people or all situations. Who can benefit from it? Let’s see all our explanations and tips.
Personal loan and repurchase of private credit: same conditions of access
From an administrative point of view, a repurchase request is treated in the exact same way as a personal loan. In other words, it is simply a matter of taking a new loan to pay off the previous one: the conditions of access and the legislation is therefore the same. But what are the most important points to know:
- Age: from 18 and up to 70 years (credit must be repay within the seventieth year)
- Nationality: Swiss or foreigner with permission (B, C or G) or legitimation card
- Regular income in Switzerland: for at least 3 months (or more based on the type of permit or income)
- Budget and situation: the granting of credit is prohibited if it entails excessive consumer indebtedness (art.3 LCD)
If you have already entered into a private loan agreement in the past and your financial situation has not changed, then there is a good chance that you can get a credit repurchase. Problems could only arise if there has been a change in your budjet, or if you have had delays in your credit payments.
In the event of a more prosperous financial situation, no problem! On the contrary, a larger budget will allow for a better interest rate. !
In the event of a decrease in income, however, for example following a change of job or an increase in charges (rent, insurance, birth of children, etc.) and if therefore the budget is insufficient, it may happen that a person becomes you are “stuck” with high monthly credit payments and are unable to apply for them. In such situations, it may be helpful to quickly contact a private credit repurchase specialist such as bank credit. The latter will analyze your situation and help you get a new contract with lower monthly payments.
Beware of late payments
In case of difficulty in repaying an ongoing loan, it is important not to accumulate late payments. In fact, if you do it quickly, in principle you can easily get a buy-back offer and consequently lower your monthly payments. On the other hand, if the delays are allowed to accumulate, there is the risk of incurring negative registrations in the Central Credit Register (ZEK), and therefore being “blocked” for any new request for repurchase of credit or private credit.
Debt relief assistance
When a repurchase of the loan is no longer possible, there is still the possibility to appeal to a debt relief specialist. The latter will offer you benefits with the aim of rapidly decreasing your debts. In particular, it will be able to manage the debts for you and negotiate directly with your creditors any deferred payment and different interest rates etc.