Your purchasing power can be considerably reduced if you have to deal with excessive loan repayments. Change of professional or family situation, temporary difficulties, uncontrolled accumulation of revolving credits,… you have the means to renegotiate your loans to lower your monthly payments.
Use the flexibility of your loan contracts
when you do not want to embark on a loan repurchase or renegotiation, first check if your contracts are flexible. Certain contracts provide in particular for the possibility of postponing your due dates at the end of repayment (2 or 3 monthly payments for a consumer loan, and sometimes up to 12 monthly payments carried over in the case of a mortgage). Your contract may also provide for reduced monthly payments. If the deferral is total: you will only have to pay the insurance amount. On the other hand, if the deferral is partial, you will have to pay interest in addition to the amount of insurance during the period of suspension of the monthly payments.
Try a negotiation to arrange your debt
If there is no flexibility in your contract, you can however contact your financial advisor, or the manager of your loan, to negotiate an adaptation of the repayment conditions. You will then have to enter the negotiated terms (reduction or postponement of deadlines) in an addendum to the contract.
Call on the magistrate to obtain a delay
When you face a serious situation (dismissal, divorce, accident of the life …), you can also address the magistrate to request a postponement or a staggering of your debt. Please note that this postponement cannot exceed two additional years. The judge may nevertheless decides that this postponement be accompanied by an exemption from additional interest. In addition, if you have sufficient income, he may also request a reduction in the amount of your monthly payments rather than an interruption of repayments.
Opt for loan renegotiation or the repurchase of your credits
If you have taken out revolving credits at variable rates often very high (sometimes up to 20% and +), you also have the possibility of transforming them into credit at rate fixed. Some lending institutions offer you this opportunity which will allow you to significantly lower the cost of your loans.
In addition, when your monthly payments start to exceed your repayment capacity, you can have your credits redeemed by a lending institution which will replace it with a single loan at a more advantageous rate. The repayment term will certainly be extended, but you will benefit from a considerable reduction in your monthly repayment charges. The Pushlite Credit advisers are privileged contacts to help you carry out this operation in the best conditions.