It often happens to find yourself a pay several installments at the same time relating to financing required for the purchase of the car, the renovation of the house, unforeseen expenses. This can cause you to forget about deadline management and this is where the debt consolidation solution.

So let’s see in detail what debt consolidation means and if it is a solution that even bad payers can access.

What is a debt consolidation loan

The debt consolidation it is a loan formula that was introduced to help those who find themselves faced with various active financing practices.

In essence, debt consolidation is nothing more than a loan that groups all the installments of the other loans in progress in a single installment. In this way i benefits are many:

  • It copes with a single credit institution;
  • If you keep a single, lower monthly installment compared to the sum of the previous ones;
  • The new debt can be deferred for a longer period of time;
  • There is no danger of forgetting to pay some installments and running into unpleasant delays or defections.

With debt consolidation therefore, it will be the responsibility of the financial institution to pay off all the installments previously contracted, thus becoming the sole creditor. But that’s not all because, with this solution, it will also be possible get more liquidity.

In fact, having to stipulate a new loan agreement, it is possible to request, in addition to the sum necessary for the installments of the previous loans, an extra amount that will be paid directly to the applicant’s current account.

Debt Consolidation for bad payers can be requested with the Assignment of the Fifth.

Debt Consolidation For Bad Payers: When Is It Possible?

Re-enter the list of bad payers means having been reported by credit institutions to which you are indebted as insolvent with respect to the payment of the loan installments contracts. There reporting is made to the CRIF, Central financial risk, or a company that holds a database of the names of “bad payers”.

This database is mainly used by financial institutions to check the trustworthiness of a new customer.

So we come to the main question: if I have been reported and then i am a bad payer, can i access debt consolidation? The answer is and.

The most adopted solution for bad payers is the Employee loans, reserved for employees of public, state, private companies and retirees. The Cession of the Fifth is a loan that does not require guarantors or guarantees because it is authentic to the monthly salary. In fact, the repayment takes place by deducting the loan installment from the salary or pension, which cannot exceed one fifth of the net monthly salary.

Another good news is that once upon a time the installments of the debt consolidation ended, you can request and obtain the cancellation to the CRIF.

Request a free quote for the Employee loans


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