How to buy back credits when you are unemployed?
If you are unemployed and want to reorganize your budget with a loan buy-back, is there a solution for you? Yes. Not having a job is a real obstacle in obtaining a loan buyback offer, but there are avenues to study in order to review your budget. The operation is not impossible, provided that certain conditions are met. Explanations.
Is it a difficult operation when you are unemployed?
Let’s start with a brief reminder of the very operation of the operation. It is a banking process that requires the borrower to be able to repay the debt over the life of the loan. Clearly, a credit organization agrees to combine several consumer loans, as well as one or more mortgage loans, and offers you payment over a new period.
For this, he protects himself (and you too) with loan insurance. But he will also study your file and in particular your ability to honor your monthly payments for the duration of this credit. Even with modest incomes, it is possible to get an offer. It will be adapted to this income, and therefore designed not to unbalance the home. But without income, as is the case in times of unemployment, then the bank may not follow you.
Unemployment pensions are not strictly speaking income. Job seekers do not benefit from a perennial income and cannot therefore claim a loan (the payment of pensions stops after a certain period of rights). How can you avoid being in this situation?
If you can, try to anticipate a situation of complete unemployment or partial job loss. Ask for the consolidation of your credits before losing your job. This will increase your chances of getting a positive response. This operation will allow you to review your budget according to your financial situation, in order to better confront it.
With reduced credit monthly payments, you will be able to calmly set out again in search of a job, not being afraid of the terms of the loans each month. Can’t anticipate? Is it too late? Are you already unemployed and in financial difficulty? So there are other solutions.
It is possible to buy back credits for the unemployed
If you are unemployed and single, the approval of a credit organization to consolidate your loans will be difficult to obtain. Turn to your loved ones, ask for help. Don’t be alone with your financial difficulties. If it cannot consolidate, your current bank may be able to grant you payment facilities, suspend a due date, etc. Chat to find solutions.
If you are unemployed and in a relationship, then a favorable outcome can be found more easily for your repurchase of credits. Indeed, because the bank is looking for assurance that you can repay the new monthly payments that may possibly be allocated to you, it will be sensitive to the fact that you are not alone.
If your spouse (married, cohabiting or common-law) has a fixed income, then declare it as the principal borrower. The analysis of your file for obtaining a loan group will take into account the household income (borrower and co-borrower) and will thus have a much better chance of succeeding. Your spouse will then become united in your debts.
As you can see, whether you are unemployed or not, getting a restructuring depends on many parameters. To obtain a quality response, make an online request to a credit buyout organization such as Capital Lender, and let the experts put together your file. A request is made in a few minutes, and it is completely free and without obligation.
If your situation does not allow you to carry out this operation, one of our advisers will promptly inform you. On the contrary, if it is possible to find a solution, then you can benefit from support in all stages, in order to return “in the green”. Capital Lender goes around the market for you to find the best financing offers and negotiate the conditions of your new loan and the insurance that accompanies it. Take advantage of our tailor-made support.