Credit buy-back periods

The consolidation of credit leads to an extension of the repayment period, this duration is fixed according to the repayment capacity. Verena Tarrant takes stock of the different repayment periods.

Duration of assembly

The first period involved in the repurchase of credit is that linked to the arrangement: it is the period between the client’s request and the release of funds. This period can extend from 15 days (supporting documents provided upon request) to 3 months.

Why such a gap? The longer the borrower takes to provide their documents, the longer the duration. The pre-analysis does not require supporting documents but these documents are imperative for the analysis and the assembly of the file.

Example: the borrower must prepare his documents (1 week) then he must send the documents by courier, it takes 2 to 3 days for receipt (working days), if he forgets a document, this period becomes longer. In certain cases, the analyst in charge of the file is led to request additional documents during the analysis…

Repayment period

loan consolidation

The repayment tenure that is proposed in the new financing plan can vary from 12 months (1 year) to 420 months (35 years), it all depends on the type of credit repurchase and the situation of the client.

Duration (months)

Duration (Year)

Repurchase of mortgage

Purchase of consumer credit

12

1

 

YES

24

2

 

YES

36

3

 

YES

48

4

 

YES

60

5

YES

YES

72

6

YES

YES

84

7

YES

YES

96

8

YES

YES

108

9

YES

YES

120

10

YES

YES

132

11

YES

YES

144

12

YES

YES

156

13

YES

 

168

14

YES

 

180

15

YES

 

192

16

YES

 

204

17

YES

 

216

18

YES

 

228

19

YES

 

240

20

YES

 

252

21

YES

 

264

22

YES

 

276

23

YES

 

288

24

YES

 

300

25

YES

 

312

26

YES

 

324

27

YES

 

336

28

YES

 

348

29

YES

 

360

30

YES

 

372

31

YES

 

384

32

YES

 

396

33

YES

 

408

34

YES

 

420

35

YES

 

Duration of release of funds

loan consolidation

After acceptance of the credit redemption, there is a delay between the agreement and the release of funds. The client must return his loan offer to the bank, which releases the funds for the repayment of credits to former creditors.

The duration between the agreement and the release of funds can range from 2 days to 1 week. Once this stage has passed, the borrower reimburses his new monthly payment according to the schedule.

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