Redemption of credits – Debt consolidation

The purchase of credits is a solution proposed by various banking organizations or credits to lower the budgets or to finance a new project . 

Credits is a loan that must be repaid and is subject to an interest rate

Credits is a loan that must be repaid and is subject to an interest rate

This community applies the same legislations as the metropolis . In fact, consumer loans and mortgages are governed by French law , the law on consumption …). The same goes for credit redemptions. You are reminded that a redemption of credits is a loan that must be repaid and is subject to an interest rate. In addition, some organizations offer only the consolidation of consumer credit (car loan, work loan or revolving credit) while others offer the possibility of raising the mortgage and consumer loans in progress. It is, therefore, important to thoroughly analyze your needs before applying. The principle of redemption of credits: consolidate the debts at a single financial institution to reduce the monthly payments while lengthening the duration of the loan.

Why use a credit redemption?

Why use a credit redemption?

The economic situation in New Caledonia is critical; life is expensive, wages are low, competition is low, there is inequality between New Caledonians and residents in mainland France. To improve their purchasing power , New Caledonians resort to borrowing in the form of consumer loans. However, we must know that the New Caledonians do not have the same way of life. To overcome financial difficulties, residents of the French Pacific island rely more on solidarity between friends or family. It is for them a question of image and values . Renewable credits are much less developed than in France. Moreover, it was found that the islanders ‘ indebtedness of the eternal spring was often caused by an unforeseeable event of life such as divorce or accident . Even if the refinancing of the credits is not anchored in the values ​​of the New Caledonians, it can be a possible solution to increase its purchasing power.

Conditions to respect?

Conditions to respect?

Of course, organizations are required to check your over-indebtedness rate as well as your personal situation as professional before granting you this financial assistance. Thus, it is important to know that a person on a permanent contract is more likely to have recourse to a purchase of credits than a person on a fixed-term contract or in precarious employment (seasonal, fixed-term, temporary …). Just like a person in their thirties who is twice as lucky as a retiree. And for good reason, agencies need to have a good number of guarantees to ensure that the repayment of monthly drafts will take place. Therefore, you must be able to submit a concrete file to use a redemption of credits. Some organizations are more lax than others, so we must take the time to compare while analyzing the benefits and disadvantages of this solution to over-indebtedness. You can also seek advice from experts since there are financial institutions on the archipelago.

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