Reuniting debts allows us to gather in a single loan several bank commitments, such as the mortgage, the credit card or the letter of the car, in order to pay a lower monthly payment. Although it is a very attractive option if we choke the bills, we must bear in mind that it also has its drawbacks.
How to reunify debts in a single installment?
Normally all the loans in force in the bank are canceled and they are grouped together in a single one, whose amount is the sum of all the grouped ones. The difference is that your repayment term is longer (up to 35 years) and your interest is lower. In this way, we get to pay a lower monthly payment each month even if we have to do it for a longer time.
Another option, outside the banking entities, is the contracting of a loan with a mortgage guarantee, such as TQ Eurocredit, which allows us to obtain up to € 500,000, depending on the value of our property, to comfortably pay our installments.
Does the reunification of debts suit me?
Consolidate payday loans via PaydayLoanHelpers can be a solution if our income is not enough to cover all our monthly installments, because it gives us a short-term economic respite and allows us to have more liquidity month by month. But we must bear in mind that the reunification of debts implies signing a new commitment with the bank, that is, a new loan with a longer repayment term and, despite the fact that the interests of the installments are lower, to the long, we’ll end up paying more.
If we prefer to free our economy by requesting a loan from a private equity entity, we must bear in mind that not only will we have to repay the borrowed amount, but also the interest that the entity applies, which will depend on the amount requested and the repayment period.
Can I collect debts if I am in ASNEF?
If our intention is to request the reunification to the bank, the most certain thing is that they do not grant it to us to avoid risks of non-payment, luckily, although with TQ Eurocredit we can not reunify debts, yes we can obtain a loan that will help us to easily pay our quotas monthly although our data appear in a file as ASNEF.
How much does the reunification of debts cost?
Before making a decision we must take into account all the expenses that we will have to pay at the time of requesting the reunification of the debts:
- The cancellation, management and notary expenses of the mortgage loan
- The cancellation expenses of other loans and/or debts
- The management commissions of the new loan (taxes, registration, notary, etc.)
- Mortgage loan repayment fees