The RAC, or Repurchase Credit, is a financial transaction designed to consolidate various loans into one. The proposed rate is unique and reduces the monthly payments into a more interesting one. This is a new simplified loan that allows households to access less debt. Real estate loans? Conso credits? What types of credit redemption are involved? Can organizations “buy” everything?
Buyback consumer loans
Consumer loans include a number of loans that allow Stanley Kowalski a personal project or simply increase his monthly budget. The amounts borrowed are of course less important than those of mortgages and the rate can sometimes be quite high. Among the credits consolidatio, we find the famous car credit, personal loan, revolving credit or credit work.
The first type of credit buyback is to consolidate several consumer credits into one. The organization lends a new sum to the borrower which allows him to repay his credits conso while reducing his monthly payments. For this first case of redemption, it is a loan without mortgage.
Exceeding rarely 20 000 €, consumer loans are generally easy to redeem, except over-indebtedness too important. To be clear, do not hesitate to use a comparator or simulator online. It will give you a clearer view of the types of credit redemption that are available to you.
Discoveries and tax debts: a new loan that settles everything?
Bank overdraft, late rent, unpaid bills, tax delay … It is possible to consolidate all these debts and repay them by opting for a credit redemption.
The monthly repayment becomes unique and lowers the amount of your debts to make the end of the month softer.
These delays and other debts belong to the category “cash requirements”. With bank overdraft, they enter the same type of repurchase of credit as that of consumer credit.
What is mortgage consolidation?
Consolidation of mortgages should not be confused with the repurchase or renegotiation of a mortgage. In the latter case, the individual negotiates a new loan at a more attractive rate and thus reduces his monthly payments.
In the case of a grouping of mortgage loans , the repurchase concerns a home loan as well as all the other consumer credits contracted.
To summarize, all debts are repaid via this loan and converted into one single rate debt.
Attention, the total amount of redemption here is very important and agencies need a stable and insured: the mortgage on the property concerned by the loan.
This constraint is valid for this type of repurchase of mortgage credit but also for all the candidates for the repurchase of credit which are registered with the Bank of France and owners.