As we showed in a previous article, the repurchase of private credit makes it possible not only to reduce the monthly cost of a loan in a significant way, but also to group various engagements like unpaid balances of credit cards or leases. However, this solution is not intended for all people or all situations. Who can benefit? Our explanations and advice.
Personal loan and private credit buy-back: identical access conditions
From an administrative point of view, a buyout request is treated in a strictly identical manner to a personal loan request. Indeed, it is concretely a question of taking a new loan to settle your previous loan: the conditions of access and the legislation is therefore the same, namely:
- Age: from 18 years old, up to 70 years old (the loan must be repaid in the year of 70 years old)
- Nationality: Swiss, or foreigner with permit (B, C or G) or legitimation card
- Regular income in Switzerland: for at least 3 months (or more depending on the type of permit or income)
- Budget and situation: the granting of a credit is prohibited if it leads to over-indebtedness of the consumer
If you have been able to sign a private loan contract in the past, and your situation has not changed, there is a good chance that you can get a loan buy-back offer. Problems can however arise in the event of a change in your budget, or if you have recorded too many late payments on your current private credit.
Change of budget
If your situation improves, no problem. On the contrary, a more favorable budget will even allow you to get a better interest rate!
In the event of a fall in income, for example following a change of job or an increase in charges (rent, insurance, births of children, etc.), and if the budget is insufficient, it may happen that a person finds himself “ Stuck ”with high monthly loan payments and unable to request a buyout. In these types of situations, it can be useful to quickly call on a specialist in the repurchase of private credit such as Credit Independent for example. He can analyze your situation and help you get a new contract with lower monthly payments.
Beware of late payments
In case of difficulties in repaying a loan in progress, it is important not to wait to accumulate late payments. In fact, if you do it quickly, you can in principle easily get a credit buy-back offer and lower your monthly payments. If you allow delays to accumulate, you risk negative registrations with the credit center (ZEK), and therefore be “blocked” for any new request for credit or private credit buy-back.
Help with debt reduction
When a loan repurchase is no longer possible, there remains the possibility of calling on a debt reduction specialist. The latter offers services aimed at rapidly reducing your debts. In particular, he can manage debts for you and negotiate payment arrangements, interest deferrals, etc. directly with your creditors.