How to group loans or reunify debts ?: Reasons to reunify the debt
There are two main reasons for reunifying debts, and they are as follows:
- Economic problems are one of the reasons, since no one is exempt from their occurrence, it is possible that at the time you acquired the credit you could pay the installments in a timely manner every month, but your situation has changed today, and perhaps These are going through economic difficulties that make it impossible for you to comply with the previously agreed obligations. It is also possible that several debts have been collected, such as your cards, credits or loans, for which refinancing and collecting all these debts into a single debt will be a good option, to be able to fulfill all these obligations, despite the fact that the time of the debt is extended, the installments will be more favorable for you.
- Something that happens in some cases, is that interest rates fall in comparison with those of previous years, so it is convenient to refinance the debt, being able, for example, to save up to 2 years of payments in some cases. For example, if when you took your credit, the rates were 5% and at the moment it is 4.3%, so you can save a lot of money in case you refinance your debt.
How to group loans or reunify debts ?: Steps
The steps you must follow to reunify a debt or group loans are described below:
- The first thing to do is to do a free simulation of the reunification of loans, credits and mortgages, to know what are the final conditions that you can get. For this you can use a free and online simulator, in which you can indicate the amount of money you must pay for loans and mortgages, as well as the monthly fees and income you have.
- In case the operation is viable and the monthly fee is less than the sum of all the loans, credits and mortgages you have at this time, the next thing you should do is request more information about the operation with the bank of your choice. Where a personal advisor can explain you in a particular way, making you aware of the options available to the bank, to pay less fee for your debts, as well as advise you on the best conditions and how to pay less when regrouping your debts.
- Thirdly, it is very important that you send the necessary documentation, that the personal advisor requests, in order to begin the process. Among the documentation generally required by financial institutions, it is possible to find: labor certificate with seniority, monthly income and type of contract, valid identity card, accreditation of residence address, last salary settlement in case of being fixed income, or three latest settlements in case of variable income.
- Finally, you will have to sign the contract and the linkage documents of the operation, with which you authorize the entity to proceed to cancel all the loans and credits that you have, and they will be included in a new debt, becoming more monthly installments low and lower interest rates.