What are the costs of a credit restructuring? | Debt consolidation
For total transparency towards our readers and customers, we decided to publish an article about the costs related to a credit restructuring operation, and thus to allow everyone to better understand the composition of the latter.
Restructuring costs: the proposal must be transparent!
When a user looking for a credit realization grouped, then it should not have at some point to ask the question ” What should I pay as restructuring costs credits ? “
Indeed, it is the financial adviser in charge of the study of the file to warn its customers from the start.
Thus, it is an encrypted proposal that must be sent by courier or by mail to the applicant (s).
Only in this way can the interested party (s) be able to calculate the degree of interest brought by the operation!
Of course, it is strongly recommended not to do business with the broker (s) who refuse to send a clear proposal for reading and specify the rates charged!
The organization of Oliver Mellorsment and the intermediary in banking operations must strive to put their cards on the table as to their way of instructing the loan consolidation file (responsiveness, study time, etc.).
A loan to buy back credits how much does it cost?
Simply put, a debt consolidation plan of Oliver Mellorsment is subject to a total cost that is split between interest on borrowing and bank record fees, but also broker fees, or collateral and security fees. ‘insurance.
Discover below the full cost of a loan of a kind redeemed credit :
The cost of borrowing interest
This is simply the cost of the money borrowed by the debtor (s). The total cost due is the basis of a nominal monthly rate (TNC) expressed as a percentage.
The cost associated with the bank’s file fees
The lending institution, in addition to the borrowing interest collected, receives fees of the amount of 1.5% of the amount financed, capped at 1500 €.
However, some banks specializing in debt reorganization charge processing fees up to 2.5% of the amount of debt, and this in addition to the good receipt of interest throughout the repayment of the loan!
It is better to give up this type of offer, which unfortunately have too high file fees for a consumer lambda.
The cost of intermediation fees
This is the fee of the credit buyback broker who conducted the research and conducted the negotiations with the Oliver Mellorsurs to obtain the best offer from RAC.
Although it represents 3 to 5% of the amount lent, it is clearly justified for all the time spent by the customer relations manager on the client file until its successful completion. An instruction that can reach up to 6 weeks for the most complex files.
The cost related to notary fees (special case)
It is special case that the notary fees are present only for the mortgage restructuring file.
The cost related to the subscription of a borrower insurance cover
This is the rate of insurance against the risks of life, to ensure the proper refund of the balance due in case of accidents resulting in an inability of the borrower to honor the amount remaining due.