A consolidation loan is the financial instrument that allows you to merge the installments of other loans in progress and, thanks to the lengthening of the repayment plan, allows you to have a lower installment and therefore more easily sustainable by the debtor.
But now it happens that even before deciding to consolidate the debtor he may have gone into distress, leaving behind the payments of one or more installments of one or more loans. What happens in these cases?
Loans too burdensome and the debtor skips the installments
The typical case is when you have three – four loans and suddenly, due to unexpected conditions, you are unable to make payments at all the installments. Usually the highest are set aside and attempts are made to meet at least the smallest. In other situations the loan with a closer maturity is favored, to get rid of at least one of the burdens.
Unfortunately, if we do this we can get by, at the same time the financial companies that remain “dry beak” will report the non-payment to Crif, thus giving way to a process that will prevent us from being financed again in the future .
This foreclosure also concerns the consolidation loan: because a financial company should accept to group all our loans if we are proving to be inclined to solutions that are a bit reckless (I pay this, that’s the jump, I’ll pay you … ).
I’m a bad payer but I want to consolidate anyway!
Well this is possible only if you opt for a loan in which the guarantee of payment of the installment is not in the free will of the debtor; I pay for the installment paid every month, regardless of what you decide to pay.
The solution is evidently the Assignment of the fifth, where the installment is withdrawn directly from the salary by the employer and the debtor receives the remaining part of “free” salary.
The sale of the fifth is, therefore, the best way to make a loan of a bank debt for a bad payer.
If, on the other hand, the debtor cannot make the assignment (he already has a non-renewable one, he is not an employee, a pensioner but too old) it will be necessary to find an alternative guarantee that knows how to make the payment of the debt is made regardless of the will of the bad payer. This guarantee can be given a Loan on pledge of an object (which is rare given that generally the consolidations concern very high amounts) or, for example, a Cession of the fifth, for which a property must be available. n pay up to 75,000 euros, …