A borrower who has several loans in progress and who is nevertheless forced to carry out work despite his difficulties in repaying may turn to the repurchase of work credit. This involves consolidating all or part of the loans into one. The monthly payment will then be reduced, therefore easier to pay. In addition, the rate becomes unique.
Why choose the repurchase of work credit instead of a personal loan?
A person who has taken out several loans rarely obtains an agreement for a personal loan intended to finance works. Fortunately, there is the grouping of work credits. To use it, just define the project. This can be insulation work on the roof or the extension of a house, or even the equipment of a dwelling. By having their current credits redeemed, the borrower will be able to benefit from an amount allocated to these works. The repurchase of credit can be done in part or in whole. In the case of a grouping of part of the loans in progress, it would be possible to redeem only consumer credit. If it is rather a loan repurchase in full, the mortgage and the consumer credit will be combined.
Some examples of work loan redemption
As there are different reasons for using the works loan buy-back, there are also different cases. Here are a few examples:
- The repurchase of works credit to improve its financial situation
When it comes to involving specialized companies for insulation work or specific renovation works, or even the repurchase of photovoltaic credit, these companies are generally responsible for financing their intervention. In this case, the credits allocated to the works may be badly adapted: the rate is too high, the repayment period is badly chosen, or the deferred amortization is confused. The household then suffers from the accumulation of loans. The grouping of work credits here makes it possible to improve the situation.
- The repurchase of work credit to reduce or maintain the overall monthly payment
If there is a home loan in progress, the grouping of work loans can finance needs while maintaining the borrower’s standard of living. He can indeed include his future needs in his request, which will be an additional benefit. The repayment duration of the new work loan generated by the consolidation of credits is adjusted. The rate as well as the overall monthly payment are reduced.
The repurchase of work loan interests the owners and tenants of a house, an apartment or a residence. The reason is that, sooner or later, they will be required to undertake maintenance or renovation work on their habitat. So prepare as soon as possible. However, it is important not to embark on the repurchase of work credit in an emergency, without thinking, at the risk of seeing its work suspended. You have to negotiate right from the subscription, avoid taking an inappropriate approach. The help of a banking intermediary is recommended to those who wish to call on the repurchase of work credit. Online simulation is also recommended.