If you have accumulated several consumer loans, and even one or more mortgage loans, but your financial situation falters, a loan buy-back operation can help you get out of it. The problem is that you have accumulated these credits alone. Do you think that your situation as a single borrower could be a problem for a credit union? This is not the case. Here’s why.
What about accepting a file without a co-borrower?
If your personal situation has never led you to borrow with another person (a co-borrower), you can still claim a loan repurchase. Indeed, many reasons can explain this particularity of having only loans with a single borrower (celibacy, desire to have no other borrower, common-law couple without dependent children, financial situation).
As for a couple, you can ask us, and your file will be studied under the same conditions.
Naturally, being alone, it is much more difficult to display a good rest to live (sums available once the credits / charges have been settled) than a couple for example. If you have started a spiral of over-indebtedness and you have multiplied the lines of credit, it can be quite complex to help you find a reduced debt ratio. But this is not impossible.
With two sources of income (in the case of co-borrowers therefore), the remainder is better and the debt lower, which facilitates the final acceptance of the file. But your status as a single borrower is no obstacle. It will not be more complicated to promote with financial partners, as long as a good balance is found.
The advantages for obtaining a grouping without a co-borrower
In order to maximize the chances of success of your request, you must more than ever try to comply with a few key conditions which will attract credit organizations, and encourage them to accompany you. What are these criteria ?
- Do not have a debt ratio that is too high: very often, when a loan buy-back is requested, it is precisely a matter of lowering the debt ratio. But it should not be too high at the base, especially for a single person. Hence the importance of acting quickly if you feel that your financial balance is rocking. Do not take out a new loan to settle an old debt. Multiplying credits in abundance is not a sustainable outcome;
- Do not have payment incidents: as in the case of a request made by two co-borrowers, a certain amount of personal information will be required to set up your file. The statements of all your accounts will be required in particular to verify the presence or absence of rejection of bank debits and other payment incidents. Avoid multiplying these events in the months preceding your request, as they often demonstrate poor management of your budget;
If you wish to carry out a grouping of credits alone, do not hesitate to seek the help of an intermediary in banking operations., specialist in negotiations with financial institutions, knows how to put forward your file and find a favorable outcome, whether or not you have a co-borrower.