Having trouble repaying your credit? Crediloin informs you about the different solutions and possibilities available to you.
Do I have the right to repay in advance?
It is possible to make a partial or full refund of your loan in advance. This means that you repay the outstanding capital before the date normally fixed in relation to the contractual clauses. To do this, you only need to notify the lender by registered letter to the Post Office at least 10 days before proceeding.
Your loan is repaid if you realize a total repayment of the principal. In this case, you must have respected the various previous deadlines. When you only want to repay a portion of the borrowed capital, you should consider repaying the balance later. In this event, you benefit from a discount on the overall cost of the loan. Be aware that you will be subject to the payment of compensation when you repay your loan before the scheduled date.
The rate of this allowance depends on certain conditions:
- The rate of this indemnity is 0.5% of the repaid capital if the period between the end date of the agreed contract and the reimbursement is less than one year;
- This indemnity may not exceed 1% of the repaid capital when the period between the end date of the agreed contract and the prepayment is greater than one year.
For example, if you have to redeem an amount of € 16,250 on 10th August 2010 early on the 10th of August 2012, you will only pay € 16,250 + € 165,250 (ie 1% of the capital).
- This indemnity has an amount that can not be higher than the interest that the lender owes if the loan had not been repaid before the date.
It should also be noted that the body granting you the loan can only benefit from such compensation in three ways:
- the prepaid loan is a loan opening;
- reimbursement is made for the execution of an insurance contract entered into to cover the repayment of the loan;
- a justice of the peace reduced your obligations to the amount borrowed or in cash.
- No possible confusion can be made between this early repayment and the ability of any consumer to terminate a credit opening at any time and without payment of compensation.
Can I reimburse the credit through a better pool of credits?
If this question is to be answered in the affirmative, caution must be exercised. Even when you are in front of a more attractive loan proposal, do not forget to carefully study the important elements of the new credit such as its duration or the amount borrowed. Also make sure that the amount of compensation in case of early repayment has been taken into account. To avoid unpleasant surprises, ask your intermediary or lender to simulate your current situation to compare it to your new loan. Only then will you be able to make a conscious choice.
With this new loan, you realize a grouping of credits. The repayment of your loan is thus anticipated thanks to this grouping of credits. You therefore repay all your credits contracted with the payment of the indemnities of each of them.
Do not limit yourself to the comparison of rates to conclude that the new loan is more advantageous with the consolidation of credits. Perform all the necessary calculations with meticulousness. Consolidation of credits may have a higher cost. This is the case when it includes a mortgage for example.