Before you consider buying back your loans
Negotiate with creditors
We advise you first to privilege amicable solutions and contact individually all your creditors to try to spread the debt over a period that is sufficient to maintain your purchasing power.
Remember to formulate your proposal in writing giving as much detail as possible and to prove that the results achieved by the time allowed will keep your budget.
Set up an over-indebtedness file
If your attempt to renegotiate the debts fails and before considering to make a request for repurchase of credit, the second step is to mount an over-indebtedness file with the Bank of France. This does not mean that the commission charged to study your request will accept your request.
But in the event of a positive response, the latter can get in touch directly with your creditors and look for solutions to reduce or adjust your debts.
Privilege national brokers
If your debt overhang is not considered admissible by the commission of the Bank of France, then it will be time to opt for a repurchase of credit.
If you have to choose this solution, we advise you to favor national brokers.
Feel free to submit your request to compare the different solutions offered in just a few minutes.
Put all the chances on his side
Once the commission has judged your application admissible, you will be registered automatically with the FICP registered in the file of Incidents of reimbursement of Credits to Individuals.
This situation will complicate any move to consolidate your credits to the extent that the bank will consult the file before making a decision. The obstacle is therefore large.
But that does not mean it’s impossible to redeem your debts. Simply when an over-indebtedness procedure has been accepted by the Banque de France, the body responsible for buying back your loans is particularly demanding in terms of risk analysis.
Passive and active debt
If your current situation comes from passive overindebtedness, that is to say beyond your control (unemployment, accident, illness), the bank will understand that the financial difficulties you are facing are not due to poor management of your share and that you are not responsible for the imbalance of your budget.
Conversely, if the current difficulties result from an accumulation of consumer credit, the bank will be more suspicious of your ability to raise the bar. Here again nothing is impossible.
Attitude from the card
Know also that your behavior after the registration will be decisive. If the bank sees incoherent debt movements, disproportionate and unnecessary expenses, or if you have just taken out a new consumer credit, you are likely to run into a refusal of financing.
On the other hand, exemplary behavior with spending limited to what is strictly necessary will reinforce your record and prove to the bank that you are ready to make every effort to break the deadlock.
Over the last ten years, over-indebtedness has risen by 58%. Thus, in 2010, 218,102 households filed a file with the Banque de France commission, but only 53% of the applications were considered admissible, ie 182,000 of which 86,000 had a conventional plan.