Check out a Christian debt consolidation
Precisely for these reasons, one possibility may be to turn to a debt consolidation company, a finance company that will take on all the debtor’s loans and manages them in a unified manner. Concretely, the consolidation company takes responsibility for the repayment to the original creditors of all the debts of the user, so as to agree with him a unitary repayment plan, longer in time and easier to manage. Usually, this debt consolidation is carried out when there are many loans that are not too excessive, as in the case of consumer credit.
On the other hand, it is more difficult to manage a loan given that, due to its characteristics, it is a very large loan with a very long amortization period. The refinancing of the loan can, therefore, take place through an operation known as “replacement + liquidity”. The Bersani law in 2007 facilitated the transfer of a mortgage at the same conditions from one bank to another, with the subrogation operation, but also simplified the replacement of the loan.
The substitution not only allows the transfer of the loan to another bank but also to re-discuss certain characteristics, such as the weight of the installments. Together with the replacement, the refinancing of the loan can also be agreed with the new bank, perhaps by accessing mutual liquidity. This form of financing makes it possible to obtain additional liquidity (or new liquidity, if required in the absence of a previous loan to be refinanced) using a property as a guarantee. The refinancing of the loan with this formula, depending on the agreements with the bank, will take place as a percentage of the value of the property that will be mortgaged.
Mortgage refinancing can be requested by transferring the loan application to another bank, or by activating other forms of financing, such as mutual liquidity . There are various possibilities for those who intend to consolidate their debts: what does this operation mean? Debt consolidation is a measure that usually takes place when a debtor has contracted various loans with different creditors and, at a certain point, finds himself in difficulty in honoring them all due to the amount of reimbursements required or the complexity of the practices to be managed with many different banks.