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Guarantees, guarantor, guarantor for credit: how to do?

There are many types of guarantees, from CDI to mortgage and insurance. Let’s take stock of the guarantees for a loan.

Parents are the first guarantors of their children.

Parents are the first guarantors of their children.

When you make a loan, whether with a bank or with an individual, the lender wants to be sure that he will get his money back. There are two ways to present collateral to our money lender. The first is to have a ” guarantor “, a person who is willing to pay in the debtor’s place if he can no longer pay. The second solution: to provide a ” guarantee “, a sum of money or a good which will enable the creditor to pay himself back if his debts can no longer be met.

The guarantees given to the lender, the bank, therefore make it easier to obtain credit. Everyone knows the expression “we only lend to the rich” but we can find ways to no longer have credit refused, even if at the beginning, we have no guarantees to give…

ANIL calculator, a page of the National Agency for Housing Information, where we can calculate the cost of a mortgage guarantee, then compare with the results obtained with the Housing Credit Calculator. AERAS convention, allowing people with “aggravated health risk” to obtain insurance.

The mortgage insurance remains quite expensive,

The mortgage insurance remains quite expensive,

The rates of about 0.4% in 2014, but remains necessary: ​​if for example we make a loan to two (husband and wife for example), and that the husband came to die during the repayment period, the woman will be very happy to be insured! The insurance is flexible: we can decide which of the two borrowers will be the most insured. For example, the husband can be insured on 70% and the woman on 30%. If the husband dies, he will only have 30% to pay. One can very well consider a 100% for the husband and 0% for the housewife. If the husband dies, the woman will have nothing to pay, the insurance reimbursing 100% of the loan. If it is the woman who dies, the husband will always have to repay the loan in the same way.

There is also insurance for conventional consumer credit. If we take as an example the offers of Yoabank or Bankil for a car loan, it will cost between 30 and 40 euros per month for the duration of the loan to be insured.

Our article on the “debts of the ex” is emblematic: a cohabitant who vouches for his companion (or companion) will always pay the credit, even after their separation.

Joint and several guarantor in credit

The ” surety bond ” (or “guarantor”) is the person who will pay a debt in place of the borrower. If the person who has made a loan does not pay their monthly payments, the bank will be able to claim the money directly from the guarantor. The guarantor is therefore responsible for the loan, as a co-borrower.

The ” simple bond ” is less protective of creditors. It is only once after using all available remedies to recover the money from the debtor that the creditor can turn against the guarantor. The surety bond, we can see why, is widely preferred by creditors when guaranteeing credit.

In our article on warranties for rent, we saw how difficult it could be to bring all the right things to the homeowners so that they could finally rent their apartment. In credit, none of this, we will especially ask to have sufficient income, three times higher monthly payments of credits to pay, and a CDI.

The guarantor, the joint surety in credit is something quite unusual, but still possible to do, if the guarantors themselves are in conditions to have a credit: needless to think about his mother of 90 to guarantee a ready! Pawnshop is undoubtedly one of the best solutions. As a reminder, we ask for a loan, and we give in exchange a property “corporeal furniture” which covers the value of the loan. This good must have a physical reality: an object for example. If this credit is not repaid, the creditor keeps the property in question to pay for it. If we repay it, we recover our valuable good. This is a guarantee of family jewels, a work of art, valuable furniture. Guarantee a loan with life insurance.

Often, we hear about “collateral” in a car loan, where the car purchased is the property put in “pledge”. It is an abuse of language, this is a pledge.

MarKet’s review

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The different ways to guarantee a loan: mortgage, insurance, deposit…

To make a credit, it will always be necessary to present guarantees to the financial institutions. We can present a CDI for example, with sufficient income to pay the credit and have a remainder to live worthy of the name.

But one can also, on large loans, have to supplement this guarantee by insurance and a mortgage. All this is relatively simple, credit criteria remain much more objective than those of a rental, often arbitrary and demanding.

 

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Credit and housewife: all the help.

 Caring for the home and children is a full-time but unpaid job. Totally financially dependent on the husband, how can a stay-at-home mom get credit?

Raising a single child, a permanent challenge

Raising a single child, a permanent challenge

    Without income, let’s be clear, credit is almost impossible. No need to think of a mortgage. On the other hand, depending on the project to be financed or the guarantees presented to the lender, it is possible to manage otherwise than by conventional credit. Despite the difficulty, some small specific credits remain accessible.

    our article on credit to two, the choice to make a credit in couple or not depends on the marriage contract. Without a contract, the couple is jointly and severally liable for all debts, except those that have been fraudulently contracted, in the back of the spouse, or for the sole benefit of the borrower. In separation of property, one can make a credit alone, not engaging the spouse.

    We must not forget that many women, finding themselves alone after a divorce, are condemned to pay a credit they can not repay! It is better to read the article “debts of the former spouse” before embarking on a credit, even if “we trust”.

    Banks are free not to accept alimony in the calculation of income when granting a credit. When we know that 40% of the support payments are not paid, the risk for a bank to have unpaid credit is far too great.

    It is therefore pointless to think that long-term credit can only be obtained with alimony, an income that is not considered stable. In addition, alimony lasts only until the financial independence of the children. Difficult to obtain a mortgage for more than twenty years in these conditions.

    For women who have difficulty recovering their child support, there is the ARIPA, the Unpaid Alimony Recovery Agency. This agency, created in 2017, gives a little more security to mothers living thanks to alimony, and probably a little more security to banks.

    In the end, it is up to the bank to assess the risks , and decide if it decides to take into account the alimony. If the alimony has always been paid ruby ​​on fingernail for several years, trust may exist and the bank might consider it as income. One thing is certain: alimony can not be the only source of income for the credit applicant, it should be considered as a “bonus”.

    Get a credit with a compensatory allowance

    The compensatory allowance after a divorce is, in the vast majority of cases, paid in one installment. This is a sum of money to “compensate” the spouse who sacrificed his career for the benefit of the couple and children.

    Not being recurrent, this capital can not be used to obtain a credit, except to consider it as a contribution, in addition to regular income.

    There are life-time compensatory benefits paid exceptionally to people who are too old or unable to support themselves financially. These people, who are too often sick, will not be able to obtain a long-term credit in view of their condition.

    Get credit with RSA and allowances

    For moms whose children “do not have a father”, and therefore no one to help when needed, obtaining a credit, with no work or stable income is mission impossible. Here, only the RSA, family allowances and LPAs help the homemaker stay out of work.

    These are people who survive, but who would like to get credit to improve their lives. In short, banks will not lend money, except perhaps a small revolving loan. However, it is still possible to take advantage of some assistance that will replace credit, including the Social Accession Sure Loan: this loan can be paid through APLs, giving the opportunity, even to the poor, to pay a mortgage rather than ‘a location.

    Our article on CAF support and single parent allowances. In summary :

    • The main support is an RSA supported by a supplement, ” the family support allowance “, amounting to slightly more than a hundred euros per month. The RSA may be increased.
    • For housewives looking for a job, there is the GEpia , a child care aide.
    • The CAF can also pay the retirement contributions of the housewife who stopped to care for the children: it is the old-age insurance of the stay-at-home parent .
    • Finally, for parents who have a child under 3, there is the ” free choice of activity supplement “, reserved for those who have already contributed to old age insurance.

    For widows under the age of 55, there is ” Widowhood Allowance “, an allowance for the surviving spouse with low incomes. This allowance lasts as long as the conditions are met, within a maximum of two years.

    MarKet’s review

    MarKet

    Homemaker can still get financial help

    Obtaining a credit for a “solo mom” depends on her financial situation in the first place. A young dynamic executive with a good salary and permanent contract will not have the slightest problem to obtain a credit. On the other hand, a mother who raises her children alone and is unemployed can only depend on social assistance to finance daily needs.

    Women who have chosen to have a child alone are aware of the risks they face. They know they will have to work twice as hard to give their child the best. If by chance they lose their job, without a father to help, situations can quickly become dramatic. France, with its social security system, can limit the damage, even in case of over-indebtedness. .

    In contrast, most solo moms are not by choice. An unwanted pregnancy, a widowhood or a companion in prison are unfortunately all too common examples. The CAF thus helps families, including single parents, with the child’s primary purpose being the well-being of the child. As such, it simplifies the obtaining of credits, necessary for the purchase of essential things in a family: furniture, appliances. It also helps with APLs, which can be used to pay rent, or pay off a home loan.

     

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    Study and simulation redemption of credit free consumption

    You paid on credit your car? Your holidays ? You had to deal with an accident of life? A divorce, a job loss?

    Information about the consumer credit repurchase

    Information about the consumer credit repurchase

    The realization of purchase projects, but also the difficulties of life can lead you to contract consumption credits.

    You are now several loans taken from your bank or financial institutions, be they consumer personal loans or revolving credit also known as revolving credit.

    With the accumulation of these debts, your debt increases and repayment of the maturities begins to cause you difficulties on a daily basis.

    To stop this infernal spiral and restore oxygen to your budget, there is the consumer credit buyback solution that allows you to reduce your monthly repayment charge and reduce your debt.

    Consolidate your consumption credits and you will have only one loan and one lighter monthly payment.

    This Basil Ransomment makes it possible to gather all current consumption credits (car loan, work loan, personal loan, revolving credit…) in a single loan for a period of up to 12 years.

    In addition, if your debts have high rates, the grouping can help you obtain a global credit at a more attractive rate.

    Whether you are an owner or a tenant, an employee, a liberal profession, a craftsman, a shopkeeper or even a retired person, the consumer credit buy – back solution is for everyone and helps to improve the budget situation of the person (s) concerned.

    Simulation repurchase of loans consumption

    Simulation repurchase of loans consumption

    This approach seems complicated and you want to talk to someone qualified who will bring you all the information and the best solution and the best rate.

    So, if you want to do a study, know that you can get a simulated online consumer loan redemption at the best conditions of the moment and a privileged contact with a broker specializing in consumer credit consolidation.

    Benefit from the help of a broker, allows you to carry out your study in one step without having to contact several intermediary in banking operations and payment services (BIO). He advises you and takes care of everything until the loan is completed.

    This expert is in contact with institutions specializing in the restructuring of unsecured loans, and offers you all the guarantees of seriousness and confidentiality. Its role is to advise you and help you to find the customized solution

    You will get an accurate diagnosis of your financial situation and a simulation corresponding to your needs. If this proposal is right for you, you will not have any complicated steps to take or change banks.

    The intermediary in operation of ReBasil Ransomment will help you build your file and will accompany you until the completion of your request.

    Group your consumption credits and get a single lower monthly payment!

    Thanks to a healthy fiscal situation, increased monthly savings capacity, save again and look forward to the future with serenity.