If you have gotten into debt repayment problems and have sent some repayments late, some banks may have turned their backs on you to request a merger. In this case, you can use non-bank loan consolidation.
Arrange with creditors to adjust the repayment terms
If you are unable to repay the loan, contact your lender as soon as possible. Do not wait for a reminder to be sent to you, and this will trigger the unpleasant recovery process. Explain to him why you cannot pay the installment properly and in time and request a deferment of the installment or a subdivision. If a single creditor agreement does not resolve your situation, consider consolidating loans.
Loan consolidation – your loans under one roof
Loan Consolidation is the process of merging all your loans into a single loan. In most cases, it is beneficial for clients, as it will free them from the amount of fees paid to individual providers. Newly, the client pays only one creditor.
Non-bank loan consolidation
If you have been in trouble with the repayment and some of your payments have been delayed or the bank has had to recover them from you, you may have to turn your back on your loan consolidation request. In this case, do not despair. You can contact non-bank lenders who also offer credit consolidation. Here you will pay a higher interest rate, which is a disadvantage of non-bank loan consolidation, but in return you will receive a number of benefits. One of them is the fact that non-bank companies offer their clients a consolidation of loans without looking into the debtors’ register and without proving income. Thus, clients who are already in the process of execution can gain credit consolidation and thus avoid impending foreclosures. As a guarantee against the loan, non-bank companies require property guarantees. If you do not have the possibility to guarantee your own property, you can offer the collateral property of your guarantor to the collateral.