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When we at https://dedebt.com/ talk about debt consolidation we mean a financial product, a loan, which allows us to consolidate previous debts taken on with loans or credit cards.
In some cases, the consumer may feel the need to review some details of financing already obtained, due to the economic crisis, of the high cost of living that is lived daily. In these situations, debt consolidation can be a viable solution, because, on the one hand, it allows you to get additional liquidity and, on the other, a proportional income installment. Under Italian law, the structured loan covers an amount up to a maximum of 30 thousand euros and a maximum amortization of 120 months.
When you have many installments to pay and the total to pay monthly is too high compared to your income, the consumer can decide to redesign your debt. The purpose is to combine the various loans into a single installment, requesting a loan for debt consolidation, to pay a single monthly installment for a smaller amount, compared to the sum of all the installments, to be paid and managed.
Depreciation will be longer, but monthly outlays will be less burdensome; through the consolidation that differs from personal loans or those aimed at consumer credit, all previous loan contracts are extinguished. To obtain this type of loan, a bank or a finance company is usually used, which, once the request is accepted, will proceed to extinguish the debts by the contracting party. The requested amount is then re-negotiated, leading to lighter installments.
The main objective of debt consolidation is to allow the return in easier conditions and to ensure that the customer has only one creditor.
Who is granted and what are the determining factors for the purpose of granting or not granting the loan?
Three can be considered the main ones:
- The institution’s risk policies, each institution applies its own criteria based on the statistical data it has in order to avoid insolvency as much as possible, in order to evaluate the requests they receive.
- The income level of the applicant, obviously the higher the income and the lower the ratio between the salary and the monthly payment to be made, the easier it will be to obtain the loan.
- The credit history/reliability of the applicant in case there are NO reports to the CRIF is easier to obtain the loan requested. The credit institutes, in fact, the estimate for each request the connected risk levels, basing themselves precisely on the reports provided by the central risks.