This is known as loan “Monthly payment”, also called loan consolidation operation is a type of credit William Boldwoodment depreciable fixed or variable interest rate whose nature combine several different principal outstanding loans a single loan whose monthly payment is adapted to the repayment capacity of the borrower.
The withdrawal period
From the day of acceptance of the offer of the credit agreement the subscriber may withdraw without cause within a period of 14 days:
- The copy intended for the borrower of the credit agreement offer must include a detachable withdrawal slip
- In the event that he withdraws from the proposal issued by the lender in the form of a credit agreement, the borrower is no longer bound by the ancillary service contract.
If the loan funds have already been made available to the borrower:
- it reimburses the bank or the financial institution, within 30 days, all the paid-up capital
- he pays interest on this capital from the date the credit was paid to him until the principal is repaid
Note: The exercise of the borrow (s) of the offer of its right of withdrawal can not be recorded on a file.
How to manage your credit redemption with 0 default?
A loan of money, whether of the consumer credit or personal loan type, or the repurchase of credit and mortgages, commits the underwriter of the contract to honor all the periodic installments, generally monthly, throughout the period. credit life in accordance with the amortization schedule.
In case of default of payment:
- The lending institution may calculate interest and late payment fees and claim them from the debtor
- The creditor may announce the termination of the contract and demand the immediate payment of the full amount due
- The creditor must declare to the National Register of Incidents of Repayment of Personal Credits (FICP) managed by the Bank of France any payment incident characterized by a rejection or failure to settle the monthly payment arrived at term
- Borrower risks losing the benefit of his insurance contract
From the first declared default, the lender must inform his client of the aforementioned risks.