It cannot be denied that, unfortunately, we are experiencing difficult times in terms of the country’s economy. We have noticed that there are many people who wonder how they can know whether or not they are in the Veraz, other people seek help on how to get out of debt. Undoubtedly, this is a topic that has been worrying many people in Argentina and it is for this reason that in this article we bring you timely information about the possibility of debt reunification.
It is very possible that you have already heard people talking about the concept of debt reunification. But … do you really know exactly what it means? Why are so many people opting for this option? In Allana family we bring you all the information you should have to decide if taking out loans to reunify your debts is the best option for your particular case.
Everything you need to know about debt reunification:
What is a debt reunification
Accumulating fees on credit cards, personal loans and other debts is nowadays a very frequent problem among Argentines and which, in many cases, it is difficult to get out. It is for this reason that many financial institutions have the possibility of offering plans to unify debts, but … do we know specifically what debt reunification consists of? In short, the reunification of debts consists of a service that makes all debts that are possessed unified.
The objective of reunifying your debts is to simplify the process and reduce the payment of outstanding fees. The debt reunification service is a service provided by financial companies that are known as “Reunificadoras”, but it is also possible to obtain it with certain banks.
This service aims to satisfy an audience that finds it difficult to pay their debts, either due to unforeseen events or due to a higher amount than they can afford to pay. In these types of cases, the grouping of obligations can be a good solution to help reduce the amount that must be paid monthly.
To be clearer with this concept we will give you an example. Imagine you have a mortgage in your name, a credit and a car payment. In this case, you would be paying three different installments every month that correspond to three different debts. This is where the reunification makes sense, through the reunification of debts it is possible that you can collect the three debts and pay them in a single installment each month. The advantage is that the amount would be lower in relation to the sum of the three installments separately.
This sounds great, doesn’t it? Surely you are wondering, what do banks or financial companies earn by offering this product? The answer is that the repayment term is extended. This means that, you will pay a smaller amount each month but for longer. In summary, the total amount to be paid is going to be greater and this is how the company that provides the service benefits you.
Keep in mind that in the end you will end up paying more fees, so this service has benefits that can be interesting, especially for those who are at the limit and cannot meet their current debts. These people need to pay the fees.
The reunification of debt can be done through a personal loan for the value of the total debt, this allows the debtor to have the possibility of canceling all the commitments that have been made or, to obtain a loan for a longer term.
Once the transaction is complete, the person assumes only one loan that enables him to pay all debts. There are many financial institutions that offer this option, but not all of them can accept the situation of the applicant, this will depend on the situation in which each client is, since the client may be in a financially fragile situation.
What are the benefits of debt reunification?
First, remember that not all people are in the same financial situation, so a service that is ideal for one family will not be for the other. It is very important that each one makes an analysis of what are the best options depending on their particular situation.
Lower fees One of the main reasons why people decide to go for this option is to have a lower fee. This is possibly the main advantage, since each month you will pay a lower fee.
Lower interest On the other hand, the interest rate may be lower. This does not mean that in the end you will pay less, remember that in the long term there are more fees to be paid.
Term of duration If at this moment you are in a complex situation to face, with this option you can choose the term of duration, since you can do it in the term that you choose.
As we already mentioned, this service is not for all cases. This service provides greater peace of mind for those who have different debts, but each case is particular. It is important that everyone assess their situation.
Loans to pay debts
As we saw before, asking for personal loans to pay off debts is increasingly common in Argentina.
There are many people who took debts in a different economic situation from the current one and now they have problems to face them and comply with them.
In this sense, a loan of money to pay debts can be a way to fulfill the obligations contracted and avoid a bad qualification in the Truthful. In this way, the term of payment of this initial debt can be extended a little, but taking care to have money available to pay this new loans and not incur another debt.
What are personal loans to pay debts?
Basically, as we told you before, it is asking for a loan to pay off other debts, that is, a financing modality with which you incur a single debt with a financial entity to cancel all the other debts you have, which has advantages and disadvantages as you saw before.
Requirements to request a loan to pay debts
You have to know that to be offered you have to have commitments not canceled with various institutions, and that these are not in judicial settlement, but they will also ask you to meet some requirements, namely:
- Truth Report (If you do not know if you are in Truth or not you can see this article: How can I know if I am in Truth).
- The CBU of your bank account.
- Your ID
- Various labor and personal data .
In the event that you have to cancel debts with Veraz negative , they will surely ask you for information about the bank loan you already had in order to analyze your situation.
You are likely to be asked for the voucher (s) of the last installment you paid to confirm the information of the bank and the loan number, as well as its characteristics.
Request an urgent personal loan
If you need to ask for an urgent loan to pay debts , there are some financial loan services, which for example offer online loans to pay debts , that will ask you for less requirements and, at the same time, will process it quickly.
And normally it will not matter if you are in the Truth, they will also give it to you, something that does not commonly happen with banks.
If you are thinking of asking for a loan to pay off debts you should consider the advice we give you below:
Before they give you the loan you should define an action plan so as not to fall back into arrears with the new loan.
Within the action plan that you should define to take control of your finances you should analyze what possibilities exist for you to generate some savings, taking advantage of the amount and monthly interest will be lower.
You can also evaluate if with this loan you should pay all your debts or only the most expensive, for this do an analysis of your finances.
If you normally only make the minimum payment of your credit cards and still have no debts or late payments, it may be the ideal time for you to request these types of loans and refinancies.
Whenever you choose to take out a new personal loan to pay off debts, make sure that the interest rate is lower than what you are currently paying.
Also, before applying for a new loan make sure that the conditions of the new loan are better than those of those you want to cancel.
Finally, you should always avoid borrowing and acquiring new debts, unless you have really assessed that it is really necessary and advisable.
To conclude the most important thing is that you be orderly or orderly with your finances and be able to predict what your true payment capacity is before contracting any type of debt, so that you can maintain a positive credit history and have no problems in this regard .