You have made loans, and your debt ratio was absolutely correct in relation to your monthly earnings. However, your earnings have decreased and it is difficult for you to adjust your finances because your loans have accumulated.
You should know that if your earnings do not increase, you can solve this problem by realizing a payday loan consolidation via PushButton consolidation company. The payday loan consolidation is thanks to a loan that is allocated to you to repay all your loans and start over on healthier finances.
Can I consolidate my payday loans?
You have € 2,600 net income per month. You have three credits: a mortgage, a car loan and a personal loan. For home loan, you pay 750 € per month and you have 150 000 € to repay. For car loans, you have a monthly payment of € 250 and a remaining capital of € 22,000. Finally, you still have 6 000 € for your personal loan with a monthly payment of 150 €.
Outstanding loans are equal to € 1,150 / month, ie a debt ratio of around 44%.
We can offer you this type of loan restructuring:
- Duration of 23 years
- APR of 4.20%
- New monthly payment of € 1,006.86
- The new debt ratio of 38.7%
- At a total restructuring cost of € 99,893.4
The debt ratio is significantly reduced but the cost is quite high due to the presence of a mortgage and the duration of quite a significant restructuring.
However, it is advisable to obtain a debt ratio equal to or less than one-third of your emoluments after taking into account your new loan. Some organizations will refuse to restructure your loans if you can not reach this debt ratio.
Loan restructuring simulator
In order to know if your restructuring can be granted, you can calculate yourself the amount of the necessary loan. As a result, we strongly encourage you to visit a site where you will find a simulator allowing you to simulate your future restructuring.
Documents to provide for a restructuring
Once your calculations are complete, you will need to develop your loan restructuring application file. You will be asked for copies of all papers proving the total of your profits. Then the banks will ask you for copies of the documents showing the monthly payments and the remaining capital due on the loans that you have not finished repaying. Finally, you will be asked for copies of your identity card and your bank statements for the last 3 months.