A debt spiral is a problem that affects more and more consumers. Due to this fact, a large number of debt collection companies are created, which, acting on behalf of the creditor, enforce the amounts due to him. However, as it turns out, the spiral of debts does not have to be a dead-end.
Solutions are available on the market that helps debtors to overcome financial problems and give the opportunity to start repaying them again. What are we talking about? How to get out of debt unscathed? About financial support, which is a consolidation loan in Good Finance.
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The real debt consolidation loan adds all the debts and turning them into a single liability.
The debtor is required to provide reliable information about his current liabilities and on this basis, he is granted a loan to repay the abovementioned liabilities, however, these repayments are made on behalf of the debtor by the bank, and not by him alone.
What to do to get a consolidation loan?
For this purpose, you should go to your client advisor at the bank and present him the situation in which we found ourselves. Then the adviser will check what our opinion in the bank looks like and whether we have sufficient creditworthiness that will allow us to repay all our obligations.
Sometimes it turns out that the debtor will also incur liabilities in so-called parabanks, in which it is not required to present any documents confirming employment or the level of earnings. In connection with the above, it may happen that the consolidation loan in Good Finance will be able to cover only bank liabilities, and non-bank liabilities.
It is worth checking, however, at what level the loan installment will be after consolidation of liabilities, because it can be much lower than the sum of all installments that we were obliged to repay so far.
Is a consolidation loan a good solution?
The answer to this question is yes. Of course , the Good Finance consolidation loan is a completely new commitment that will initially spend most of the installment on interest and a small portion on capital. Nevertheless, thanks to it, it may turn out that our financial problems will eventually be resolved, and we will be able to repay our liabilities freely.
A consolidation loan is not always profitable, however, when we pay our liabilities and they are not a problem for us, and our only goal is one installment, only because of convenience, we would prefer to pay one amount every month, rather than several different ones.