Debt consolidation: process and tips on reuniting debts

The only indispensable requirement to be able to reunify debts is to have a property in the property since this one will serve as a guarantee for the new mortgage. From here, it will depend on each entity what requirements to require to approve the operation.

To whom to go to access the reunification of debts?

We have two very different options that will allow us to reunify our debts. They are the following:

  • Banks

to. It is our best option, given that they are regulated by the Bank of Spain, and that protects us from possible abuses in their conditions

b. If our debts are all in the same bank, it is advisable to consult our bank in the first place and present our case. Although most banks do not advertise these types of operations, they may agree to do so if we propose to do so.

c. If this is not our case, we can go to entities such as UCI or debt reunification among their financial services.

  • Private capital

to. These are companies or individuals that offer to reunify debts

b. In general, their conditions are much tougher than those of banks, and the interest is usually very high

c. It is the only option for people with defaults whose names appear in the lists of defaulters

Keep in mind that, follow the path we follow, it is advisable to go to a broker or financial intermediary.

Debt consolidation: tips

There are some important points to keep in mind if we start the process of debt reunification:

– It is a transaction of great importance since it gives rise to a mortgage that we will pay for many years. Therefore it is vital to know all the conditions and details of the offer well before accepting it, beyond the quota that we will have

– It must be borne in mind that the expenses derived from the reunification of debts are high

– It is recommended to open several processes in parallel and get several binding offers to compare and choose the best

– In case of going to private capital, it is vital:

o Be sure that we can respond to the debt, since, otherwise, they will not hesitate to initiate an attachment process

o Have professional advice. You can be an economist, a lawyer or any other professional specialized in finance

– If we achieve reunification, it is important to change our mentality regarding money: to abandon financial excesses (credits, excessive purchases, etc.)

If we meet the requirements and follow these steps and advice, we should be able to access the reunification of debts. To learn more about this process, we strongly recommend reading our articles:

Debt consolidation: reunify debts to reduce the quota

Reunify debts: how much does it cost? A practical example of debt consolidation

The broker or financial intermediary in the consolidation of debts

If, after reading our tips, you are interested in consolidating your debts, do not hesitate to consult the best offers through our debt solutions company. Use it without commitment.