When it arrives early this month, Rosa does not even want to look at her account. He knows that his salary has practically disappeared among the 360 euros he pays for the mortgage, the 200 of the purchases postponed with the credit card, as many as the loan of the car and 120 of a personal loan that he asked to face an unforeseen event. Almost 900 euros in debt. You are unsuccessfully looking for some extra work that complements your payroll. In his office, he tries to cover all the guards that come out, but even so, he has trouble getting to the end of the month. It is a fictitious case, but in which there are four of every ten people, according to a survey of the Center for Sociological Research (CIS), some dragged by the real estate bubble and weighed down by the decreases of salary that have taken place in those years of economic crisis. A study on the x-ray of the indebtedness of the families of the Negotiating Agency concludes that 31.5% of the respondents have a mortgage and three credits and 22.5% have, also, three cards. The latter and the quick credits represent the most significant payment effort. What to do if one is faced with this situation? Never hide like an ostrich, because otherwise, the debt can get fat in the form of late interest and overdrafts. Also, your name will end up in a file of defaulters, which will worsen your situation. So, if you do not have any relatives to turn to, try to negotiate with your bank. Other alternatives that can be contemplated are the reunification of debts or microcredits – in particular cases.
Renegotiate with your bank”You call again and again, and the client does not pick up your phone. He does not realize that this is worse. For us, as a bank, we do not want to stay with the house or the car, we prefer to negotiate rather than lose the money ». This is the response of a bank employee to the numerous cases that are of clients who shun them when they can not pay their fees.«The situation is complicated, but not irreversible. You have to lose the shame and try to negotiate a lengthening of the loan, refinancing or reunification of debts. Although these are extended, will pay less fee », advise from the consumer association Adicae. And how to negotiate with the one to whom you owe money? According to Facua, for your bank to listen to you, you have to come with an offer from the competition under your arm. Your entity will sit down to discuss an improvement of the loan conditions to avoid losing you as a client. You may be able to close some of the bindings that require you to grant a mortgage, such as the obligation to subscribe with them insurance, cards or other products. Mind you, that to make that order more credible you must take numbers and check if it compensates you to go to another bank.
Take into account, therefore, the cancellation, registration, notary fees … that will be incurred when changing the loan. With the current environment of low rates, if your mortgage loan was initiated with a high differential, you may get the accounts. Another alternative to the threat of leaving is to propose a lengthening of the life of the loan. Will pay less fee, but more interest to extend the repayment period. Reunify debts consists of grouping all the credits, even those that you have with other entities, in one, in which you have the lowest interest that is the mortgage. You can well raise it to your bank, but you can only reunify the debts you have with your entity; well with an intermediary, when there are outstanding accounts with several companies. To reunify, it is necessary to have a home in the property. A new mortgage is created that increases the amount and the repayment term to be repaid, which means reducing the monthly fee by half, although in the long run, the total amount will be higher. In some cases, the interest to be repaid is even lower than in the previous situation. «A person with home ownership, that a significant part of their debts is short-term -cards, fast loans- is interested if they can group their debts because the interest savings supplement the extra cost that will involve grouping the credits,» they ensure from the Negotiating Agency. In the opinion of its CEO, Luis Javaloyes, “traditional banking poses erroneous and harmful short-term financing operations for its clients by allowing deferrals of high-interest purchases.”Following the fictitious case exposed by helmycash.com, the total amount of its credits of Rosa amounts to 127,648 euros, of which 34,148 are interested. If he reunited all his debts, in the worst case he would pay 60,350 euros more, with a quota of 433 euros, and in the best of circumstances, he would only increase the debt by around 20,000 (see graph).
Let’s put a real one, that of a family with 2,000 euros of income, a mortgage of 25,600 euros and purchases of deferred cards amounting to 15,600 euros. In interest pays 19,262 euros, of which 82% are only cards. That is, the total money to be owed is 60,462 euros. At one month he was supposed to pay about 700 euros. After reunifying the debts, the new mortgage became 52,000 euros and 14,131 euros in interest. Total to be returned: 66,131. The fee was reduced to 275.75 euros. From the Negotiating Agency highlight that the savings are that by disbursing less month to month, the ability of the client to amortize the mortgage is higher so this family can close the operation positive if you return the loan before the deadline.
If you are in an extreme situation and the amount is small, it may be an emergency option, but not recommended. «Never ask for a loan to pay another debt,» they warn in Adicae, although he recognizes that it can «serve to save a punctual moment.»It is easy money to get, in just 15 minutes you have it in your account, without having to give too many guarantees of solvency, in some entities. The cost in interest is high, and in case of delay, the usury margin. TAE of more than 4,000% can be found