The purchase of credit for temporary is possible, but obtaining it remains more difficult. Most banks and financial organizations often have strict criteria for pooling credit. Enjoying a stable work situation and receiving regular income are part of it. What is a credit redemption? What are the solutions to benefit from it as a temporary worker? The explanations.
What is that?
The repurchase of credit is a transaction that consolidates outstanding loans into one, hence its other name “pool of credits”. This debt restructuring is an effective solution to rebalance the borrower’s financial position in the event of significant debt.
What is a credit surrender?
Credit redemption consists of consolidating outstanding loans into one in order to reduce the contractor’s expenses. In general, the refund is made in one monthly payment with a single interlocutor after the consolidation. The credits concerned by the combination are real estate loans and consumer loans.
The repurchase of credit presents many interests for the one who has contracted several loans. This operation allows in particular:
- Improve your financial situation in the event of significant indebtedness;
- To adapt the reimbursements to the events of life (marriage, real estate purchase, modification of household income…);
- To take advantage of more favorable conditions when borrowing;
- Simplify budget management and account tracking.
Given the worker’s precarious status, access to temporary credit is often difficult.
Why is the redemption of credit difficult for the interim?
The redemption of credit can be granted or not after the scrupulous study of the application file by the bank. Every year, many applications are refused. In this case, most people turn to the Debt Commission of the Banque de France. For an interim, access to credit redemption is more difficult. This situation is explained by:
- The scoring of banks that are becoming more and more strict;
- Interim status considered precarious (banks prefer to favor employees on permanent contracts);
- The irregular income and unstable work situation of the temporary worker;
- The banks’ efforts to limit the risk of non-payment.
The chances of the interim to obtain a buy back credit are therefore meager. However, it is possible to optimize them with the right methods.
How to benefit from getting it?
A temporary worker can indeed benefit from a credit redemption. Its status, however, makes it difficult to access the pool of credits. However, there are solutions to take advantage of a credit redemption by being acting under certain conditions. Moreover, some banks and financial organizations offer offers adapted to different statuses.
Prepare your credit application file
In order to maximize your chances of getting a buy back credit as a temporary agent, it is important to prepare the application package to send to the bank. To do this, you must:
- Provide all the supporting documents requested by the bank;
- Present your work contract especially if it shows your seniority;
- Mention all the assets in the file (absence of period of inactivity, guarantee…);
- Explain the reasons for the request for the redemption of credits;
- Be clear about the interest of the credit redemption if the file is validated.
In order for the credit redemption application file to be more likely to be accepted, it is advisable to offer guarantees. This is a guarantee of security for the bank. The guarantee can be:
- A co-borrower with a regular income (can be a spouse, a roommate, a family member…);
- A piece justifying his seniority (uninterrupted acting work for 3 years) or a continuous activity over the last year at least;
- A document justifying a professional activity over a prolonged period as acting assignments;
- A document justifying a mission in progress during the request for the repurchase of credit.
It should be noted that there are institutions helping temporary workers. The FASTT (Temporary Labor Social Action Fund) can support his file.
Benefit from an interim credit redemption: tips
To benefit from a buy-back of credit as a temporary agent, it is essential to apply a few methods to strengthen your application file. It can be effective to:
- Realize a mortgage loan repurchase : this is to put in place a mortgage guarantee to increase its chances to benefit from the repurchase of credit. In order to reassure the bank. However, it is important that the value of the mortgaged property is greater than the total amount of the temporary worker’s debt.
- Set up a pay assignment : this option only concerns temporary workers with a current assignment. It consists of paying his salary directly to the bank or the credit repurchase body as a guarantee. To do this, simply ask the interim agency to perform this type of operation.
- To call a deposit : it is to contact a person who can act as surety for the refund of the repurchase of credit. It is possible to appeal to a spouse, a friend, a roommate or a relative. The surety in question must, of course, have the necessary resources for pooling credit. It must be able to offer guarantees.
- Applying to a co-borrower with a contract of indefinite duration : the repurchase of credit can be done with a co-borrower. However, it must have a CDI to reassure the lender with regard to the monthly repayment. Thus, the professional instability of the temporary worker will be offset by the contract on CDI of his co-borrower.
In short, the purchase of credit is an operation accessible to temporary workers provided they offer guarantees for reimbursement.