Finance Credit

The best poor credit remortgages Available

Published at 12/28/2011 01:39:08


In our current financial situation, poor credit remortgages is an option taken by a large number of people that can’t pay their monthly rates anymore. The solution is accepted by banks, as the prices of real estates are now small, so it is impossible for them to reinsure the while coverage of the respective credit. 


Poor credit remortgages is a system that allows the borrowers to modify the terms of the contracts. As a result of this process, the client has the chance to pay the credit with smaller rates, even if the duration of the credit is increased.


In the case of a bank, restructuring the credit that have problems is a safe method to support as many clients as possible, clients that can’t bear the monthly rate because of different problems such as the exchange course or the loss of job.


The best poor credit remortgages options taken by clients are refinancing the credit facilities to another bank, in different cost conditions. The difference stays in the purpose of the credit: while this option was commonly used to lower the duration of the credit, now it is used to lower the costs, although the costs of the credit will grow on the average. 

If you need to apply the restructuring solutions, the borrowers must prove that their incomes are lowered compared with the moment when the credit was approved, and that this problem affects their capacity to pay the monthly rates. Within the restructuring process, several aspects must be kept in mind, such as respecting the terms of the contracts that are already signed.


The capacity of the client to pay the monthly rates (analyzing the contracts that are already signed and adjusting the cash fluxes with the evolution of the market or of the working field) is the responsibility of the bank, but the respective analyses will be made according with the data given by the client. The client must be considered as eligible by the bank, as a result of this analyze. The process must consider not only the current financial situation of the client, but also his payment behavior and history. 


The main methods used for poor credit remortgages could consider the next aspects:


  1. Changing the maturity date for one or many credits that are signed with the respective client, whether the initial period of the credit is increased or lowered.
  2. remortgaging the credit by approving a new credit facility
  3. approving a new credit on short term for the respective entity to pay for the current debts
  4. approving a short term credit for the companies that have debts to cash in from potential clients,
  5. Establishing new monthly payment sums for the credits that are considered risky, and also to pay for the credits that were foreclosed by the bank.

Tips and comments

Even the mortgages that are in a procedure of foreclosing might be the subject of this process, as the banks are willing to negotiate at any level. A client that is in this delicate situation might talk to the bank about a restructuring process of this kind, as the request will almost surely be approved. 


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