Unemployment is a hazard in life that is likely to last a long time and upset a balanced budget. Have you taken out one or more credit offers when you were in business and it becomes difficult to assume your monthly payments? It can be interesting to set up a credit buy-back, but this is only possible in certain cases.
Why organize a credit buyout during unemployment?
A period of unemployment leads to a drop in income. In fact, unemployment benefits represent around two thirds of the salary received in activity. To cope with this drop in income, it is in some cases possible to reduce the monthly payments on loans taken out when income was higher.
The repurchase of credit makes it possible to regroup all or part of the loans or debts in only one credit. It allows you to extend the duration of the repayment while reducing monthly payments and benefiting from a single rate.
How to get a credit buyout when you are unemployed?
It is almost impossible to get a loan buy-back during a period of unemployment, since unemployment is an obstacle to convincing a banking establishment. In fact, when setting up a loan buy-back, return-to-work allowances are not taken into account in the calculation as income, because of their compensatory nature and their temporary nature.
However, in certain cases it is still possible to obtain a loan repurchase while unemployed: it is thus possible to carry out this grouping of loans by taking into account as income, those received by a spouse on a permanent contract. It all depends on the file and the project.
There is also a special case: that of a person in a period of unemployment exempt from a job search due to a near retirement. For example, a borrower in a period of unemployment and one year from retirement may have their pensions for future retirement deducted from their income. The banking establishment then requests an overall estimate (or EIG), which the borrower can obtain.