You want to submit a file for a credit buy-back request, but you have payment incidents on your account (rejection of a transfer or direct debit, bad check, etc.). Are these incidents eliminatory? Do they still allow for a proposal? If yes, under what conditions specifically? Here is what you need to know about payment incidents and their impact on loan consolidation.
Manage your budget well to avoid payment rejections
The rejection of a transfer or direct debit occurs if the funds available on the client’s account are insufficient to settle the creditor. We all have the right to make mistakes. Sometimes it’s complicated to always keep an eye on the state of your accounts. You may have forgotten an expense to pay. You were waiting for an amount to fund your account (transfer from a savings or salary account), but this amount is slow to arrive, and puts you in the red?
Do not worry, a payment incident, such as a payment rejection, is not prohibitive for obtaining a proposal. However, you have to react quickly, and do everything to honor the payment. Several solutions are possible.
- Either you replenish your account, and you honor the new presentation of the payment order (the call for funds);
- Either you pay the creditor, by any other means, to settle your debt (cash payment if possible, payment from another account, help from family or friends).
Why is it important to act quickly and not let this situation get complicated? For several reasons. First of all, because a payment incident involves costs.
The amount of bank charges is capped ($ 20), but if the problems add up, expect to see this amount increase. Second reason, precisely, to prevent the incident from repeating itself. A rejection of payment will be seen as an incident. But if these accumulate, your application file will be more difficult to defend.
How many rejections are tolerated to request a loan buy-back?
It doesn’t matter if you have a mishap. A second incident can be justified. But how many rejects are you entitled to? Little. In fact, in the event of non-payment of two consecutive monthly payments of your credit (or if the amount of the term, non-monthly, remains unpaid for more than 60 days), you can be the subject of a registration in the personal loan repayment incident file (FICP).
Ditto in the absence of repayments, when the lender gives you notice to pay the full amount of the principal owed. You can also quickly find yourself in the Central Check File (FCC), which lists all the people from whom a bank has withdrawn the ability to issue checks or use a bank card.
In case of filing, it is no longer possible to intervene with a credit buyback operation. Indeed, bank filing limits the action of banks. They will see that you have accumulated the problems, without solving them. Do not wait to arrive at such a situation. It is important not to be alone with your financial problems. You take enormous risks in remaining silent. Many contacts are there to help you.
Your bank, first of all, is there to support you in the face of transient difficulties. If you are having trouble paying a monthly loan payment, there are solutions, such as temporarily pausing the monthly payment, or reducing the amount.
If you are a tenant, you can also talk to your landlord. He will be able to show understanding in the face of a difficult situation. Communicate, dialogue. Money problems should not poison you every day and become a burden. Find solutions with financial professionals.
is positioned as a real partner to help you in your efforts. Our 30 advisers are support to build your file, understand your difficulties, and try to find a debt reduction solution, through the redemption of your credits. Contact us for more information. Our service is non-binding, completely free, and provides you with a feasibility response in less than 24 hours.