Preparation for consolidation should be started by comparing all offers at retail banks, and then by preparing appropriate documentation. How to go through a similar process without major problems, save time and get much better terms of cooperation with the lender, see when such a loan can help you.
Individual assessment of the report from BIK
At first, take an interest in the report in BIK. Reporting in BIK takes on an increasingly important role in credit problems, because it avoids many negative consequences associated with, for example, incorrectly introduced entries about repayment of liabilities. The Bik report is a must if you use multiple consumer loans from a variety of sources. What does a retail bank need to consolidate?
Basic formalities to be completed as part of debt consolidation
First of all, an ID card. Be sure to look at the expiry date of your ID card, because it is a fairly common problem that delays the procedure. Many borrowers do not pay attention to this element by distraction. Banks in consolidation only accept income from a legitimate source, and therefore no extra money is needed if it is not properly documented. The most valuable form of employment is an employment contract for an indefinite period, even a high-value contract or a mandate contract does not exclude you from consolidation. Take the employment period certificate to the adviser, confirm the average monthly salary in a half-year perspective or slightly shorter depending on the specific offer. In the case of running a business, the case is a bit more complicated, because the entrepreneur must present a certificate from the Tax Office and the Social Security Institution (ZUS) on non-arrears with contributions and taxes.
Calculate the level of creditworthiness in relation to closed debts
Calculate the level of consolidation well so that your creditworthiness is enough to pay off the debt. If you do not close the consumer loan completely, you will be required to deposit your own money. For this reason, consultations regarding the repayment of all consumer loans play a key role. Collect full documentation about the loans you intend to settle in the shortest possible time and confirm the consolidation yourself. Do not go to a retail bank that does not provide a full cash and other loans closing report. In most cases, banks demand proof of repayment of recent installments in consolidation loans.
What is not needed for consolidation?
As a rule, you don’t need a guarantor or spouse’s consent with relatively small amounts of debt. Many banks allow you to pay out a consolidation loan without opening an account. The maximum and minimum consolidation amounts depend on the borrower’s economic potential. Setting a maximum repayment period of over ten years is not a very cost-effective solution because you run the risk of high total costs. The most profitable is immediate transition to credit holidays during restructuring, which guarantees regularization of the basic economic situation.