Do you have several outstanding loans to repay, and are you stuck with the Banque de France? In the event of over-indebtedness, it is advisable to buy back FICP credits. What is it really about? Discover all the particularities of this banking operation. We tell you everything about the advantages, the disadvantages and all the solutions to have your file accepted.
FICP: What is that ?
The Credit Repayment Incident File, better known by the acronym FICP, refers to the register listing over-indebted borrowers. Among them, people with two unpaid monthly payments and those who have not regularized their overdraft.
The FICP is managed by the Banque de France. This file is systematically checked by financial institutions when a person submits a loan application. Indeed, a FICP file presents a potential risk for organizations that lend money.
Borrowers on the register are notified by their bank. In addition, they have thirty days to regularize their situation. After this period, registration in the Banque de France file lasts five years, except in the event of an aggravating circumstance where the period may be extended.
To clear a file with the FICP, there is only one solution: pay the amount remaining due. For this reason, borrowers generally resort to the repurchase of credits for FICP. And they can afford the services of a broker to best defend their case.
Note: before lifting the borrower’s file, the organization can ensure that the funds have been released. For this, he inquires with the establishment which granted the repurchase of credits.
Redemption of FICP credit: how it works ?
The operation of a FICP loan consolidation remains similar to a classic credit redemption. The credit organization includes all outstanding loans (mortgage, consumer, renewable, private debts, tax arrears, etc.).
The borrower now has a new loan to repay, with a single monthly payment instead of several. For the amount of monthly payments to be reduced, the repayment period has been spread over time.
Note that the borrower also has the possibility of freeing up cash to finance a project (change car, renovate his home, etc.). In addition, this operation of repurchase of credits allows a simplification of the maintenance of the budget. The borrower only has one monthly payment to monitor, which considerably reduces the risk of bank accidents (rejection of direct debit, agios, etc.).
Concretely, the purchase of credits for FICP takes place in several stages:
- a meeting with an adviser, free and without obligation. The professional is responsible for answering all questions relating to the operation;
- At the end of this first meeting, the borrower is informed of the offers adapted to his financial situation. After choosing the offer that suits him the most, he sends his complete file. Generally, the file includes forms that can be downloaded online from the lender’s website;
- the borrower’s file is then studied by dedicated analysts. Then, it is transferred to various banking partners;
- then, the borrower is provided with the list of the best offers. He then has a legal period to study them and inform the body of his choice. The borrower can completely rely on the expertise of a connoisseur to select the offer;
- finally, the signature of the contract concludes the steps.
Read also: How to make an over-indebtedness file?
Can we buy back credit when we are registered with the FICP?
FICP files can fully claim a loan consolidation. Today, credit redemption organizations are more and more flexible on the subject. Moreover, some have specialized in this type of operation.
For his application to be accepted, the FICP borrower has every interest in building a good file. This must include a repayment plan, in particular for unpaid debts that have led to the filing in the register.
However, you should know that some loan buyout organizations set certain conditions. Among them, a debt ratio greater than 50% of your income. The objective of the operation is then to reduce this rate to 40%. And lenders also require owner status with mortgage income below 70% of the value of the property at the end of the consolidation.
The first advantage of resorting to the redemption of FICP credits is the lifting of the filing. Indeed, the banking operation allows the release of funds to regularize the situation.
On the other hand, the consolidation of loans makes it possible to take advantage of lower monthly payments, which increases purchasing power. Borrowers can also improve their quality of life by obtaining cash. It is also a good opportunity to finance a project (purchase of furniture, acquisition of a new car, financing of the children’s studies, etc.).
Then, the diagnosis is totally free. You can enjoy an interview with a financial expert without having to shell out any money. The professional will find you the best financial solution adapted to your file.
Among the major disadvantages, there is the fact of having to use the services of an IOB (Intermediate Banking Operations) or a broker. It seems almost inevitable given the situation.
On the other hand, the interest rates charged are far from attractive when borrowers are registered with the Banque de France. And in the list of disadvantages, there is also this fact: for most borrowers deemed to be at risk, the redemption of FICP credits is only partial.
Finally, it is also necessary to count on various costs (fees of file, brokerage, notary) in addition to the increase in the duration of indebtedness. Also note that a penalty of 3% is to be expected in the event of a mortgage loan being repaid in advance.
How to obtain a FICP credit redemption?
The first step to obtaining a FICP credit buy-back more easily is to optimize your chances by providing the most complete file possible. Do not hesitate to go beyond the initial request by presenting unclaimed documents. This will highlight your FICP loan consolidation application. You must be totally transparent and hide nothing from the credit redemption organization.
Then, a rejection or refusal of your file should not discourage you. This is not a fatality! Present your file for the redemption of FICP credits to another organization. Some are more flexible with borrowers in difficult financial situations. And establishments have also specialized in the field to stand out from the competition. Think of My Money Bank, for example. The organization accepts requests from FICP files.
Finally, if you have defended your file alone, go through an intermediary to obtain a collection of loans more easily. Use a broker or an Intermediary in Banking Operations (IOB). These specialists will defend your case with credit redemption organizations.
Read also: The repurchase of mortgage credit
How to obtain a loan without investigation and without any refusal?
If you are in a very urgent situation and you cannot use a broker to support your file with the borrowing organizations, there are solutions. Online you can find organizations that lend you money with their eyes closed.
Those who believe that obtaining quick credit without an inquiry and without any online refusals is impossible, are wrong. With the crisis, banks are asking increasingly disproportionate financial assurances to their customers. Long-term employment contract, high income and financial capacity, the banks’ investigation is long and sometimes ends in refusal when you have spent a colossal amount of time collecting documents.
Yet you can be totally financial capacity to repay your monthly payments without problem. Some organizations even take care of the purchase of FCIP credit on the sole condition that the indebted person is on a permanent contract. Indeed, rates are not the best but you will not have, thanks to these online organizations, the inconvenience of wasting time in mounting a file, of receiving refusals and of having significant brokerage fees.