Being unemployed temporarily or more permanently can worsen your financial situation, and lead to a decline in your debt capacity. With a reduced income (unemployment benefit and no longer income from a CDD / CDI job), your finances can be unbalanced, and your difficulties can multiply.
If this is the case, do not allow the situation to drift into over-indebtedness or even a bank card (with the Demo lender bank). Intervene, especially if you can with the repurchase of credits.
Being unemployed is not incompatible with buying back credits
If you are in prolonged unemployment, or your salaried activity has just stopped, you can claim the repurchase of credits for unemployed. Indeed, not having a professional activity can sometimes lead to the subscription of consumer loans or revolving credits in order to honor debts.
Multiplying credit lines and going into debt sometimes leads to too much debt. Consolidating loans will help you reduce the weight of your monthly payments and reduce the amount you pay back each month. All your credits combined into one will have a lower monthly payment than all the monthly payments currently accumulated. In exchange, the repayment period will be extended.
The advantage is that with an unemployment benefit logically lower than your previous income, you will now have enough money to pay off your debts and continue living. Being unemployed is not incompatible with debt restructuring!
On the contrary, grouping loans is a technique that can help you and targets in particular people without activity. Do not neglect this path which, in addition to an active job search, can help you get out of it.
Request a loan buyout while unemployed
The system allows the repayment of debts to be spread over a new period, but assumes that the banking organization has a certain number of guarantees. The banks want to ensure that the client has real professional stability and good creditworthiness. Without these conditions, the operation is doomed to failure. How to present these guarantees while being unemployed?
- Present the state of your finances and show that you have no payment incidents on your bank account. You have to prove your desire to find a way out of this tense financial situation;
- Explain why you are currently unemployed, and in particular explain your previous professional situation. Your contact will be sensitive, for example, to the fact that you are unemployed following the financial difficulties of your previous business, but that you already have opportunities to find a job. Show that you have a proactive vision and that you want to return to the world of employment. If you have a promise to hire, now is the time to present it;
- Take into account your unemployment benefits and allowances. Thus, compensation paid by ASSEDIC (Association for employment in industry and commerce) can be seen as regular income, if your rights run for several months, while waiting to find a job. Ditto for pensions (divorce) or any other income that has a recurring nature (rent received, annuity);
- If you own your property, it can serve as a personal guarantee, and constitutes a strong guarantee for banks;
- Finally, present a co-borrower with a stable professional situation. You can request a couple restructuring, even with debts taken out in the past on a personal basis. If your co-borrower is employed on a permanent contract, he will bring real solidity to your file.
Being unemployed is not a barrier to requesting support! Beyond income from work, all sources of income but also your personal situation are evaluated criteria. Remember to provide guarantees to enhance your file, thanks to your spouse for example.
Contact the Good lender advisers to find an answer and find out if the project is suitable for your profile! An advisor will take care of your request and will be your single point of contact. It will give you an answer in principle in just 24 hours.