The Friday broadcast "BlueStep Bank - when the banks say NO" was devoted to the subject of refinancing. What to do to save and when do you have problems with loans? You will find the answers to these and many other questions in our broadcast.
What is refinancing?
Simply put, refinancing is combining many loans into one. Thanks to this, there is a chance to reduce monthly costs resulting from the current repayment of liabilities. Nowadays, saving is less popular than spending. As a result, we want to have what we want immediately. Instead of saving for the purchase of e.g. holidays, car or shoes – we take out a loan. However, it is worth taking them out consciously - as long as we have control over the debt, we will avoid credit traps.
Refinancing as one of the outputs
Refinancing is a product dedicated to those people who have lost control over their finances. They take out new loans to pay off previous liabilities. Having debts in many banks, it is easy to get lost in all of this. Therefore, in such a situation, a more appropriate solution is to pay off one installment - on the one hand, it will make it easier to determine the monthly expenses resulting from this repayment, on the other hand - it allows you to significantly reduce the amount of the repaid sum.
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The most common reason for losing financial liquidity
Paradoxically, one of the most common reasons for loss of financial liquidity is... Purchase real estate at a really attractive price. Most often, these are demanding apartments thorough renovation. However, it was estimated incorrectly cost of work renovation and adaptation works means that the original loan is not sufficient to cover all expenses. For this reason, further liabilities are incurred. In such circumstances, it is easy to lose control over your finances and, as a consequence, lose the ability to repay your debt regularly.
Before the bailiff comes ...
It is best to apply for refinancing before the bailiff starts applying for the repayment of the liability. Then it is usually too late, because it is difficult to stop debt collection that has already started. Refinancing is the most effective tool in the event that the debtor has not yet received a payment order, but has already noticed problems with regular payment. It is at this point that it should start trying to take advantage of this banking facility.
Formalities
When applying for refinancing, the most common problem is to complete the necessary formalities. Many people give up already at the stage of completing the necessary documents. Unless BlueStep Bank does everything for the customer, it is able to guide them through the entire process. Advisors will tell you exactly what documents will be needed, where to obtain them and what applications should be submitted.
When the banks say "NO"
The main criterion for applying for refinancing with BlueStep Bank is real estate ownership. This institution is not able to help anyone who cannot secure their liabilities with a mortgage. The refinancing amount must be higher than 250 Norwegian kroner.
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In 9 out of 10 cases, it is possible to help
According to advisors from BlueStep Bank in an interview with: Radio Wataha – not everyone is aware of the amount of liabilities incurred. After summing up all the loans, it often turns out that instead of 100 crowns, it is 500 crowns or even more. Practice shows that after refinancing, in nine out of ten cases it is possible to reduce the monthly amounts paid for repayment of installments.
Why is it worth contacting BlueStep Bank?
BlueStep Bank is distinguished by its individual approach to the client. There are also accepted forms of income which are generally rejected in other financial institutions. Even if the client has the so-called "Black spots" in your credit history. This means that the bank's advisers do not exclude people who have had problems with regular fulfillment of obligations in the past.
