In the new era of zero interest rates, consumer credit offers are becoming increasingly attractive. But that of financing is a way that it must be followed with great caution. You always have to deal with your family budget and the ability to sustain the installment of the requested loans. There are not rare cases in which he finds himself inundated with debts and therefore in the inability to meet his financial commitments. The risk, in the event of default of at least two installments, is to be reported to the Sic (Credit information systems) as a bad payer, with all the consequences of the case. To avoid reaching this, if we were to find ourselves in an over-indebted situation (imbalance between the obligations assumed and the assets that can be immediately liquidated) it would be better to play in advance and exit the impasse using one of the solutions offered by the market or Italian legislation.
The way of debt relief
With the debt relief procedure provided for by law number 3 of 2012, families also have a sort of bankruptcy procedure available to restore their debt condition. But to access it, certain requirements must be met, starting from the existence of an over-indebted situation. In addition, the debt relief procedure can only be accessed through the bodies in charge, therefore or through the crisis settlement bodies (Occ), or by qualified professionals, such as the lawyer or the accountant. Furthermore, the consumer must not have benefited from any other debt in the eight years preceding the application and must not have reported any convictions for a series of crimes envisaged by the legislation. Furthermore, some debts, such as those deriving from maintenance and maintenance obligations, cannot be debited. Going into more detail,
- the agreement with the creditor;
- the consumer’s plan;
- liquidation of assets.
Real agreement between consumers and creditors
Which is reached if there is adhesion of at least 60% and which, like the arrangement with creditors, has effect also for those who have not signed the agreement. The second procedure, on the other hand, provides for the presentation of the so-called consumer plan, with an excerpt of the debts, a rescheduling of the residual debt and the modification of the amortization plan. In this case, there is no agreement with creditors. The plan must be examined by a judge and if approved, it will affect all creditors. If the plan is not accepted, on the other hand, the consumer will always be able to access the third procedure required by law, or the liquidation of the assets, renouncing all his assets, except for those that cannot be attached.
How to consolidate your debts
As we said, in order to access the debt relief procedure, it is necessary to be in an over-indebted situation. If this does not happen, but the family budget is still suffering, then you could try to go down the road of debt consolidation: an operation that allows you to bring together multiple loans in one and then pay a single installment monthly. To consolidate debt there are two possible options: personal loans and liquidity mortgages, which on average have lower rates than traditional consumer credit (loans are usually used when the amount of loans is significant). If, on the one hand, however, the rates are lower, on the other hand, it must also be taken into consideration that obtaining a mortgage is subject to the opening of a mortgage on one’s property. Whether you choose a personal loan or a mortgage, however, before consolidating it is good to do an analysis of the old loans, calculating the average Taeg and comparing it with the new one. For this analysis you can always use online comparators, such as Cream Bank, where you can find the best offers also for debt consolidation.