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 • Revolving credit or credit revolving
This formula, also called “Revolving Credit” arises in several forms:
Permanent personal loans, granted by a bank (e.g.: “Créd…. ” of BNP, “Créd…” of the Crédit Lyonnais, “Créd…” of Crédit Mutuel): the customer has a capital whose amount was given at the time of the contract.
He varies, in general, of 1.500 with 5.000€. One can draw from this reserve constantly by carrying out a transfer of the account of credit to the current account. The capital is reconstituted by monthly refundings (generally by simple automatic transfer on the bank account) whose amount was also given in the contract.
It varies according to the banks and the amount of the revolving credit.
• Credit cards:
They make it possible to pay purchases in the stores having made an agreement with the organization. The two principal ones are the Aurore chart, delivered by Cetelem, and that delivered by Cofinoga
In both cases, the principle is the same one as that of the banking permanent personal loans: one has a money reserve determined in advance and one can carry out his purchases with the chart to amount of the credit allocated the payment of his purchases is done the cash (the month of the purchase)
Or gradually by a regular refunding each month, realising expenses of interest…. the costs are in general high
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• Advantages
It is a formula very simple and very easy to use, since only one step is to be made: the permanent application for credit.
It is not necessary to justify the purpose of each expenditure.
The credit is granted for one duration of 1 year, renewable. A monthly statement makes it possible to control the management of its account of revolving credit.
• Disadvantages
It is an expensive formula: the customer must, by refunding his capital, to pay the interests on the borrowed sums.
The rates used, variable according to the financial institutions, EXORBITANT are included/understood enters 14 and 20%.
• To know
This formula of revolving credit is subjected to the law “Scrivener” of January 10, 1978 and must thus yield with precise rules:
a preliminary offer must be given to the customer 15 days before the signature and this one has time for consideration 7 days at the conclusion which it can retract
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 With the refillable real mortgage, Bercy wants to encourage the French to resort even more to the credit.
Passed the first refundings, a debtor can have a new credit for his current expenditure
Marketed for a few weeks, in particular by the Building and loan association, the UCB and some Savings banks, the refillable mortgage deed has been invented in the United States.
It contributed to the real boom of these last years. Its principle is simple: it makes it possible an owner to find a capacity of loan as its initial credit is refunded, provided that this one is guaranteed by a mortgage. That makes it possible for example to finance work but also any current consumer expenditure.
The growth is supported by consumption. One of the means of increasing it, it is the credit. The real mortgage will be an instrument to reach that point. Thus, behind the barbarian name of refillable mortgage, Bercy wants to encourage the French to borrow as much as their European neighbors. And for this reason it is necessary to mobilize the value of the real inheritance “sleeping”.
• Sensitive to the cold French banks
“What is astonishing it is that people does not want any. Neither the banks, nor associations of consumer,” notes Vanessa Dagan, mission leader with the service banks of association UFC-that to choose. However it is a new market for them. “Indeed, the reception of the banks more than is mitigated.
The financial institutions fear, as much as consumers' associations the precarisation of a category of borrowers. Those which will have recourse to this type of credit are likely to be those which exhausted their banking capacity fears the French Association of the finance companies (ASF). Even story UFC-That-to choose it. ” One does not take the risk to lose his house to finance a car or a computer “points out Vanessa Dagan UFC-that to choose.
However certain establishment specialized have crosses the step. Following the example subsidiary company of BNP, UCB (Union for the credit of the building).
The bank proposes the refillable mortgage since September 2006. “We treated 1.200 files, entrusts…., the marketing director of the establishment. The refillable mortgage replaces the good old mortgages.
This guarantee is cheaper and present more advantages for the subscriber to loan. If the simple mortgage were addressed to firstly-reaching, the refillable mortgage, it, addresses a profile of easy customers rather, entrusts she. If the customer has projects of work, the refillable mortgage is suitable.
Indeed, the law lays out that the mortgage can be agreed only starting from 21.500€. People do not precipitate on this type of guarantee, recognizes… Seule hope of the bankers, the generalization of the principle of the refill to the whole of the banking guarantees, privilege of lender of good, (mortgage for the old residences) and banking guarantee.
• Sensitive to the cold Notaries
To face criticisms, the government took a maximum of precautions of which a systematic passage in front of notary. We do not have much retreat, acknowledges. , notary in Paris at… But it is enough revolutionist. The refillable mortgage calls into question a legal principle anchored good, and it will be necessary time before the customers adapt to it admits the notary. Will people who take a refillable mortgage, reload it? Non-committal answer!!
If the price of the good drops, the guarantee is not worth any more large-thing. Will the banks say yes? And yes with which? besides… warns against the procedures of covering of the mortgages.
It is a true tank as regards procedure. This is the banks will take the trouble to go to seek the price of a washing machine… the average loan in real estate covers 80% of the value of the good. And with the current fluctuations on the market, the customers are not safe from a fall. And if the price of the good drops, the guarantee is not worth any more large-thing.
The device leave perplexed entrusts the expert. More especially as the creditors second-rate will be made exceed by the banks which will have granted a refill of mortgage of first rank. And if the customer reloads his mortgage of first rank, it will be difficult for him to convince another bank to lend money to him.
All that is new takes some in the head of our compatriots, near to on our premises. The Swiss ones are accustomed to this type of financing….
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