If necessary, some people turn to their surroundings to borrow. Debt recognition can then be established between the different parties in order to accurately determine the amount and conditions of repayment. In the event that the borrower is in trouble, is it possible to include debt recognition in a credit surrender?
Yes, consolidate classic credit and debt recognition is possible
Performing a credit redemption can consolidate several loans (mortgage, consumer…) into one. Debt recognition can be included in a loan consolidation project. The lender will be reimbursed in advance in the same way as other creditors (banks, financial organizations).
But with certain conditions
Including a debt recognition in a loan redemption is subject to conditions. Indeed, if the amount borrowed exceeds € 760, the institution that consolidates loans will require that the recognition of debt is officially registered with taxes. Registration gives the document a legal value and protects the signatories of any dispute.
Another important element is that all IOUs are not accepted by the buy-back organizations. Credits that depend on specific legislation such as: business or food loans can not be included in a credit consolidation transaction.
A professional in credit buyback can help decide on the feasibility of a loan consolidation with debt recognition. He studies the file and then directs to the loan buyback organization that offers the most interesting refinancing on the market. This makes it possible to settle the receivables and bring it together in one. Grouping is an interesting solution for cleaning up the borrower’s budget.