Debt consolidation is a product offered by lending institutions that allows borrowers to restructure their debt and reduce their monthly repayments. As debt consolidation loans are sometimes refused, many people are asking: who are debt consolidation loans for?Who can apply for a debt consolidation loan ?
Any individual, whether they are employed, a civil servant, self-employed or even retired, regardless of their social and professional affiliation. You must be aware that refusal does not arise from these criteria but from a bank ban. If the borrower has no property or has an entry in the FICP (National Database on Household Credit Repayment Incidents) this also constitute grounds for refusal of an application for a debt consolidation loan.What conditions are required to consolidate your debt ?
Borrowers who apply for a debt consolidation loan are not required to change bankers. A financial intermediary organization is responsible for the transaction. All personal and professional information provided are strictly confidential. For individuals who have already obtained a first debt consolidation loan, it is possible to make a second application if they have been diligent in paying the monthly installments of their previous contract and if a period of one year has elapsed between the two.
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