The release of the funds corresponds to the last stage of implementation of the repurchase of credit. How quickly is this cash flow unlocked?
Obtaining a buy back of credit does not necessarily imply very long delays. After a contact and a positive response principle, it is possible to quickly receive concrete proposals. The release of the funds intervenes once the legal deadlines have passed. Find out what you need to know about the deadlines for releasing funds as part of a credit buy-back.
The release of funds for a repurchase of mortgage
If you want to buy a mortgage, the management of the funds will be done most often through a notary. Once the loan offer has been signed, the lender will make the funds available and the notary will reimburse the creditors and eventually pay the borrower a sum to finance a new project. The deadline for release of funds varies according to the actors and the speed of constitution of the file. It usually takes between 48 and 72 hours after the intervention of the notary.
Unlocking funds for a consumer credit buy-back
In the case of a purchase of consumer credit that does not include a mortgage, the intervention of the notary is not necessary. It is up to the new lender to repay the creditors and pay the borrower a possible financing to implement a new project. Once the credit buyback offer is signed, the release of funds can be immediate. This depends in particular on the conditions imposed by the lender.
Focus on withdrawal periods
If the deadline for the release of funds depends on the type of credit buy-back put in place and the organization that does this, it is important to take into account the irreducible withdrawal periods. Once the offer has been signed, a 10-day revocation period applies for transactions that include a mortgage. This period runs from the day after receipt of the offer.
In addition, a 14-day cooling-off period applies for consumer credit purchases only. It starts from the day after the signature of the offer.
Once the withdrawal period has passed, the funds can finally be unlocked. Former creditors are reimbursed and the credit buyback can be set up allowing the borrower to pay a single monthly payment, the amount of which is logically lower than that of previous monthly payments.
To avoid wasting time in the release of funds, it is strongly recommended to call a professional. A broker can also help you compare and choose the best credit redemption offer based on your profile. To benefit from personalized support throughout your process, start by completing an online form indicating the amount, the nature of your loans and some information about you. In a few clicks, you get several offers tailored to your needs.