May 25, 2024

How is Credit Configuration Made?

In this article named how to configure credit, we have included general information about how to configure your existing credit debt. In some periods, with the decisions of banks, BRSA or parliament, restructuring is made for those who have difficulty in paying their current loan debts.

How to Configure Credit

Credit debt restructuring can be done in two ways.

1. The configuration you will make to reduce the interest rate of your current loan when the interest rates decrease
2. The configuration you will make to regulate your debts such as loans and credit cards that you have difficulty in paying

In the configuration made when the interest rates decrease, the bank shows your loan as closed in advance, calculates over the new interest rates and re-installs your loan. In the configuration made for debts that you have difficulty in paying, you send your credit and credit card debts and documents showing your income status to the bank you will apply for. The bank’s collection unit also evaluates according to the documents provided and your credit rating and finalizes the positive or negative request. In case your evaluation process is positive, a transfer is made as much as your debt, over the loan amount drawn to the banks where you owe. In this way, your new bank will take all your debts on itself.

Credit/credit card debt transfer, also known as debt settlement loan , is an application made by almost every bank. Banks periodically organize campaigns for debt transfer. Loan terms vary from bank to bank, and there may be differences in interest rates. However, since this type of loan is also within the scope of consumer loans, all banks can have a maximum maturity of 48 months. The main banks that transfer debt are as follows; Finansbank,

Considerations in Credit Restructuring

The most important issue to be considered in the loan debt restructuring process is the profit and loss account to be made. In other words, it is the right time for you to structure the loan. Because this process may not be advantageous for you in all circumstances. First of all, you should calculate your monthly installments with the new interest rate over the total amount you will pay. You can be wrong by evaluating only on the interest rate. When the expenses other than the interest rate and the total cost are included in the loans, different results can be obtained. Therefore, make the right choice by comparing several banks before applying. In addition, do not forget that banks take a commission of 0.20% (2 per thousand) in case of closing the loan early.

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