Reunification of debts with and without a mortgage

Loans to reunify debts and refinance other loans in one payment

Debt reunification consists of unifying all our loans into one . In addition, with this we achieve better financing conditions and a longer repayment period. In this way, we will pay a single monthly installment for a longer time, but for a lower amount than the sum of the rest of the loans we had previously.

If you want to calculate the approximate monthly savings that you can enjoy if you decide to group your debts into a single installment, whether you have a mortgage or not, our debt consolidation simulator can help you.

Loan Amount and term characteristics
Capital Loan
Since
fifteen%
Maximum APR
20%
Accept Credit Checker
40% property value 15 years from 1 year
  • With mortgage or guarantee (Housing)
  • No payroll
  • Never mind Credit Checker
More info See Offer
Private equity loans Entity: Capital Loan Maximum amount: From € 15,000 to 40% property value Repayment period: From 1 year to 15 years Response time: 24 hours Time to obtain the money: 3 days Is the first loan free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll With endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO Ways to receive the money: Transfer
Mortgagescom
Since
1.94%
Maximum APR
3.38%
80% appraisal value 30 years from 10 years
  • With mortgage or guarantee (Housing)
  • With payroll
  • They do not accept Credit Checker
More info See Offer
Platform with personalized advice Entity: Mortgagescom Maximum amount: From € 15,000 to 80% appraisal value Return period: From 10 years to 30 years Response time: From 5 days Time to obtain the money: After signing at the notary ? The first credit is free? NO Cost: Does not specify
(APR 1.94%)
Characteristics and requirements: With payroll With endorsement Does not accept Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: With cost) Ways to receive the money: Transfer
Hipoo
Since
1.1%
Maximum APR
2.6%
80% appraisal value 30 years from 1 year
  • With mortgage or guarantee (Housing)
  • With payroll
  • They do not accept Credit Checker
More info See Offer
Personalized mortgage advice service Entity: Hipoo Maximum amount: From € 30,000 to 80% appraised value Return period: From 1 year to 30 years Response time: 6 days Time to obtain the money: After signing at the notary ? The first credit is free? NO Cost: € 162,815 for 30 years: € 53,833
(APR 1,1%)
Characteristics and requirements: With payroll With endorsement Does not accept Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO Ways to receive the money: Transfer
Sofkredit
Since
3%
Maximum APR
28%
Accept Credit Checker
30% home value 20 years from 10 years
  • With mortgage or guarantee (Real Estate)
  • No payroll
  • Never mind Credit Checker
More info See Offer
Credit Checker and / or RAI admits Entity: Sofkredit Maximum amount: From € 10,000 up to 30% home value Return period: From 10 years to 20 years Response time: From 1 to 48 hours Time to obtain the money: From 7 to 10 days Is the first credit free? NO Cost: € 15,000 over 5 years: € 11,000
(APR 3%)
Characteristics and requirements: Without payroll With endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Interest generated) Ways to receive the money: Bank transfer
Reunification of debts without a mortgage (loans to pay debts)
Fintonic
Since
4.75%
Maximum APR
21.95%
€ 50,000 from 1,000 8 years from 3 Months
  • No mortgage
  • With payroll
  • They do not accept Credit Checker
More info See Offer
Final conditions according to credit profile Entity: Fintonic Maximum first loan: From € 1,000 to € 50,000 Repayment period : From 3 Months to 96 Months Response time: 5 minutes Time to obtain the money: Less than 24 hours Is the first credit free? NO Cost: € 30,000 for 60 months: € 6,626.34
(APR 4.75%)
Characteristics and requirements: With payroll Without endorsement Does not accept Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Interest generated) Ways to receive the money: Bank transfer
Younited Credit
Since
9.39%
Maximum APR
19.957%
€ 50,000 from 1,000 7 years from 6 months
  • No mortgage
  • No payroll
  • They do not accept Credit Checker
More info See Offer
Fixed and stable rate Entity: Younited Credit Maximum first loan: From € 1,000 to € 50,000 Repayment period : From 6 months to 84 months Response time: 48 hours (From the arrival of the complete file) Time to obtain the money: 7 days approximately Is the first credit free? NO Cost: € 50,000 for 84 months: € 17,588.92
(APR 9.39%)
Characteristics and requirements: No payroll No endorsement Credit Checker not accepted Minimum age: 18 years Does it allow early cancellation? YES, total or partial. Is there a possibility of an extension? YES (Expenses: Fees) Ways to receive the money: Bank transfer
Gedescoche
APR does not apply
(Rental fee)
Accept Credit Checker
50% vehicle value 10 years from 30 days
  • Without mortgage (Car as collateral)
  • No payroll
  • Never mind Credit Checker
More info See Offer
Up to 10,000 with vehicle guarantee Entity: Gedescoche Maximum amount: From € 800 to € 10,000 (50% vehicle value) Payment method : From 30 days to 10 years Response time: Less than 24 hours Time to obtain the money: 24 hours ¿ Is the first credit free? NO Cost: Rental fee
(APR% does not apply)
Characteristics and requirements: Without payroll With endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES, 0%. Is there a possibility of an extension? YES (Expenses: Interest generated) Ways to receive the money: Bank transfer
Welp
Since
42%
Maximum APR
3.057%
€ 7,500 from 50 4 years from 1 month
  • No mortgage
  • Without sending documentation (Instantor)
  • With payroll
  • They do not accept Credit Checker
More info See Offer
Credit up to € 7,500 to be returned from 1 to 48 months Entity: Welp Maximum first loan: From € 50 to € 7,500 Repayment period: From 1 month to 48 months Response time: Minutes Time to obtain the money: 24 / 48h Does the first credit is free? NO Cost: € 400 for 3 months: € 82.54
(APR 42%)
Characteristics and requirements: With payroll Without endorsement Does not accept Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO (Expenses: NO) Ways to receive the money: Bank transfer
Fidinda
Since
79.8%
Maximum APR
85%
Accept Credit Checker
€ 5,000 from 500 2 years from 3 months
  • No mortgage
  • Without sending documentation (Instantor)
  • With payroll
  • Never mind Credit Checker
More info See Offer
Installment loans up to € 5,000 Entity: Fidinda Maximum first loan: From € 500 to € 5,000 Repayment period : From 3 months to 24 months Response time: 15 minutes Time to obtain the money: 1 hour Is the first loan free? NO Cost: € 5,000 for 24 months: € 3,654.92
(APR 79.8%)
Characteristics and requirements: With payroll Without endorsement Accepts Credit Checker Minimum age: 25 years Does it allow early cancellation? YES Is there a possibility of an extension? Yes, possibility of grace period for a month (Expenses: Interest generated) Ways to receive the money: Bank transfer
Credit
Since
24.9%
Maximum APR
381.28%
€ 5,000 from 500 3 years from 2 months
  • No mortgage
  • No payroll
  • They do not accept Credit Checker
More info See Offer
Line of credit up to € 5,000 Entity: Creditea Maximum first loan: From € 500 to € 5,000 Repayment period : From 2 months to 36 months Response time: Immediate Time to obtain the money: 15 minutes if banks coincide, otherwise 24 / 48h Is the first credit free? NO Cost: € 5,000 for 36 months: € 1,907.32
(APR 24.9%)
Characteristics and requirements: No payroll No endorsement Credit Checker not accepted Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Fees + initial amount of the loan) Ways to receive the money: Bank transfer
Refinancing debts without mortgage (payment solution)
Repagalia
APR
According to entity
Accepts Credit Checker
Negotiate debts
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
They do not grant credits, they only negotiate the payment of debts Entity: Repagalia Minimum debt: From € 3,000 Payment of the debt: Payment in installments Response time: Variable Time to obtain the money: No credit is granted Is the first loan free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO Ways to receive the money: Payment plan
Debt reunification mediators and intermediaries
Misolvencies
APR
According to entity
Accepts Credit Checker
€ 300,000 10 years from 1 year
  • With mortgage or guarantee (Housing)
  • With payroll
  • Never mind Credit Checker
More info See Offer
They recommend products depending on your solvency Entity: Misolvencies Maximum amount: From € 10,000 to € 300,000 Return period: From 1 year to 10 years Response time: From 5 days Time to get the money: After signing before the notary . first credit is free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: With payroll With endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? They do not specify Ways to receive the money: Transfer
Kapital
APR
According to entity
Accepts Credit Checker
50% fee reduction 15 years from 1 year
  • With mortgage or guarantee (Housing)
  • With payroll
  • Never mind Credit Checker
More info See Offer
Solutions for companies and individuals Entity: Kapital Maximum amount: From € 1,000 to 50% fee reduction Return period: From 1 year to 15 years Response time: From 24 hours Time to obtain the money: From 7 days Is the first credit free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: With payroll With endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO Ways to receive the money: Transfer
Kreditiweb
APR
According to entity
Accepts Credit Checker
€ 50,000 from 100 7 years from 30 days
  • No mortgage
  • With payroll
  • Never mind Credit Checker
More info See Offer
Personal loan up to € 50,000 Entity: Kreditiweb Maximum first loan: From € 100 to € 50,000 Repayment period : From 30 days to 84 months Response time: Minutes Time to obtain the money: 48 hours Is the first credit free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: With payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Interest generated) Ways to receive the money: Bank transfer
Infocredy
APR
According to entity
Accepts Credit Checker
€ 10,000 from 100 5 years from 30 days
  • WARNING: This entity is charging a commission of € 39.90 just for the service
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
WARNING: This entity is charging a commission of € 39.90 only for the service They charge a fee of € 39.90 for the service Entity: Infocredy Maximum first loan: From € 100 to € 10,000 Repayment period : From 30 days to 60 months Response time: 15 minutes Time to get the money: 48 hours Is the first credit free? YES Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Costs generated) Ways to receive the money: Transfer
Finzmo
APR
According to entity
Accepts Credit Checker
€ 10,000 from 500 5 years from 91 days
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
Immediate personal loan Entity: Finzmo Maximum first loan: From € 500 to € 10,000 Repayment period : From 91 days to 60 months Response time: 5 minutes Time to obtain the money: From 15 minutes to 48 hours Is the first credit free ? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Interest generated) Ways to receive the money: Bank transfer
Your fast credit
APR
According to entity
Accepts Credit Checker
€ 9,000 from 50 5 years from 7 days
  • WARNING: This entity is charging a commission of € 37.99 just for the service
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
CAUTION: This entity is charging a fee of 37.99 € only for the service to 9,000 € with Credit Checker Entity: Your credit fast Maximum first loan: from 50 € to 9000 € Repayment period: From 7 days to 60 months time answer: On the same day Time to obtain the money: 10 minutes if banks coincide. Is the first loan free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Costs generated) Ways to receive the money: Bank transfer
Request24
APR
According to entity
Accepts Credit Checker
€ 5,000 from 100 42 months from 2 months
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
Installment loan with Credit Checker Entity: Request24 Maximum first loan: From € 100 to € 5,000 Repayment period: From 2 months to 42 months Response time: 15 minutes Time to obtain the money: From 15 minutes to 48 hours The first credit is free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? YES (Expenses: Fees generated) Ways to receive the money: Bank transfer
Zapo
APR
According to entity
Accepts Credit Checker
€ 1,000 from 50 90 days from 7 days
  • No mortgage
  • No payroll
  • Never mind Credit Checker
More info See Offer
Credits 100% online even being in Credit Checker Entity: Zapo Maximum first loan: From € 50 to € 1,000 Return period: From 7 days to 90 days Response time: 24 hours Time to obtain the money: 48 hours The first credit It's free? NO Cost: Not specified
(Variable APR)
Characteristics and requirements: Without payroll Without endorsement Accepts Credit Checker Minimum age: 18 years Does it allow early cancellation? YES Is there a possibility of an extension? NO Ways to receive the money: Transfer
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Do you need more than $ 5,000 and do you have a home as collateral?

If this is your case, we can put you in contact with agencies specialized in the reunification of debts with a mortgage, which will help you obtain a customized loan through traditional banks or private equity entities.

Debt Reunification and Mortgage Refinancing, is it the same?

Although both terms can be confused, and sometimes we use them indifferently, it is important that we are clear that a debt reunification is not the same as a mortgage refinancing .

Here we explain their main differences:

A mortgage refinancing means obtaining new financing with more favorable conditions that make it easier for us to meet your repayment . That is, change the financing conditions of a mortgage loan so that its conditions change, complying with your payment in a longer repayment period.

On the other hand, when we talk about a debt reunification, we refer to the granting of a new credit for the cancellation of loans or outstanding debts , so that we can group our payments in a single installment.

In what situations is it recommended to request a debt reunification?

When at the end of the month we find it difficult to meet the payment of our outstanding loans , we may be interested in finding a financing alternative that will help us meet our outstanding payments .

The reunification of debts will allow the grouping of outstanding loans to facilitate their repayment under a single lower installment for a longer time.

This alternative can help us achieve a comfortable economic situation, and allow us to increase our ability to save.

However, before making a decision in this regard, we should analyze the cost of reunification, bearing in mind that hiring this type of debt grouping entails assuming a high cost for said operation. Otherwise, we will benefit from paying lower monthly fees, in exchange for assuming that fee for a longer time.

Debt reunification is convenient when the payment of the new installment is less than the sum of all our monthly payments, allowing us to recover our solvency capacity.

Does this type of operation involve any risk?

Although requesting a debt reunification is as safe as requesting any other type of loan, it does not hurt to check the references of the entities we consult, to make sure that it is an entity regulated by the Bank of United States that complies with the normative.

On the other hand, we have to bear in mind that when our financial situation is not good, requesting a new loan that serves to group our debts, far from being a solution, could become a whole spiral of debts.

Therefore, requesting a debt reunification does not involve more risks than the ones we assume when contracting any type of credit.

Below we provide you with a series of recommendations to avoid risks:

  • Check the references of the credit institutions we go to,
  • Analyze our financial situation and only request a reunification if we consider that it is the most appropriate alternative,
  • Turn to experts to guide us on how we have to act.

When we get a reunification loan, are the debts canceled?

After receiving the income from the loan that allows us to carry out a debt reunification, we will be the ones who have to take care of canceling or amortizing the debts that we group, since the entity that grants the credit does not carry out this operation in our place.

Therefore, after signing the new loan, when we receive the delivery of our check or payment of the credit in question, we will have to take care of canceling our debts and then only have to pay the amount corresponding to the monthly installment of the loan granted.

Remember that when we cancel our debts, expenses such as commissions for early cancellation or cancellation of the contract may apply.

Types of loans and debts that we can reunify

The request for a debt reunification admits the grouping of debts of all kinds. In this sense, the type of credits that are most commonly included under a refinancing are:

And it is that the need for a group of debts is motivated by the difficulty to make ends meet, when the percentage of our debts far exceeds the income level.

The purpose is clear, to reduce the amount of the monthly payment of all our payments , and to recover our solvency capacity at the end of the month.

How can we group all our debts into a single monthly payment?

If we group our debts under a reunification, we will be able to pay a single monthly installment by contracting a long-term loan that unifies all the previous ones, regardless of the type of debt, that they belong to different entities , or their interest rate .

Below we show you a table that includes an example of a real case that unifies all your debts in a single installment. In this example, we can visually check what a debt regrouping consists of, and how the applicant's financial situation improves by reducing their monthly payments in a single payment of less amount.

Debt reunification example
Debts Pending amount Term Interest Monthly fee Total to pay
Mortgage € 80,000 20 years 3.2% € 452 € 108,415
Car loan € 10,000 5 years 7.95% € 222 € 13,332
Personal loan € 5,000 4 years 8.75% € 103 € 6,500
Cards € 7,000 22% € 230 € 10,350
Total debt € 102,000 € 1007 € 138,597
Reunification € 114,000 30 years 4% € 544 € 195,930

As we can see, assuming a debt reunification entails in most cases a significant increase in the repayment period .

How to reunify our debts if we are paying a mortgage?

In the event that we are interested in requesting a grouping of our debts when we are paying a mortgage, we can get a new loan that unifies the previous ones or an extension of the current mortgage loan under new financing conditions.

The debt reunification process begins with the cancellation of all our loans , and then proceed to their reunification in a new mortgage with new financing conditions .

The usual thing for these cases is that intermediary companies or banking entities offer us the possibility of canceling or modifying our current mortgage loan , in order to obtain a credit that improves our financial situation under the unification formula. The term for its return depending on the financial one we go to is between 10 and 40 years .

Below we detail the steps that we would have to follow to request to reunify loans with a mortgage :

  1. Analysis of our financial situation: before requesting the reunification of our debts, it is important that we be clear about what loans and debts we have pending, as well as the amount of them. In this way, we will have the certainty of knowing what amounts we pay monthly for which loans, which will be of fundamental help to evaluate the financing conditions offered by the different intermediary companies,
  2. Choosing the entity with the best conditions: the second step consists of carrying out a study and comparison task of the different offers for the reunification of debts with a mortgage,
  3. Cancellation of pending debts: before reunifying all our debts in a single mortgage loan, we must proceed to the cancellation of all our pending loans,
  4. Reunification of all our loans in a new mortgage, or request to extend our mortgage credit: this last step is the culmination of the process that ends with the contracting of a single loan with which we will be able to stop paying several installments, to have a single payment per month.

Before deciding if this is the most appropriate alternative in our case, we must bear in mind that the interest rates will be much lower than those of fast loans and personal loans .

What requirements do we need to meet to reunify debts?

Both to reunify debts with a mortgage and without a mortgage we need to meet a series of requirements, these may vary if we have how we guarantee a home or on the contrary we intend to group our debts in a new loan without guarantee.

With Mortgage

If we are interested in reunifying debts with a mortgage, as a general rule, we must comply with the following requirements :

  • Have a mortgage loan or be the owner of a mortgable real estate: the first requirement that we must fulfill to request a reunification of debts with a mortgage will be to have the deeds of a house or property deposited as collateral in the case of not being able to return the money,
  • The total value of our debts may not exceed 80% of the value of the mortgaged property: in the case of having debts of more than the value of the property we are mortgaging, we will not be able to unify all our debts. In these cases it is recommended to unify the debts that we can for the value of our property,
  • We do not need payroll, although if we need to prove that we have regular stable income,
  • It is necessary that we are over 18 years old and we are the holders of a bank account ,
  • Payment of the loans that we want to reunify up to date: it is important not to have defaults on the loans that are the object of reunification. Although many intermediary companies will not put obstacles in the way of having outstanding debts in our payments, generally the banks are much more restrictive in this sense, and will not allow to reunify debts of people with defaults,
  • Being listed on Credit Checker or some other similar list should not be an impediment .

It can happen that sometimes our personal financial situation is complicated and we do not meet all the requirements to obtain reunification. It is in this case, if we want to obtain the approval of the financial company, we would need to have the support of a guarantor who guarantees the return of our payments at all times.

If you are interested in knowing more about how mortgages work, here is the link to our page where we inform you of everything you need to know about online mortgages with which to finance the purchase of a home .

Without Mortgage

In the event that we are interested in requesting a reunification of debts without a mortgage and without an endorsement, as a general rule we must comply with the following requirements :

  • Have a source of regular income that we can prove: it will be necessary to be able to justify that we have a minimum income every month to meet the payment of the credit that we want to contract,
  • Keep all the payments on our loans up to date: we must have all the payments on the loans that we want to unify up to date,
  • Not appearing in delinquent files: having a bad credit history, although it does not prevent us from accessing a reunification of our debts, if it will be a detriment to obtaining good financing conditions. Having to generally assume high interest rates,
  • Have an endorsement that supports our solvency: it may be necessary to have the support of a third person who agrees to pay the installments of the new loan in case we cannot. The figure of the guarantee has the same obligations as the borrower.

It will depend on the risk policies of each company or bank which require more or less application requirements . In addition, if it is a bank entity it is possible as a requirement the direct debit of our payroll, as well as in the case of private entities they may require us to take out insurance.

Can you request a reunification without payroll?

If we request a debt reunification and we do not have a payroll that supports our request, we will be able to obtain credit approval for the grouping of our debts, as long as we accredit an alternative source of stable and regular income .

In any case, the decision to approve or not our request will not depend solely on whether or not we have fixed income, and must also comply with each of the requirements demanded by the entities that offer debt reunification.

What documents do we need to refinance our debts?

Although for some intermediary companies in debt reunification it is enough to present a copy of our ID and deed of the mortgaged real estate, generally the documents that will be requested when we request a debt consolidation will depend on factors such as the risk policy of the company to the that we resort to, and the labor regime to which we belong .

In relation to the type of labor regime to which we belong, this is the classification of documents requested:

Employed or salaried workers:

  • Present the identity documents of the debt holders (DNI, NIE or Passport),
  • Latest up-to-date receipts of the loans subject to reunification,
  • Work contract in force and payrolls for the last three months,
  • Most recent income statement or personal income tax,
  • Property deeds or simple registry note. As well as the last appraisal of the home or real estate used as collateral.

Self-employed or self-employed:

  • ID of the debt holders.
  • Last current receipts of the loans that we are going to group,
  • Income declaration for the last two years,
  • VAT of the previous year and quarters of the current year,
  • Current receipts of the self-employed payments,
  • Deed of the property or simple note of the registry next to the last appraisal of the house (in case of owning a property that guarantees us).

Pensioners:

  • Identity documents of the debt holders (DNI, NIE or passport),
  • Last receipts paid for the loans we group,
  • Social Security Certificate that certifies the collection of our pension,
  • Most recent tax return (if made),
  • Property deeds or simple registry note. Last appraisal of the home or property that supports our request in case of having it.

The intermediary company or bank to which we request the reunification of our debts will give us an answer after analyzing and studying all the aforementioned documentation.

Do pooled debts need to have the same interest rate?

The interest rate linked to each of the loans that we are going to cancel with the money from the credit associated with the reunification will not interfere in the resolution of our request to refinance the debts.

Furthermore, it is understood that the interest rate and financing conditions of each of the loans that we are interested in grouping together will show different financing conditions.

In order to reunify our debts, the interest rate of the loans that we are interested in paying is not relevant.

How much does a mortgage loan reunification cost?

house and euro symbol

The reunification of debts entails a considerable increase in the cost of the mortgage loan that unifies the previous debts. If you are interested in requesting this banking product, we must keep in mind the following expenses that we will have to pay:

  • Appraisal of the mortgaged property: we will have to pay the officially approved appraisal of the property to be mortgaged. The price of the appraisal may vary depending on the characteristics of the appraised property and the appraisal company we are addressing. For example, for a floor of 90 meters we could pay an amount of 400 US dollars for its appraisal,
  • Expenses for opening the new mortgage loan: in the case of establishing a new mortgage, the associated expenses will correspond to the cost of the notary's office, taxes or property registration, among others. The opening commission may cost us between 0% and 1%. This is possible, since the current offer allows us to find debt reunification offers without opening commissions for the new mortgage, or very low commissions,
  • Cancellation costs of the loans that are the object of the unification with a mortgage: in the case of cancellation of a mortgage, we will have to face the corresponding cancellation fee plus the expenses of the agency and notary, among others. Regarding the commissions for cancellation of personal loans and other debts, the percentage of the operation is 0.50% for the first five years and 0.25% for the rest of years.

Financial intermediary fees : we will have to pay high fees to those in charge of managing the reunification of our debts. Although each company establishes its own cost for its services, in general we will pay around 3% of the total operation.

Is it possible to reunify loans with a mortgage if we are in Credit Checker?

Although it is possible to achieve a debt reunification if our data is included in delinquency files such as Credit Checker or RAI, the possibilities to achieve a reunification when we have defaults is complicated .

In fact, opting for banks will be practically impossible, due to their risk policies reluctant to accept clients with defaults.

Our only real alternative will be to resort to debt reunification intermediaries that support Credit Checker , for whose services we will have to pay a high cost . In this way, achieving a reunification of our debts when we are in Credit Checker, will go through accepting long-term financing conditions and with a high cost or requesting a loan with Credit Checker as long as the debt is not very high.

Debt cancellation with the Second Chance Law

Did you know that there are entities capable of solving our financial problems through the application of the Second Chance Law?

Entity Kind characteristics
Debt
Debt cancellation
  • Cancellation of any type of debt
  • Up to 50% of the total
  • Free personalized advice
View deal
Spanish Agency for Family Protection
Debt cancellation
  • Debt must not exceed 5,000,000
  • Manage the exit of Credit Checker
  • Individuals, freelancers or companies
View deal

It is possible that you are not aware that there are entities specialized in helping us cancel our debts based on the application of the Second Chance Law. And is that although requesting a debt reunification helps us reduce our payments, requesting a cancellation of debts could mean a total repair of our financial situation.

If we are interested in canceling our debts, it would not hurt to consider this other option, and ask for advice from professionals in the matter. They will inform us about our possibilities of getting our situation repaired by studying each case as appropriate.

For more information about the operation of this law, here we leave you a link to our blog post, in which we deal in depth with the application of the Second Chance Law.

Can I Get a Homeless Debt Reunification?

Yes , even if we do not own a home, we can obtain a reunification of debts without a mortgage guarantee under the formula of a personal loan and not a mortgage.

This loan will be enough to pay off the sum of our debts and will allow us to start paying a new, more comfortable and affordable installment.

As long as we comply with the application requirements of the lender to which we refer our request, we can achieve acceptance of our reunification even with Credit Checker and without ownership.

How does a debt reunification without a mortgage work?

Many times, when we have many small loans or we need to request a loan for a high amount, the best option is to get a longer-term loan that allows us to pay less each month and have liquidity to make ends meet .

Although the grouping of debts usually implies having a mortgage, there is the possibility of obtaining quick loans without collateral that allow you to refinance debts without a home as collateral .

The reunification of debts without a mortgage and without collateral consists of the unification of all our debts through the contracting of a loan without a mortgage guarantee. Although it will not mean a reduction in our monthly payments as important as it happened in the case of the reunification of debts with a mortgage, our financing conditions may improve to achieve greater economic relief.

By not having drastically reduced monthly payments, the reunification operations of loans without a mortgage will not mean an increase in the crazy repayment period .

Depending on the financial institution we go to and our economic situation, some of the entities can offer us up to 5,000 US dollars to be returned in 5 years . Most companies have a simulator on their website so that we can calculate the monthly savings .

Although it is possible to request a reunification of our debts without any property, in practice it will be more difficult to find entities that offer us a reunification of our payments without providing mortgage guarantees . However, the fact that we do not have a home or real estate that can guarantee our debt reunification does not mean that we cannot group our debts through other means of financing , or that we do not have other types of guarantees such as " guarantees solidarity ”who undertake to face the payment of our credit in the event that we have problems with its return.

This type of guarantee will make it easier for us to obtain loans to reunify our debts when we lack a home or other property that guarantees us.

Is it possible to reunify my debts without a mortgage and without a guarantee?

Indeed, although a priori it seems a not viable option for all those who do not have a mortgage or guarantee, if we comply with the requirements of the entities specialized in reunifying debts with these restrictions, we will have no problem in achieving said reunification.

Therefore, reunifying debts without a mortgage and without collateral is a viable refinancing alternative if we have a fixed source of income that responds to possible default situations.

What type of debts and up to what amount can we reunify without a mortgage?

The purpose of the reunification of debts without a mortgage is to solve the debt problems in which we have difficulty in facing the payments of our pending loans. When we refer to the type of debts that we can unify, we refer to the type of loans that we can unify under a single credit.

The usual thing is that we can unify pending payments of bank loans, consumer loans and credit cards among others. Here is an example of what a debt reunification without a mortgage could look like.

Example of debt reunification without a mortgage
Debts Pending amount Term Interest Monthly fee Total to pay
Personal credit 8,000 4 years 8.75% 200.79 9,637.92
Car loan 12,000 5 years 7.95% 243.03 14,581.80
Cards 2,000 1 year 22% 200 2,400
Total debt 22,000 643.82 26,619.72
Reunification 22,000 10 years 7% 255.43 30,651.60

As we see in the example, the types of debts that we are most interested in reunifying when we do not have a mortgage or a home that guarantees us, are personal loans , loans for the acquisition of a new vehicle or credit cards .

The maximum amount of the loan to which we will have access to reunify our debts will depend on our solvency capacity . Therefore, it will depend on how the result of our solvency analysis is that we access loans of greater or lesser amount. Although, in general, when we talk about debt reunification without a mortgage, the usual thing is to get the approval of loans worth from 5,000 to 40,000 US dollars .

What expenses will we pay when grouping all our debts into a single loan?

The grouping of debts entails the following associated expenses:

  • Opening commission: expense associated with the application and opening of the new loan that ranges between 1% and 3% depending on the entity. Currently there are loan offers that reunify debts without a mortgage that do not have opening costs,
  • Commission for early repayment or cancellation: in the case of paying part or all of the loan in advance, we will have to pay a commission for early repayment. This commission will be a maximum of 1% of the remaining capital (in the event that there is more than one year of validity of the loan), and 0.5% if we have less than 12 months left.

In the event that we have the service of an agency that helps us in the management of the reunification of our debt without a mortgage, we will have to bear the costs of their fees. Although each agency or intermediary entity has its own fees, the cost of its services is around 3% of the operation.

In addition, if we have a revolving card that we are interested in canceling and repaying in our reunification, we have the option of processing a claim to request the return of the abusive interest that we have overpaid and belong to us.

Before deciding how to refinance our debts, it is convenient to take into account what fees and expenses we will have to face once the contract is executed. Only then can we ensure that we make the best decision and have a safe planning regarding what our expenses are.

Is it possible to carry out a debt reunification without a mortgage with defaults?

When the debts originate our inclusion in the Credit Checker or RAI defaults files , our chances of getting our debts grouped into a single loan are less.

In any case, financial intermediaries or brokers specialized in these situations will evaluate our request and can always offer us loans even if we are in Credit Checker .

Did you know...

If you cannot face your debts, there is the possibility of availing yourself of Law 25/2015, of July 28, on the second chance mechanism, reduction of the financial burden and other social measures, known as the Second Chance Law , through which you can request the release or cancellation of your debts.

Advantages and disadvantages of grouping debts

Reunifying debts can bring us benefits or damages depending on our personal and economic situation . To help us evaluate whether reunification is a suitable alternative in our case, it is important that we do not forget that your request may affect us positively or negatively depending on the evolution of each case.

So that you can decide if reunification is the best alternative for you, below we reflect on its main advantages and disadvantages.

Advantages :

  • A debt reunification offers us the possibility of making a flexible and comfortable return of our debts by allowing us to make the payment in a single installment,
  • In addition, the amount of said installment will be less than the sum of the outstanding loan installments that we would have to assume without reunification,
  • Reunification enables applicants to acquire a previously unimaginable capacity for monthly savings.

Disadvantages :

  • Requesting a debt reunification implies assuming a series of associated costs such as: - The cost of canceling the loans that we want to refinance, - The cost of formalizing the new credit and study fees.
  • In addition, we must bear in mind that a long-term loan leads to paying more interest,
  • In the case of a reunification of mortgage debts, we must be cautious and bear in mind that we put the mortgaged real estate at risk if we have problems with the return.

Is Loan Reunification the Best Option?

Before requesting a reunification, we must assess the pros and cons of this operation to analyze in perspective if it is what is best for us.

Don't forget that ...

The formalization process to get a debt reunification can take between 1 and 2 months.

That is why the reunification of debts is not used as an option to get money urgently, but rather it is an alternative to improve our financial situation when we have little margin between the payment of our debts and our income .

We must also know that with the contracting of a debt reunification we assume the cost of interest linked to the extension of the new repayment term. For this reason, it is convenient that we have the advice of an independent expert , who advises us on the state of our situation, being able to guide us in making the most correct decisions in each case.

Recommendations for choosing the best debt reunification

Before deciding which reunification option is the best, it is convenient to pay attention to a series of aspects that will help us to identify what we need to take into account before making a decision .

These are some of the recommendations that we must follow when deciding which reunification option interests us the most:

  • Analyze the real cost of the operation : before making a decision, it is advisable to be clear about the final cost of reunification,
  • Identificar nuestras necesidades financieras : es fundamental que no olvidemos los motivos que nos obligan a solicitar la agrupación de deudas. Solo así, podermos negociar unas condiciones de financión óptimas para nuestra economía,
  • Dirigirnos a la entidad en la que tengamos la deuda más elevada, y pedir asesoramiento acerca de sus condiciones de financiación para una reunificación de deuda,
  • No solicitar más dinero del que necesitamos para asimir la amortización de nuestras deudas : al pedir una reunificación intentamos solucionar un problema de endeudamiento, por lo que a la hora de decidir qué cantidad vamos a solicitar, no debemos empeorar nuestra situación haciendo más grande nuestra deuda.

Se trata de identificar qué entidad puede ofrecernos las condiciones de financiación qué más nos beneficien dadas nuestras circunstancias.

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Comments and opinions

Anónimo 04/01/18
Si tienes deudas con micro préstamos como vivus, cofidis, etc. ¿Te pueden embargar tú vivienda?
regbiomed.com 09/02/18
Cuando la entidad de crédito concede el préstamo envían el contrato con las condiciones para firmarlo y en él deben estar incluidas todas las acciones legales que podrían llevar a cabo en caso de impago. La mayoría de estas compañías prefieren llegar a un acuerdo con los clientes antes de que se genere más deuda. En caso de no poder hacer frente a la devolución, lo mejor es ponerse en contacto con la compañía para que nos ayuden a encontrar una solución.
Natividad Galanontor 14/11/19
meparece un buen credito
regbiomed.com 15/11/19
Hola Natividad, gracias por tu aportación. Si necesitas ayuda, puedes contactar con nuestro servicio de chat de L a J de 10h a 19h y los viernes de 10h a 15h. O bien rellenado el formulario de contacto a traves de la web.
Alex 07/01/20
Hola quisiera hacer una reunificacion de deudas que me suman 27.000€ aprox. Gracias un saludo
RegBio Loan 07/01/20
Hola Alex,para poder informarte mejor sobre la reunificación de deudas puedes ponerte en contacto con nosotros a través de nuestro servicio de chat en horario de Lunes a Jueves de 10h a 19h y los viernes de 10h a 15h, en nuestro número 91 060 85 48 en el mismo horario que el chat o si prefieres que te llamemos rellenando el formulario de contacto a través de la web.

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