2023 will not be an easy year for Colombians. The slowdown of the economy, a possible increase in the unemployment rate, the higher cost of credit and high inflation They can lead hundreds of people to go through some difficulties, especially when meeting their credit obligations, which can be normal in difficult situations, so it will always be good to anticipate the facts and, in this way, avoid a Damage to credit history.
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According to J.Orge Castaño Gutiérrez, Financial Superintendent, Nowadays, ‘financial intelligence’ companies proliferate that offer debtors alternatives to renegotiate their loans with banks, which charge exaggerated amounts for advice that the debtor himself can do directly with his bank and for free, in the to the extent that they are obliged to set new conditions and thus allow the person not to default on their obligations.
“The person only has to approach their bank and express their intention to set new conditions for their credit, expose their difficulties and the entity must be willing to help, because what they are looking for is to take care that fewer debtors default in a year of difficulties like the present one,” said the official, reiterating that a process like this does not have any additional cost for the person.
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For his part, Camilo Garay, Vice President of Consulting at DataCrédito Experian, explains that “refinancing a loan is a viable option if, even if you are up to date with your installments, it is expected that you will not be able to continue paying your monthly installments on time. In this case, it is suggested to review the specific conditions of your loan and together with your entity to determine what options it has to amortize its monthly payments and that these are more comfortable to assume”.
That is why from the information center they give five recommendations that people must take into account for this process to be successful:
1. Percentage of payment: Depending on the financial institution, the amounts established to refinance may vary, so it is important that you consult for your particular case what percentage of the debt must already be paid off in order to request a refinancing.
2. Age: Another of the conditions that must be taken into account when requesting a refinancing is the age of the loan, there are generally specific periods of time to process the request of this nature.
3. New conditions: When you refinance a debt, you must keep in mind the conditions under which you will begin to pay this new obligation, do not forget some main criteria such as the new term linked to the installments, the interest rate and the insurance associated with the credit.
4. Refinancing modalities: although refinancing refers to the change of conditions on an existing obligation, for example, requesting an increase in the number of installments is also an option, or if you have several obligations, in this case, you can request a new credit that includes all the commitments and thus pay a single, more comfortable installment; Finally, if you are not convinced by your entity’s options, you can check with other entities that purchase portfolios. For the latter, it is very important to make a comparison between the current credit and the new offer so that if there is a benefit in terms of payment reduction (for greater liquidity) or interest rate reduction.
5. Historical credit: The credit history collects information on commitments acquired with products or services in installments with different entities, knowing our credit history is always a good option to control personal finances and make informed decisions in the credit cycle before refinancing a commitment. is www.midatacredito.com You can always know the credit history for free. Remember that the most important thing is to have a healthy credit history, so if you foresee complications in your financial future, take actions that help maintain a good payment habit.
