Can I buy back credits without my spouse?
Your financial situation requires restructuring, and can regain a better balance. Spreading your debt over a new longer term, with reduced monthly payments, is one way to give you some air. Is it possible to achieve this reunification without your spouse? Not always. We detail for you the different scenarios.
When can you buy back credit without your spouse?
If you buy back several credits, and these credits are only in your name, then you can carry out this operation alone, without your spouse being associated. Be careful however with the feasibility of the operation. Your file may be more likely to succeed if your spouse is associated. Indeed, this income and its situation (employment, savings) will be taken into account.
If you live in a common-law relationship, or even if you are married or living under the separation of property regime, then again you can carry out an operation without your spouse being associated with it. The debts that you have subscribed are in your name, and they can therefore be consolidated without the assistance of your spouse. Once again, assess the interest of such an operation. It is sometimes preferable, although the debts are not contracted in both names, to carry out a regrouping with your spouse:
- You mechanically improve your debt ratio before the transaction, which reassures the banks and makes your file easier to defend;
- Having two incomes, and better stability, is insurance against unpaid debts for credit organizations;
- If you are able to combine the loans in pairs, you will be able to integrate additional cash into the transaction, if possible. This cash can be offered if you carry out the restructuring on your own, but the amount available will logically be less.
Before deciding definitively if you wish to carry out a repurchase of credit without your spouse, exchange, and consult in particular the opinion of a professional. The advisors of Capital Lender are there to help you make the right decision.
It is possible to buy back a loan with only one salary!
If your decision is clear, and the objective is to validate an operation without the help of your spouse, know that this is entirely possible. Without having a co-borrower, you can reduce the burden of loan repayments. However, the credit organizations will look at several points in your file before accompanying you.
Do you have a salary? If you have no activity, or a reduced activity, then it is possible to carry out a restructuring, but your debt ratio should not already be too high. In fact, the debt ratio (ratio between your resources and your expenses) must not already exceed alert thresholds (which are specific to each credit organization).
If your debt ratio is deemed too high, the banks may refuse to help you, unless you provide a solid guarantee, and / or a co-borrower … Do you have savings? Have you had any payment incidents? What is your professional situation? All these questions will help to better understand your profile, and to judge the feasibility without your spouse.
For a credit buyout alone, without a spouse, to be possible, three main criteria must be observed:
1. Your income alone allows you to reimburse the monthly payment;
2. No guarantee which belongs to the household (real estate for example) must be engaged;
3. The overall household debt ratio must be “reasonable”.
Legal solidarity works between the married spouses. Credit organizations often encourage people in couples to become co-borrowers for all financing, whether it is a loan or a grouping. For the banks, this solidarity is a real guarantee, and thus provides real stability, in order to negotiate better conditions for the contract.
Unless your choice to carry out the operation without your spouse is firm and final, do not close the door to this option which has many advantages.