Nowadays, it is very common for people to take credit with payment in the long term in order to make purchases such as housing and vehicles . If the house or vehicle is to be sold and there is a mortgage on the loan, it will be possible to transfer the loan debt that comes to mind. In the face of such situations, banks seem to be cold in transferring loan debt . However, there may be different solutions to this problem. Although it is not possible to transfer your debt directly to someone else on the bank side, you can do similar transactions with various methods. What is the Bank Loan Transfer Process? Bank Credit is transferred?
Is Bank Credit Transferable?
The Bank is not willing to transfer your credit directly to someone else. However, apart from taking loans off the banks that have received loans from another bank can close your existing home loan or car loan debt and carry out the sale remove the existing mortgage. Thus, you can close the credit debt you have received with the finance coming from the sale. Debt settlement loan that you have taken from another bank is the transfer of debt from bank to bank. Your bank must have a high credit score to accept this transfer. The negative aspect of debt transfer is raising interest and increasing the debt by 20-25 percent.
Another Credit Debt Transfer Process
The person who wishes to take over the loan debt goes to the same bank and applies for a standard loan . Indicates that you will assume your credit debt. The person who wants to take over the loan with the loan with higher interest and expenses can also close the debt. As you can see, this is not a complete transfer transaction.
If you take out a loan on behalf of someone else, but that person does not pay the loan you, if you want to transfer the debt to this reason, it is to make this transfer process is not possible without the cooperation of the people. In such cases, your bank will not perform your transaction with a unilateral request as it will be requested to have consent on both sides.