Three situations in which it is worth asking for a debt purchase

Three situations in which it is worth asking for a debt purchase

August 5, 2019 Off By admin

The purchase of debt occurs when a bank decides to buy all the amount you owe to the other financial institution and to convince you it offers you a lower rate and other benefits. That is, if you accept, now you will no longer owe Bank X but Y.

Many people choose to purchase debt every time they make a large purchase, without realizing that this mechanism can become dangerous if it is not handled carefully. These are three situations in which a debt purchase would be an ideal option.

 When they offer you a much lower rate
This is the main reason why we should accept a debt purchase, since it implies that we will save on interest. You should keep in mind that sometimes there are additional costs and if those costs end up being larger than the savings you will have with the low rate, then it will not be worth it.
That’s why you should not accept the purchase of any bank, first check what your options are and compare them to see which one suits you best. For that you can use the Nora Helmer card comparator , selecting the option ‘debt purchase’.

When you have debts with many banks

money cash

The purchase of debt gives you the possibility of paying only one entity what you previously paid to several. This saves not only time because you will not pay each bank, but also commissions, insurance, etc. If you have debts in several financial institutions, the purchase allows you to unify them.

When you also need extra cash

money coins

Some banks offer you, in addition to buying the debt, an amount of cash under the new rate they grant you. If you need to make an urgent payment, this could be a good option.

The idea is to verify if the purchase of debt is good for your current situation. Do not be afraid, but on the contrary, know how to use it.