Many professionals specialize in carrying out a loan buyout project. Customers can contact banking intermediaries, financial companies, traditional banks, their own bank or go through a credit buyout comparator to find the best rate. These professionals are strictly supervised by law; that is to say, they are subject to obligations by the consumer code. The nature of the obligations varies according to the quality of the clients and the type of establishment.
The role of each establishment
There are many people involved in carrying out a loan buyout project, and each of them plays a specific role. Each stakeholder is subject to strict regulations. Professionals wishing to play the role of intermediary in banking operations must be mandated, at least by a financial organization. Their role is close to that of a stock broker or an insurance broker.
In principle, their role is limited to proposing solutions that adapt to the demand of individuals, but they cannot pass judgment on the client’s budgetary and financial situation. Concerning financial companies, almost 50% are subsidiaries of traditional banks and the others come from insurance companies, manufacturers, as well as financial organizations. To carry out a credit repurchase transaction, the majority of individuals contact financial companies. Besides the grouping of credits, these companies can also carry out other operations.
In addition, many individuals prefer to conclude the contract directly with conventional banks for the repurchase of credit, because, very often, these can convince them. We do not forget that this operation requires prior negotiation with the bank to specify the conditions required. In return, the client must respect up and down all the negotiated points.
Legal obligations to respect
In carrying out a credit buyback operation, each participant is subject to the law. Note that the conditions of sale, as well as the conditions of advertising are very strict. The law prohibits carrying out home operations. In addition, the details of the offer, the necessary information about the company in question must appear in the advertisement.