

Do you have many debts and no longer know how to pay them? Have you ever heard of debt reunification?
Uncontrolled purchases with the credit card can lead us to have a a lot of debts. When that happens, it is difficult to find alternatives or solutions to pay off those debts; they leave us with little money for our monthly expenses and put us in complicated situations.
But everything has a solution, and here we’ll talk about one of the best: the reunification of debts.
What is debt reunification? Debt reunification is the application for a mortgage loan to a mediating company to collect several debts in a single loan. And, in this way, we will only face a monthly payment, which will be considerably less, but at the cost of increasing the term and interest of the payment.
This mediating company will negotiate with the banks in order to establish the new payment conditions. It should be mentioned that this mediating company can even be a bank with whom we have the majority of our loans.
There are two types of debt reunification:
Approved and agreed upon the negotiation, the loans will be cancelled to reunify them in a single instalment. In this there will be a new interest rate and a new term. The latter is usually longer so that the monthly fees payable are lower.
Like any debt, they have disadvantages and costs to be taken into account.
The reunification of debts is an excellent way of escape when we have arrived at a critical debt situation, and where our income is consumed almost entirely for the fulfilment of debt obligations. That is, the liquidity we have is almost zero.
And, although it has several advantages such as paying less each month and having more cash, we must take into account that the terms, the final amount, the interest and the operating expenses are greater.
Therefore, our recommendation will always be that, before requesting the reunification of debts, an analysis is made and all possible resources are used for the fulfilment of payments. On the contrary, you can always go to this option.