The Reunification Of Debts

If there is a dark and complicated sector for users is the financial intermediation market. Consumer seeks means of financing in their eagerness to consumerist and sometimes drowned by over-borrowing, goes to companies specializing in refinancing, debt consolidation, or reunification, to obtain funding not having very clear if you are talking with a financial institution, or a mere Commission agent dedicated to find us the best operation of funding between all possible. The figure of an intermediary or financial mediator, has an own regulation since the adoption of the law 2/2009 that regulates contracting with loans or mortgages and consumers of services of intermediation for the conclusion of contracts of loan or credit. By virtue of it, financial mediators must be registered in a file of public, State ownership in our country, according to the Royal Decree 106/2011 28 January, have insurance of civil responsibility and comply with the duty of information to the consumer before the signature of the financial product trying to at least three different financing proposals that will allow the consumer decide the best option before signing the loan. This standard comes to meet a need for greater transparency in this sector, but at the same time gives it a more professional mediators, given that the so-called financial advisors not only they have to advise its clients properly but it should justify its intervention seeking financing formulas that prevent aggravate the situation of the families leading to a definitive insolvency. Using the terminology of the Bankruptcy Act, whose application is not limited to companies, but individuals, refinancing, debt consolidation or reunification are agreements reached by the debtor under which appropriate at least to the significant expansion of available credit or modification of its obligations, either through the extension of their term’s expiration, using either the establishment of other replacement of those obligations. We have two types of refinancing possible for individuals, namely: on the one hand, the refinancing of debt could be modification of the payment obligations of the debtor through extension of its period of maturity or the establishment of other obligations in lieu of those, what entails in practice the possibility of negotiating with creditors, periods of lack even the extension of the maturities of obligations, which would entail a higher interest payment, but a monthly amortization lower.