Credit redemption too much
Nature of the credit redemption
With a processing time of up to 12 weeks, depending on the nature of the credit redemption (real estate, consumption), the amounts repaid by the new bank to the old creditors may be higher than the outstanding capital that the borrower actually owes refund. However, how to recover the perceived too much?
Loan buy-back: the new loan may be greater than the outstanding capital
The repurchase of credit, which now represents more than one out of three financing, is a bank operation that allows the early repayment of the outstanding capital of one or more financings in order to set up a new loan. This involves prepaying the sums granted to the borrower by one or more creditors. As a result, in order to determine the amounts to be repaid to the various creditors, the new bank is mainly based on the latest amortization schedules at the time of the study of the project. New depreciation schedules can be requested if the new lender deems it necessary to update the file before the release of funds. However, in some cases, the new bank may be content with only the first elements to pre-pay the various credits in progress. As a result, the amounts repaid to the different creditors may be larger than the amounts the borrower owes to his creditors. This is the perceived too much. It should be known that the borrower must always continue to pay its deadlines even during the processing time of its loan buyback project.
Credit redemption: what to do in case of overpayment?
In the event of overpayment as part of a loan redemption, it is up to the former creditors to repay the difference. In other words, when the new lender repays more than the borrower owes to his creditors, it is up to the creditors to return the overpayment. However, the borrower must send to his former creditors who have received more money than the outstanding capital, a registered letter with all receipts asking them to repay the amounts withdrawn in excess. Even if there is no legal deadline to repay an overpayment in the context of an early repayment, the borrower who does not win after two or three months, can request the mediator of his former lender. To know that in case of dispute between a bank and his client or former client, if no solution is found, the client can request the mediator of the banking establishment to find a solution.