The application process doesn't take long, but you may want to have some numbers checked.
First of all, we ask for personal data about you and about your co-borrower, if any. Furthermore, we need information about your income which includes:
The last step is to provide information on loans and debts. Here it is best if you can provide as much information as possible. All debts are relevant, for example:
If you are not sure whether you have included all your debts, we recommend that you check the debt register.
We also ask you for the market value of your home. If you have not received an appraisal of your property and are unsure of its value, you can, for example, check virdi.no. There you can find information on what similar homes in your area have been sold for.
Finally, we also ask you for a power of attorney so that we can easily obtain more information about you and your situation if we need it. You sign this authorisation with BankID.
The first thing we do is to make sure we have all the information about you that we need to look at your case properly. We want to help people properly, so it is important for us to know as much as possible about your financial situation.
Once we have all the information we need, an adviser will start looking at your case. The adviser will carefully review your situation, which includes all your assets, loans, payment defaults, debt collection claims and other credits. We also look at your income in relation to the size of your debts.
If we then see that your situation will improve with refinancing with us, you will be offered a loan. Our goal is for you to eventually become a regular bank customer.
Yes, we have a higher interest rate than what you would get from a regular bank on a mortgage. That's because it's risky for us to take on a debt that has already been defaulted on.
At the same time, our interest rates are lower than those you pay on consumer loans or other unsecured credit. We also give you an interest rate guarantee, which means that your interest rate will not rise for the first 3 years you are a customer.
Remember also that if you stick to the payment plan we give you, the aim is to get you into a regular bank as soon as possible, with lower interest rates.
There is no charge for ending your customer relationship with us.
It is important to remember that even if you refinance your loans with us, the job is not over. The loan must be serviced and interest must be paid. It may therefore be a good idea to set a budget or plan for how you will make your money last. Feel free to check SIFO's reference budget where you will find information about what an average family spends.
The length of time people stay with us as a customer varies. Some people only need a few months or a year to transition to a regular bank, while others need longer. The most important thing is that you have taken responsibility for your debt and your financial future. When you are ready to switch banks, your relationship with us will end and we wish you the best of luck!
