Refinancing with payment note


Refinancing with a payment record - What does it mean?

With us, a payment record is not an obstacle to refinancing your loans. Many of our customers have confusing and often complicated finances that we can help to clear up.  

By pledging your home as collateral, it is possible to refinance loans with payment remarks into a new mortgage. In this way, we can consolidate your existing unsecured loans into a new mortgage and pay off your creditors so that any payment remarks are deleted. This gives you a lower interest rate and a longer payment period. In other words, the unsecured loan will cost you less, and in addition, the monthly costs will be lower because they will not be repaid as quickly.

If you do not own a home, a real bailee may be the solution. In this case, someone else, usually a family member, must pledge their home as security for your loan. We then take a mortgage on your guarantor's home, but you pay the interest and repayments

We require a refinancing loan to be helpful, so we will not grant a loan unless we can see that your situation will improve.  

Read more about refinancing here.

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How long does it take to pay off debt that has been refinanced?

It's important to remember that we can't remove some of your debt, but we can make it more manageable. We do this by baking your debt into a new mortgage, extending the payment period of your original debt, which is paid off over 25 years. This, together with an often lower interest rate, means that your monthly costs are lower  

Our goal is for you to be able to move your loan back to a "regular" bank with a lower mortgage rate once you have regained control of your finances. It varies how long this will take. Some people are with us for two weeks, while others stay with us for a few years. Dhe most important thing is to clear up debt collection and payment remarks, and it may also be worthwhile to show a new bank that you have managed to maintain control over time.

You are therefore not meant to have a mortgage with an interest rate of around 8% forever, but for a period of time so that you can keep up with your bills. Once you have gained control of your finances, you are free to apply for financing from a new bank. 

Hands resting on a table.

Payment Note - What is the consequence of having it? 

Banks, credit card companies and most people who sell something on credit check your ability to pay. If they then see that there are payment notes registered to you, this will often lead to an automatic refusal.  

It will cause problems if you are going to: 

  • Rent an apartment 
  • Create a subscription. For example, mobile subscription, electricity, TV, etc.  
  • Shop on credit 
  • Take out insurance 
  • Apply for a loan 

In addition, the claim against you will be more expensive. On top of the original claim, there will be fees and charges that you will have to pay to get rid of the notice. If you do not manage to pay this, your creditor can, in the worst case scenario, ask you to put your house up for forced sale. 

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Financial first aid - refinancing

This article is part of the category Economic first aid , a collection of articles that deal with topics related to a strained economic situation, such as reminders and collection, payment notices, garnishments and forced sales. Read more about Financial first aid

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