Month: August 2019

In order to reduce the cost of his monthly expenses, a self-entrepreneur (now named micro-entrepreneur) can claim credit consolidation. For that, a reliable expertise is necessary to treat the feasibility of his file.

When a self-entrepreneur launches his activity, the management of his expenses takes an important place: calculation of the daily expenses, displacements, contributions and sometimes loans contracted for the launching or the equipment of his company (goods, advertisements, premises) or for his personal life ( purchase of real estate, advance cash, consumer credit ).

By grouping the various credits, the auto-entrepreneur reduces his financial expenses. It lengthens the repayment period, the monthly payments are reduced, and the balance of its budget suffers.

This solution is proposed to the auto-entrepreneur to facilitate its budget management. In order to qualify, the entrepreneur will have to provide specific documents in view of his professional situation for the processing of his file.

The repurchase of credits to the auto-companies

The repurchase of credits to the auto-companies

Whatever the employment situation, two offers are available:

  • the purchase of real estate loans;
  • the purchase of consumer loans.

Loans concerned by the redemption of credits can be subscribed in a private and/or professional capacity. The required documents are the last 3 IHR returns (monthly or quarterly depending on the reporting method), as well as the expense and income documents. This helps to assess the financial strength of the business.

Purchase of credits for the auto-entrepreneur: online simulation

Purchase of credits for the auto-entrepreneur: online simulation

In order to benefit from a free study as part of a loan consolidation project, a simulation form is made available to the auto-entrepreneur.
Whether the borrower is an employee or a company manager, simply complete the information and validate. This approach is free and without commitment.

A first estimate is sent quickly. For an in-depth study, the mandatory documents will be requested to validate the feasibility of the project.

According to the expert, the above values ​​are due to the explosion of popular qualifying consumer loans. Most demand has been for 3-5 year mortgages. However, the optimum would be for a similar increase in the rate of 5-10 years and over 10 years!

When we look at the sum, we experience the following!

When we look at the sum, we experience the following!

Mortgage borrowing remains unchanged, according to the central bank’s regular announcement, a 42% increase over last year, nearly 53 billion more than in 2017.

Based on the interest period, we can see what kind of loan was best selling among the population! Depends on the change in the interest period, the frequency of the interest change!

The rate at which loans with different interest rates were drawn.

2016 February 2018

1 year 41% 28%

1-5 years 31% 44%

5-10 years old 19% 23%

Over 10 years 9% 5%

Two years ago, floating rate loans were a priority, but as of February 2018, 28% of new retail loans were floating rate and 72% were over one year, so they took the palm away!

Which recording do you like best

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• Mortgage loans with maturity over one year up to 5 years increased to 45% from 31% two years earlier.
• The 5 to 10 year fixation has also become more prominent, as it has increased from 19% to 23% of loans now placed.
• On the other hand, interest on loans over 10 years is declining, from 9% to 5%.

This would be the safest protection for borrowers against interest rate risk

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If your interest rate is fixed for 5 or 10 years, then any change cannot affect our credit!

The biggest financial decisions of our lives are borrowing, the largest of which is borrowing for home, which has an impact on our family’s budget for decades, so no matter what option we choose.

If you would like to take out a home loan, you are interested in CSOK, consumer friendly qualified loans, call our credit brokerage experts to help you make a professional decision!

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Although the following post is meant for home saving, I think it is an exciting topic. Who is responsible for the large number of defaulted loans? Who should stand for a loan rescue account?

Banks are scolded for putting credit on poor deceived people.

There is also a reason to condemn people, many of whom have been indebted for 30 years with full financial illiteracy and a pocket of debt.

What I want to write about now is the role of the state in the crisis that has developed. This is the least to say, though as guilty as the other two actors of this tragedy.

Increased demand was most severely generated by state subsidies and guarantees.

In the fortunate nesting program

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The state has given a guarantee to low-income citizens that the otherwise completely insolvent masses will be able to buy their dream dream home for as much as 10%.

(Left) Luckily, they did not even have the required 10% of their own resources, because “socpol”, “semi-socpol” and “advance social”, that is, the non-refundable subsidy received from the state for (future) children.

What was the result of this? Masses started buying homes that could not even raise one million forints in 10 years, which means they did not save eight thousand forints a month. Not a single client started buying a home with the perfect zero, even the lawyer’s expenses were covered by a personal loan.

This mass represents the bulk of the debtors now in trouble

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For those who do not have a few monthly reserves are guaranteed to be in trouble for 25-30 years, even without a crisis, as there are few lucky people who can say that they have never lost their job in 25 years or have been paid long-term sick leave.

It was stupid of the state to chase these people into the false illusion of home ownership.

The introduction of State interest rate subsidies was equally a mistake. The state spent (and still does) more than HUF 200 billion on taxpayers’ money to support the interest of the creditors.

Let’s face it a bit: without VAT, the state could build 20,000 pieces of housing each year with this amount of money. That is, over a 10-year period, 200,000 homes, which would provide a perfect solution for all those in need and the current credit crunch would be much smaller.

But let us not go against the MNB’s monetary policy either. In 2001, the National Bank introduced the Inflation Targeting Policy, which essentially sets itself an inflation target and blindly disregards all monetary policy with that objective in mind.

The result? He had never even approached the target of 3-4%, but had no visible result in this endeavor, but raised the base rate to the sky. This resulted in two things: Forint loans became priceless, everyone was in foreign currency debt, as forint loans were up to 10% higher than Swiss franc-based loans.

Another result was that the high base rate attracted foreign hot capital

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which led to the overvaluation of the forint, which again sealed the fate of foreign currency debtors, as most of them were indebted to the strong forint and now the monthly installments were higher due to the weakening forint. The Czech Republic escaped this trap, barely finding any foreign currency loans, and even in the worst crisis, the state was able to finance itself at 4-5%.

The attitude of the HFSA, who did not raise his voice vigorously against the ongoing processes, deserves special mention. It took substantive steps to regulate the credit market only after the outbreak of the crisis, after a real rain in the mantle style.

Personally, I do not share the view of the state that mortgage debtors should be saved at all costs, because it is precisely the taxpayers who acted responsibly and did not jump into a loan for their power. The situation should be clarified so that those who were not even creditworthy at the time they took out the loan would lose what was never theirs. Saving the rest will also be a serious argument for taxpayers.