It doesn't happen every day, but it is always possible to have an unexpected cash flow or a bonus. In this case, and depending on the amount you receive, you can legitimately ask yourself whether it would be profitable to take advantage of it to repay your credits. Depending on the type of credit you have taken out, the legislation on prepayment is different and you do not have the same rights.
Document with the latest Lois Lagarde following:
Real estate credit: Consumer Code - article L. 312-21
Consumer credit: Consumer Code - article L. 311-22 and L. 311-22
Subscribed in a bank, a financial institution, a point of sale ... a consumer credit up to 75,000 us dollars can be reimbursed partially or in full. If you do not have to pay fees or interest, the bank may ask you for compensation of 0.5 to 1% ... (the difference is slight ... but ultimately you pay!).
These indemnities are canceled in the following cases:
If you pay off your loan in full , you don't have to pay any fees. To find out the amount, you must refer to your schedule or, the simplest, call your agency. Send the check immediately, specifying your references (customer or contract number).
For a partial reimbursement , this must be at least equal to 3 monthly payments (article D. 311.10). You can send your check specifying your references. After a week, call your agency to change your contract. Either you keep the same monthly payment and this shortens the duration (and the total cost of the credit), or you lower your monthly payments while keeping the same repayment period (it is less interesting for you).
For personal loans over US $ 75,000, banks may charge you repayment charges. The amount applied appears in the general conditions of your contract .
This consumer credit is governed by the same article of law as the personal loan. However, the specific operation of this type of account offers you advantages in terms of early repayment .
To fully settle your permanent account, send a check for the “total due (*)” which appears at the bottom of your monthly account statement that the credit organization sends you. Please note, do not deduct the monthly payment for the current month (it has already been withdrawn). Send your check upon receipt of your account statement. You will probably be asked to attach the summary stub that you cut out at the bottom of the last statement.
To partially settle your money reserve, no constraint: you send when you want the desired amount. It should be noted that this does not cancel your monthly payments and that you will see a drop in your premiums from the following month (this is the interest of the permanent account). In all cases of reimbursement from a revolving account, you have no additional costs to pay.
Here the sums at stake are much greater and it is rare to be able to repay a mortgage in advance. In this case, it is article L. 312-21 which regulates your rights and any penalties.
To partially pay off your mortgage, you must pay at least 10% of the initial loan amount , if this is indicated in the contract. For a lower sum, you must have the prior consent of your banker (which he is not obliged to give you).
To fully pay off your loan, you must first contact your banker . Compensation (*), of a maximum of 3% of the outstanding capital and less than 6 months interest on the sums reimbursed, may be requested from you in the event of reimbursement .
However, in some cases, this allowance may be waived. This is the case if your reimbursement follows the sale of the property due to your employer's move (or forced transfer), death, or stopping your activity or that of your spouse.
|Type of credit||Partial refund||Total refund||To note|
|Real estate loan|| A payment equal to at least 10% of the balance due.|
| Maximum compensation of 3%, or equal to 6 months of interest.|
|Personal loan|| A payment equal to at least 3 times a monthly payment.|
Indemnities 0.5 to 1%.
0.5 to 1%
|Revolving credit||No charges||No charges||Total freedom that comes with higher rates.|