The Credit Repair Program

Credits are generally a way to realize the goals and purposes that people raise throughout their lives. In many occasions, they allow reaching objectives that require a quantity of capital that would not be possible to obtain in another way. However, if they are not handled properly, they can become a severe headache to solve.

With a credit not only the money is received, but also a series of responsibilities that if not fulfilled can lead to consequences such as the payment of default interest, adverse reports to credit bureaus, collection actions by the creditors, embargos, loss of tranquility, health problems, among others.

No one is exempt from going through a difficult economic situation caused by the loss of employment, illness, bad business, theft or mismanagement of personal finances. It is in those moments when the money stops reaching, and little by little the arrears in the payments begin, the interests generated by delay, the calls of the collection, the loss of sleep and endless problems.

But what is the solution?

There are some alternatives. The first one, the refinancing of debts, a modality that introduces changes in the conditions of financing already granted (term and rate), this option can be taken even before there is a delay. The second is the purchase of a portfolio that is when a financial institution acquires all the obligations that a debtor had, after the several credit studies, and becomes its new creditor. With this modality, all debts are unified with the same bank, and a new interest rate is agreed, which is generally higher.

However, when the tranquility has been lost, we do not have enough resources to cover the monthly installments offered by the bank, and there is a delay in the payment of obligations, there is a new reliable and safe alternative that has recently entered the country, showing steady growth over the years: credit repair.

"It is an innovative model that helps people to resolve debts that are in default with banks. Initially, the idea is to generate in users a culture of financial planning, so that through savings they can cover these obligations with their resources without having to resort to other forms of credit that, in the end, could worsen the situation of over-indebtedness "says Rodrigo Nadal, manager of the first credit repair in Colombia, Solve your debt.

The credit repair program of Solve your Debt is focused on people who are over-indebted, are in default and do not have the economic solvency to continue with their minimum payments, but still intend to pay the obligations and rejoin the credit system through financial planning based on savings. There are many advantages to be eligible for a repair program. Some of the benefits that Resolve Your Debt clients have are the prior legal and financial advice, during and up to the end of your application; the design of a savings plan according to the capacity of each person, which is consigned in a voluntary savings fund to his name in Allianz, an entity regulated by the independent Financial Superintendence of the repairer; during the saving period the Resolve Your Debt advisors channel the collection calls and take charge of all the negotiation stages with the banking entities to reach payment agreements, in which they can obtain discounts of up to 50 percent.

With these savings, the person will be able to settle each one of his debts in a set period, without needing to resort to other credits or refinancing. At the end of the program, the client will not only have settled his debts but will have a culture of financial planning that will allow him, after overcoming his unfavorable rating, to rejoin the banking system.

The credit repair model allows everyone to win: banks because they can recover part of the borrowed money, and the client because he pays his debts and can be rehabilitated as a credit user again.