Here is the best place to consolidate payday loans fast
The consolidation of payday loans via paydayloanconsolidation.net is one of the most used processes from people who have many payday loans.
The first and most important step in the analysis of the BIK report.
Sometimes it happens that we also need other reports from economic databases such as KRD, BIG, but what always creates the most problems for our clients is documenting their liabilities. If a given bank does not require documents for consolidated liabilities (contracts, schedules, etc.), then all you have to do is write out all your loans, both those visible in BIK and those that do not send data to BIK.
In this case, we recommend diligence and a very thorough review of your commitments so that you do not miss any of them. We believe that getting rid of your debt is worth getting rid of absolutely all non-bank loans.
In the second scenario, i.e. when the bank requires documents from each of the loans taken out from us, the situation becomes somewhat complicated and extends the whole process. Not so scary as the devil paint him. With our help and your commitment – finding loan agreements or organizing special certificates confirming your debt, you can organize in a few days.
What do banks see in the BIK report?
There is little information on loans in the BIK reports that download banks. Usually, these are:
- date of the loan
- amount of loan granted
- installment amount (for monthly loans is the same as the amount of the loan granted)
- current amount to be repaid
Due to the fact that for each liability the bank sees only this few data, the completion of loan documents is aimed at linking these data between information from BIK and the loan document.
Unfortunately, it sometimes happens that there are discrepancies between the contract and the information in BIK. The most common is the date of the contract (usually the difference is 1-2 days), but it happens that the loan amounts are incorrectly reported.
What data is necessary to accept a given document for consolidation?
The most important data that must coincide is the date of the loan + the second information that will coincide with information in BIK such as the amount of the loan granted, the installment amount or the outstanding amount.
Additionally, the document should also contain the invoice number and customer details.
How does it look in practice?
Our experience shows that about 50% of loan companies provide contracts that do not contain all relevant data that is required for consolidation. The question is whether it is negligence or intended action will be left without comment. The fact is, something is usually missing. Most often they are:
No invoice number to be paid.
Both the framework agreement and the loan agreement lack the account number to be repaid. Sometimes this number can be found on the information form provided by the lender, but in most cases, it is only available in the lender’s system after logging into the user’s account.
It often happens that the difference in the date of the award between the contract the customer received and the entry in the BIK is 1-2 days. In such a case, the delivery of such a document may cause the bank analyst to consider that they are two different loans since there are two different dates of concluding the contract. That is why it is so important to analyze the documents first and possibly explain the discrepancies before submitting the application, which we often face.
Incorrect repayment balance – in BIK reports
Loan companies enter all possible costs as repayment balance. Often, these costs are overstated by several thousand zlotys, because they include costs for the entire duration of the loan, both interest and e.g. a commission, which they spread over individual months. In the event of early repayment of the loan, the amount for the current day should be set, because it will be definitely lower than the one shown in BIK.
How to prepare
We always recommend to our clients that they order orders from all loan companies. Loan companies are able to issue such a certificate in a PDF file and send an e-mail within 2-3 days.
To download the certificate you must send an email to the loan company (necessarily from the email that is registered in the system as the customer’s email) as follows:
“I am asking for issuing a certificate of your loan in your company. Please provide the certificate with the date on which the liability arose, the amount awarded, the current balance to be repaid and the account to which the funds should be transferred for full repayment. Please send the certificate to my e-mail address in PDF / JPG format. Sincerely.”
It is also worth monitoring whether a given company wrote back, that it would take care of the matter, whether the e-mail was left unanswered. If we did not receive any response from the loan company within 24 hours (even an email that they received our message and are dealing with the case), then it is worth sending another email and additionally confirming on the hotline that the company has received such an order. In the case of payday loan consolidation, every day is at a premium, so you can’t ignore the silence of the lender.
The preparation of documents for the consolidation of payday loans is a tedious and time-consuming process for people who are doing it for the first time. For someone who deals with this on a daily basis, the time needed to gather necessary information and documents is much shorter. It should also be emphasized that the collection of documents is only part of the task because their analysis is equally important. It is by analyzing all the information that you avoid complications during the credit process. Therefore, we are happy to share our knowledge and experience and will be happy to answer your questions.