Debt consolidation
A single, lighter monthly payment to breathe again.
Consolidation (or buyback) of credits brings together several loans into one, with a single, generally lower monthly payment and a rearranged term.
Debt consolidation consists in paying off your existing loans thanks to a single new credit, whose monthly payment is recalculated — most often downwards, by extending the term. The result: a budget that can breathe and simplified management (a single direct debit, a single contact).
Be careful, however: extending the term reduces the monthly payment but may increase the total cost. It is a trade-off to make with full knowledge of the facts. In Belgium, these operations are governed by the Code of Economic Law (consumer protection, pre-contractual information). We analyse your situation free of charge and only propose a consolidation if it is genuinely to your advantage.
Warning: borrowing money also costs money.
Your questions, our answers
How does debt consolidation work?
All your current loans (mortgage, car, personal loans, cards) are bought back and replaced by a single loan with one monthly payment, usually lower. The term is recalculated to rebalance your budget. It is a way to breathe again when accumulated repayments weigh too heavily.
Does consolidation reduce the total cost?
Not necessarily: the monthly payment goes down, but if the term is extended the total cost can go up. It all depends on the original rates of your loans and the new rate obtained. A broker puts both columns — monthly payment AND total cost — on the table before you decide.
Can I consolidate my loans if I am listed at the National Bank?
A listing for late payment complicates the file but does not always make it impossible, especially if you own property: a mortgage guarantee can convince certain specialised lenders. Clearing the listing must be part of the plan. Discuss it openly at the first meeting.
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