Thereunder, financial intermediaries must be enrolled in a file publicly owned, state in our country, according to Royal Decree 106/2011 of 28 January, have a liability insurance and comply with the reporting obligations the consumer before the signing of the financial product while at least three different funding proposals to enable the consumer to decide the best option before signing the loan.
This standard fills a need for greater transparency in this sector, but also gives it a more professional mediators, as called financial advisors have to not only advise his clients properly but must justify its intervention seeking funding formulas to avoid aggravating the situation of families resulting in a final insolvency.
Using the terminology of the bankruptcy law whose application is not limited to companies, but to individuals, Refinancing, reunification or debt consolidation are. We face two possible refinancing in the case of individuals, namely:
On the one hand, debt refinancing could be the modification of the payment obligations of the debtor by extension of its maturity or establishing other obligations to replace those, which leads in practice to negotiate with creditors , waiting periods and even extending the maturities of the bonds, which would entail an increased interest payments, but a lower monthly repayment.
Furthermore, refinancing, debt consolidation reunification or could involve hiring a larger loan amount secured, which became a short-term payment obligations term obligations long term, greater economic interest expense and other expenses of issue, but with more affordable monthly repayments.
The need for refinancing, reunification or debt consolidation is derived from a current situation of supervening insolvency when the debtor fails to meet its payment obligations or when insolvency is imminent, ie, provides that short term start default on their payment obligations. It is even possible to produce insolvency, the situation gets worse with the inclusion of delinquent debtor files a situation that will make it harder to refinance debt.
That is why the profile of the mediator must be very professional with negotiation skills, communication skills, adaptive and able to design an appropriate plan for the needs of consumers and is fair to the interests of the financial institutions, ie , you need to negotiate seeking conciliation of interests.
Therefore, the first conclusion we draw is that the Refinancing, reunifiación or debt consolidation is a financial, poor operation from technical and economic point of view, for the cost of canceling the previous obligations and establish the new. However, this may be the only option when there is a breach of credit obligations or expected in the short term failure.
From our point of view, refinancing, reunification or debt consolidation should be undertaken not only to the capital or fresh money, should be undertaken, to be profitable, with negotiations with all creditors involved, including the representation procedure, if applicable, (allowing pose a legal tactic) in order to achieve a fair settlement to the parties not occur in the medium term insolvency.
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