france loans

[woody234]

Is there a bank or company in france with english speaking people  that will lend

money secured on a french property, the problem is I have 8k left to pay

on my credit agricole mortgage which is 600 euro monthly repayments and I only have 2k left in my account  so is it possible to get a 6k loan for 100

euros a month over 6 years to pay the rest of the mortgage off

[velcorin]

You could do EUR 8K on credit revolving, a sort of loan without determination date. There's no database which the lender can check against, unlike the UK, so nobody will have a clue what loans, cards, etc you've got.

Ever wondered how the French get by[:D].................it's a land of limitless credit, if you play the system[:D].

[NormanH]

Be quick because this is being tightened up on at this very moment:

http://www.lemonde.fr/economie/article/2010/03/24/credit-a-la-consommation-les-principales-dispositions-du-projet-de-loi_1323657_3234.html

[Chancer]

You might just want to check the interest rates of these wonderful consumer friendly revolving credit loans. And I dont just mean the headline introductory rate.

Editted.

Actually I think a revolving credit loan is the only one where you might actually be able to repay €7200 against an €8000 loan over a 6 year period. [:-))]

Mind you you will then have a further €750.000 or so to pay! [;-)]

Woody234

Did you make a mistake on your posting or was it a wind up?

[velcorin]

Absolutely true Norman. I nearly added a link to that story, but do we think it really happen in that format? Too many vested interests, and too many people will be badly impacted. It'll be watered down, or even dropped, and the myth of French fiscal prudence will continue[:)]

Apparently 218 amendments were filed by Deputes when the bill was presented on Tuesday. That'll slow it down a bit[blink]

[woody234]

I dont know anything about revolving credit loans, is there a good bank that does these, what can I do

[velcorin]

Put "credit revolving" into Google.fr you'll get hundreds. Cofidis (part of 3 Suisses), as a randon name, is one of the biggest players in the market, I'm sure you've seen ads for them.

(I don't want to sound patronising, but just make sure you keep your savvy Brit head on when dealing with these products. The French rarely have a clue what they are dealing with, the level of financial ignorance is very scary, hence Lagarde's efforts. We tend to be more used to these sorts of products.)

[Chancer]

Savvy Brit head, mmm...............

so is it possible to get a 6k loan for 100 euros a month over 6 years to pay the rest of the mortgage off?

I dont want to sound patronising either Woody but the answer to your question is no

The repayments that you suggest (72 * €100 = €7200) will not even clear the sum you want to borrow without the interest to be added.

Beware that the interest rates on revolving credit are penible

If you do borrow the money to pay off your (presumably French) mortgage you will most likely be hit with an early redemption fee of several percent of the original sum borrowed for the priveledge, some lenders also charge you the interest that you would have paid during the remainder of the loan  

 

[velcorin]

It's all relative. Compared to the average Frenchman, your average Brit is lightyears ahead when it comes to understanding financial products...............they actually trust and believe salesmen here[Www]. I'll change savvy, to cynical[:D]

[Chancer]

I could not agree more with you Velcorin, it really shocks me.

[Sunday Driver]

I think in Woody's case, it would best to try and keep this simple.....[;-)]

You need to start by asking your bank for a redemption figure on your mortgage.  Once you know exactly how much you need to clear it off, you can then ask them to quote you for a simple unsecured personal loan.  The maximum repayment period will be five years, so if you need to borrow 6000€ then you will pay 120€ per month.  If you need 8000€ then you will pay 160€ per month.

 

[woody234]

Thankyou all for replys and advice, what I think I need to do is contact credit agricole and try to get a 6k euro loan, I dont have a clue about france personal loans and interest rates and things like that