How debt consolidation works

How to go from paying several monthly installments to only one

How to go from paying several monthly installments to only one

Debt consolidation consists of grouping together all the loans and mortgages we have contracted into a single loan- Kanastacorp. This way, we will only have to deal with the payment of a single monthly installment, the amount of which will be less than the sum of the different installments we had to cover previously. That is, debts are gathered together to considerably reduce what we pay each month, at the cost of increasing the repayment term and, therefore, the final cost of the operation due to the interest charges.

This method of dealing with the repayment of our debts can be managed by specialist companies, known as mediators, which allow us to combine any loans and mortgages we have with different banking institutions or with different interest rates. You can also group the debts together through a banking institution with which we have the largest number of loans or mortgages outstanding. Let’s now take a look at the consolidation process, its expenses, advantages, disadvantages, and requirements.

The path to consolidating our debts is not especially complicated, although it does require our case to be studied by the mediator company. This company will analyze our debts, the interests we are paying and the repayment periods we have ahead of us, in order to start negotiating the new repayment conditions with the different banking institutions once the operation has been approved.

When the process is underway, all our loans and mortgages will be canceled to combine them into a single mortgage with the new conditions negotiated beforehand. This new mortgage will be for the total of our outstanding debts and will have both a new interest rate and a new repayment period, usually longer to thus reduce the monthly installment we will have to pay.

What expenses debt consolidation involves

What expenses debt consolidation involves

Combining our debts into a single debt entails a series of expenses that should be taken into account, besides the interest cost we have mentioned previously.

  • As the consolidation involves the early cancellation of all our loans, we will typically have to pay the usual cancellation or early repayment fees.
  • On the other hand, to combine our debts we must arrange for a new mortgage to be set up, with all the associated expenses that this involves, such as the mortgage set-up fee, the costs of valuing the home or property being mortgaged, Stamp Duty and notary fees.
  • Last of all, if we decide to manage the consolidation of our debts through a mediator agency, this agency will charge its own fares; on the other hand, in the event of consolidating our debts through our own bank, it would not usually charge fees for the debt consolidation operation.

What requirements are asked for to consolidate debts

What requirements are asked for to consolidate debts

There are several conditions that must be met for us to be able to carry out the consolidation of our debts. The first is that we cannot choose to combine some debts and not others: we must group together each and every one of the loans we have under a single mortgage.

Then, the second most common requirement is that the amount of this new mortgage must not exceed 80% of the value of the mortgaged property. This provides an additional guarantee to the entity we hold the debts with, although they usually also ask us for the usual requirements that apply to the granting of any mortgage: stable and demonstrable monthly income, not being included in a list of payment defaulters and presenting a guarantor that backs us up.

Although consolidating debts will significantly reduce the monthly cost of our loans, it will also increase it in the long run. Therefore, we should analyze all the costs we will have to cover during the consolidation process very carefully, as well as the final expense that will result from having prolonged the repayment of our loans.

Spain formally requests almost 37,000 million for the bank, which it expects to receive on December 12

Spain formally requests almost 37,000 million for the bank, which it expects to receive on December 12

  • The transfer will occur through five series of debt instruments exchangeable for cash to maturity.
  • Bankia will receive 17,960 million euros, Catalunya Caixa 9,080 million, Novagalicia Bank 5,425 million and Banco de Valencia 4,500 million.
Bankia

Headquarters of the Bankia entity in Madrid. JORGE PARIS

The Ministry of Economy reported Monday that Spain has formally requested 36,968 million euros for the four nationalized entities, as well as 2,500 million for the contribution of the FROB to the "bad bank", an economic support that it expects to receive in around December 12 .

In a press release, Economía explained that the "procedure for the receipt of funds for the recapitalization of the financial sector culminates today with the formality of these aid ", which allows the injection of 17,960 million euros in BFA-Bankia, 9,080 million in Catalunya Banc, 5,425 million in NCG Banco, and 4,500 million in Banco de Valencia.

In addition to these amounts, the rescue fund will inject a first tranche of 2,500 million euros to the Asset Management Company from the bank restructuring -Sareb, the so-called 'bad bank'-, which has already been incorporated as a public limited company. an initial social capital of 60,000 euros. The aid to the 'bad bank' will arrive in February 2013 in the form of promissory notes, according to the sources of the Ministry of Economy.

Spain is expected to receive these funds, from the European Stability Mechanism (ESM) , around next December 12, as indicated by Economy, which has added that the transfer will occur through five series of debt instruments exchangeable by effective to expiration.

A long process

 A long process

On November 28, the European Commission approved the restructuring plans of the financial entities of the so-called Group 1 ( the nationalized ones ), and a day later, on November 29, the Financial Assistance Agreement was signed. of documents that establish the specific terms and conditions of the ESM loan to Spain.

In a statement, Economía explained that the "procedure for receiving the funds for the recapitalization of the financial sector culminates today with the formal request for this aid ", which allows the injection of 17,960 million in BFA-Bankia ; 9,080 million in CatalunyaBanc, 5,425 million in NCG Banco; and 4,500 million in Banco de Valencia.

The EC imposed that the nationalized banks reduce their size by 60% The transfer will occur through five series of debt instruments exchangeable for cash to maturity.

The request comes when Eurozone finance ministers have formally approved the injection of the first tranche of the bank bailout. "The cost will be clearly below 1%, " said Economy Minister Luis de Guindos, who stressed that it represents an important saving compared to the 4.3% that the Fund for Orderly Bank Restructuring had to issue. (FROB).

The EU aid is unlocked after the Commission and the European Central Bank (ECB), with the assistance of the International Monetary Fund (IMF), have verified that Spain meets the conditions required in the memorandum of understanding.

However, Brussels asks the Government to continue with the adjustments and reforms , and suggests in particular that it limit the application of reduced VAT, increase taxes on fuels and continue with the labor reform to guarantee wage moderation, as stated in the report on the bank rescue.

Last Wednesday, the European Commission imposed a size reduction of more than 60% to Bankia, Catalunya Caixa, Banco de Valencia and Novagalicia Banco until 2017 as a condition to receive between the four 37,000 million euros.

Brussels has warned of the "difficulties" that will face the Sareb to sell their homes due to competition from entities that have not received public aid and also want to get rid of their real estate portfolio and can offer financing.

What Brussels asks in return

 What Brussels asks in return

The demands of Brussels will oblige the entities to focus their business model on retail loans and loans to SMEs in their historic regions, abandoning credit lines in favor of real estate developments. They should also limit their presence in the wholesale market.

The profits must be devoted to the restructuring of the entities. All the banks have committed to cede some industrial and subsidiary holdings, which the Commission has avoided specifying. The proceeds of such transfers will help fund the restructuring and, therefore, will limit the need for additional assistance, in addition to reducing distortions of competition.

In addition, Bankia and Catalunya Caixa will transfer the fixed-income securities they hold in their portfolio of negotiable and treasury securities. Catalunya Caixa will also transfer all of its venture capital funds. The benefits should be devoted to the restructuring itself.

According to the restructuring plans approved by the Community Executive, the shareholders and holders of preferred and subordinated debt must also contribute to the restructuring plans. Your contribution will reduce the necessary state aid by around 10 billion euros, according to the calculations of Brussels.

Finally, all banks undertake to limit the remuneration of their executives according to what is already foreseen in Spanish legislation, not to pay coupon for hybrid instruments and not to publicize public aid or use it for aggressive commercial practices. In addition, they will be prohibited from making acquisitions.

The European Commissioner for Competition, Joaquín Almunia, announced that the next round of restructuring plans will be approved on 20 December – the Banco Mare Nostrum, Banco Caja 3, Liberbank and Ceiss – but he did not want to encrypt the ESM aid they will need

Wiesbaden – The economy in Germany continues to grow

Wiesbaden – The economy in Germany continues to grow

In November, the total production increased and exports had risen more than for over four and a half years no longer, said the Federal Statistical Office on Monday in Wiesbaden. The economy has recently gained momentum, experts say. First episodes of Brexit but would have made noticeable. In addition, more risks lurk in 2017 – so the German economy can now make good use of any tailwind.

 

Picture: Money 

The export trend provided a positive surprise: exports rose by 3.9 per cent in calendar and seasonally adjusted terms compared to the previous month. That was the strongest increase since May 2012. Economists had expected only a plus of 0.5 percent. Compared with the corresponding month of the previous year, exports rose by 5.6 percent. Once again, record values ​​have been achieved.

“Germany has never exported and imported goods of such high value in one month as in November 2016,” comments Stefan Kipar, an expert at Bayern LB.

Nevertheless, the first effects of the upcoming withdrawal of Great Britain from the European Union would have been shown, the analyst said. “The least positive development in exports to EU countries that do not belong to the euro, where the Brexit referendum unfolds probably first negative impact.” A more detailed breakdown by country will not be published until one month. According to Kipar, however, German exports to Great Britain were already 15 percent below their year-earlier level in October.

Total imports rose more-than-expected in November. They rose 3.5 percent to the previous month. Here, an increase of 1.1 percent had been expected. Compared with the previous year, imports increased by 4.5 percent.

Meanwhile, there was also a robust development in the total production in the manufacturing industry. It has risen by 0.4 percent in November compared to the previous month. Economists, however, had expected a stronger increase of 0.6 percent. In October, production had risen by a revised 0.5 percent. Initially, an increase of 0.3 percent had been determined here.

Tighter industrial production rose 0.4 percent mom in November. The production of consumer goods and intermediate goods increased. By contrast, production of capital goods declined slightly, albeit following a significant increase in October. Outside of industry, energy production in November was 0.4 percent lower than in the previous month. In contrast, the total value was supported by construction output, which rose by 1.5 percent.

Trend will probably continue

Andreas Rees, Germany’s chief economist at Bank Unicredit, continues to expect a positive development in production and exports. There is a substantial surplus demand, which still needs to be reduced. “A further increase in industrial production and exports is therefore a foregone conclusion, apart from possible fluctuations in the monthly data.”

Overall, the economy should have ended the year 2016 solid and the conditions for a good start to the new year are given, writes expert Kipar. In view of the numerous political risks – Brexit as well as elections in Germany and France – the German economy could, however, “use every tailwind well in 2017”.

Picture: Dishwasher 

Washing your clothes is a necessary evil, which is usually taken care of by the way. However, it can be worthwhile to reconsider the everyday routine: The many small steps involved in washing have great savings potential. Be it the dosage of the detergent, the setting of the temperature or the handle on the supermarket shelf.

Reduce power consumption during washing

A cost in washing is electricity. It is consumed, for example, to bring the wash water to the correct temperature or to turn the laundry drum. “Heating the wash water requires the most energy, and the wash cycle itself is relatively low,” says Bernd Glassl, head of the laundry detergents unit at the Industrial Association for Personal Care and Detergent (IKW) in Frankfurt. Who washes his laundry at lower temperatures, but longer, can thus save energy and thus money.

Lower wash temperature

In this sense, advises the consumer center Hamburg to the “one-click-down principle”: One sets the wash temperature one level lower. “You can easily wash 60-degree laundry at 40 or even 30 degrees,” says Dirk Petersen, environmental expert at the Verbraucherzentrale Hamburg. That reduces the power consumption by almost half. If you switch back from 40 to 30 degrees, you save a good third on energy. Newer washing machines even have a 20 degree button for lightly soiled laundry.

The wash result of normal soiled laundry can be improved at low temperature by a longer washing time, for example via an intensive or stain button. If really stubborn stains like tomato sauce stains, coffee stains or grease splash on the clothes, this button is not enough. “Stains should be removed as soon as possible,” Petersen advises. They should be washed by hand in cold water and with soap. A proven and effective stain remover is gall soap. The stain can also be pretreated with a heavy-duty detergent or enzyme-containing detergents, insensitive laundry is soaked in it.

Despite everything, however, 60-degree laundry has to be done from time to time, otherwise bacteria will settle in the washing machine, Glassl explains. “We recommend it at least once every 14 days or every fifth wash.” For hygiene, this temperature is sufficient, bleach-containing heavy duty detergent helped remove the bacteria. At higher temperatures, however, households with a person suffering from a contagious, notifiable disease should wash, says environmental expert Petersen.

Fully loaded washing machine

The washing machine should always be optimally filled. In the instructions are kilograms – how high the laundry may be maximum, but is difficult to estimate. Ruth Obermann of the network household in Erlangen reveals: “An old Hausfrauentrick is to put itself once with filled and once with unfilled laundry basket on the balance.” For sensitive laundry, this information must be adhered to, with insensitive laundry, according to Obermann, the washing machine can also easily be filled up with a hand-width of space. “Modern washing machines can also weigh the weight of the laundry itself,” says Obermann.

Save on detergent purchase

Savings can also be made when buying detergents: according to the experts, a household only needs three products. A color detergent for colored laundry, a mild detergent for wool and silk and a heavy duty detergent with optical brighteners and bleaches. This makes them suitable for light laundry. The bleaches actually develop their full effect at 60 degrees – “thanks to so-called bleach activators, they also work very well even at 40 degrees,” says Glassl’s washing tip.

Everything that goes beyond these three detergents is superfluous in principle – as well as softener, says Petersen. This is especially true if you can dry the laundry in the fresh air. In most cases, it is also possible to dispense with a softener, since the water level in many villages is not too high. However: If water softener is used, you can save on the detergent, because then you need only as little detergent as in soft water.

The right dosage

The dosage depends on the degree of contamination in addition to the water hardness – and this is often overestimated, says Obermann. Because heavily soiled and thus wash-intensive laundry is rare. This includes, for example, laundry that gets dirty in crafts, at construction sites or in car repair shops, or when children play outside. Only this must be in the pre-wash. The everyday clothes of most adults are usually not so dirty: “A blouse, which I have worn a day in the office, is certainly only slightly dirty,” says Obermann.

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