Insolvency and Mortgage Loan

Insolvency and Mortgage

Some time ago, an unfortunate situation forced you to make a session of your property, or if you prefer, you went bankrupt. Today, your financial situation has improved significantly, you want to buy a property, but what will the reaction of mortgage lenders face this bankruptcy?

Insolvency and Mortgage

The majority of regular financial institutions will 
additional conditions to those usually required. There are some 
who will refuse to consider your request. 
What are these conditions? 
• The financial institution you are addressing does not need to 
to have lost money in this bankruptcy; 
• You must have been released from bankruptcy for two years; 
• Your credit must have been reinstated using credit products 
for at least one year and sometimes two years; 
• A down payment equivalent to 5% or 10% of the purchase price 
will be required, according to the lender; 
• Some institutions will only consider your request 
if your bankruptcy was for a reason deemed acceptable and a 
large amount.

Some time ago, an unfortunate situation forced you to make a session of your property, or if you prefer, you went bankrupt. Today, your financial situation has improved significantly, you want to buy a property, but what will the reaction of mortgage lenders face this bankruptcy?

In case of financial difficulties

Your income no longer allows you to meet your obligations, but you refuse to go bankrupt? An advisor can suggest you proceed by consumer proposal. This proposal is in fact a mechanism that allows you to reach agreement with your creditors to extend the partial or full payment of your debts. This procedure allows you to avoid facing justice and a judgment against you for non-compliance with your obligations. Other similar mechanisms, such as the proposal for debtors (for business owners) and voluntary deposit (for individuals) can also be used. All these possibilities have the same goal: to avoid the seizure of your property by your creditors.

What will be the position of mortgage lenders if you have used one of these mechanisms?

Although you have made arrangements to pay off all or part of your debts, the lenders will consider you as an ex-bankrupt. You will have to meet the same conditions as those required for these, mentioned on the previous page. Fortunately, mortgage brokers should still be able to help you with your project. Indeed, they can find temporary solutions by directing your file to alternative lenders. The rates offered by these are higher than the current rates, but the standard is that these loans are short-term. This period will allow you to restore your credit and, at the end of the term, your broker may direct your file to a conventional financial institution.


How To Find Money

Today in Bulgaria, getting your money on loan is sometimes a real challenge. One of the easiest and quickest options is the application for credit from a non-bank credit company, registered and licensed by the Bulgarian National Bank.

This type of lending to individuals in practice turns out to be widely preferred in our country as a form of rapid response, in case of need of increased financial resources at a specific moment. In view of the economic situation in the country, this is one of the best options that people prefer to use.

Thanks to the high-speed loans granted by the Gandalf Credit, every citizen can secure the funds he urgently needs in just a few minutes. Imagine how quickly you can solve your financial problems, yet with perfectly clear and clear absorption conditions.

What are the requirements for money laundering

We at Gandalf Credit believe that the answer to complex questions can very often be quite easy if you provide a trusted and loyal partner. That’s why we believe we can help each of our clients in a more effective way. This is true when it is in a situation that is financially out of the question and needs fresh resources to deal with.

Enough to apply for an emergency Gandalf Credit is:

  • Be at the age of 18;

  • Own a valid passport of a Bulgarian citizen;

  • Have Internet.
    Yes, it is so easy to find a quick answer to your financial needs and to guarantee the peace of mind that you deserve even in the most difficult moments because we are there when even your friends are not.

You can continue to think about and look for variants or do something to solve your problem with the need for money on a loan in minutes. Choice, nerves and time are yours, we’re just trying to help you save them and not worry about problems that you can solve lightning fast.

If you are still unsure whether our credit services meet your needs, you can contact us for a 100% free consultation with our associate on our free phone 0800 200 88 to offer you the most profitable solution to suit your needs.

How does the consumer recognize a reputable financial adviser?

With huge disruptions in the international financial markets over the past few years, from the bursting of the dot-com bubble, to the global economic crisis, to the spectacular state bankruptcy of Greece, consumers are more than unsure when it comes to their money. To make matters worse, consumers are overwhelmed by dubious offers that they can not see through at first and second glance.

It is not without reason that they often ask themselves whether the offers are possibly frauds . This is especially true if the financial advisor wants to sell them a particular product and the clients have no influence on the composition of their portfolio. However, customers can recognize serious and dubious offers with some background knowledge.


  • 1 What is a financial advisor?
  • 2 How to become a financial advisor?
  • 3 special cases in financial advice
  • 4 financial advisor for investment products
  • 5 For example, dubious financial advisers contact their clients
  • 6 Dirty financial advisers can be identified by this
  • 7 How can a reputable financial advisor be recognized?
  • 8 What does the financial adviser earn?

What is a financial advisor?

What is a financial advisor?

Of course, customers first of all need to know what a financial adviser is exactly. This is a service provider who first advises his clients on the possibilities of investing, insurance or credit and then sells them the corresponding financial products. The financial adviser can work as an employee of a financial service provider as well as freelance. In this case, however, he is usually contractually bound to service providers such as insurance companies or banks and may only sell their products.

How to become a financial advisor?

How to become a financial advisor?

Unlike, for example, the case of the insurance advisor, the concept of a financial adviser is not protected by law. That’s why dubious financial advisers sell only those financial products where the biggest commission goes into their pockets. If you want to work as an independent financial advisor, you only need a business registration.

It is true that on January 1, 2013, both the Trade Regulation and the Regulation on the Investment of Financial Investments were amended. However, on this occasion too, the job description has been neglected. However, at least financial advisors have since had to prove their expertise and were required to take out insurance, which is liable in the event of financial loss. However, this rule does not apply to advisers who work for capital management companies. The reason: These companies anyway require a permit from the Federal Financial Supervisory Authority, so they may even be commercially active.

Special cases in financial advice

A special business license requires financial advisors who want to arrange loans. Financial advisors wishing to obtain this permit must demonstrate that they live in orderly financial circumstances and are reliable. So in the past five years, they must not have been convicted of a criminal offense, nor may a bankruptcy on their assets have been opened. In addition, the financial adviser must follow the rules that apply under the broker and builders regulation.

Insurance advisors and agents also need a special business license. They only get these if they can prove their reliability and orderly financial circumstances. Furthermore, they must have a professional liability insurance with a sufficiently high level of coverage and have to prove their expertise by means of an appropriate examination at the Chamber of Commerce or another qualified qualification.

Here is an exception for insurance intermediaries who are bound to an insurer who is also responsible in the event of liability. They do not need the special business license and do not need to be able to prove their expertise.

Financial advisor for investment products

Financial advisors who advise their clients on financial investment products or who want to broker corresponding products must either have admission as fee-based investment advice in accordance with the German Banking Act or as a financial services institution for investment advice. However, this does not apply to the advice and mediation of investments, closed-end funds or mutual funds. However, they must provide proof of their expertise and a corresponding professional liability. Since 2013, financial advisors have been required to undergo this audit each year.

This is how rogue financial advisers contact their customers

This is how rogue financial advisers contact their customers

The initial contact is usually without prior notice directly at the front door or via telephone. For some time, customers have also increasingly unsolicited offers sent by e-mail. However, it is by law forbidden for the financial adviser to contact potential clients unless they have expressly agreed – but in practice, there is hardly any prosecution if this prohibition is violated, many dubious financial advisors ignore it. A reputable representative of this service division, however, waives such phone calls, unless the customer already has a contract with him.

In this dubious financial advisers can be seen

An important criterion is that the financial adviser contacts the client without his prior consent. In addition, dubious financial advisors often use terms such as “risk-free,” “optimize retirement,” or “save taxes,” to make customers curious about their offerings. In order to exert moral pressure, dubious financial advisors often answer questions with counter questions. They also try to establish a basis of trust by pointing out that they have been recommended by a friend to the customer.

A dubious financial adviser can also be recognized by the fact that he promises high returns without risk. Especially with financial products, however, the principle that the higher the return the customer can expect, the higher the risk, the higher the risk. In addition, the consultant only gives verbal promises on the topics of risk, maturity and return. If these promises are not kept, the customer can not prove the statements – unlike written pledges.

The urge for a quick signing of the contract is another characteristic of dubious consultants. However, the customer has no cause for urgency because there are countless financial products on the market. Often, customers also receive their prospectus only after they have signed the contract. However, it may also be worthwhile to consult the register of the Federal Financial Service or the competent IHK. If a corresponding entry is missing there, highest care is required.

How can a reputable financial advisor be recognized?

A reputable financial adviser is characterized by the fact that he not only gives the customer sufficient time to review the documents, but also recommends that he seeks a second opinion. This can be, for example, the tax consultant, but also a consumer center. Furthermore, the financial advisor also confirms the important facts in writing and hands over the corresponding document to his client. He also expressly informs the customers that they have a 14-day right of withdrawal should they subsequently have doubts about the meaning of the financial statements.

What does the financial adviser earn?

Basically, customers pay the financial advisor for their service. Most financial advisors work as freelance agents on a commission basis. In other words, the more financial products they sell and the more they cost, the more they earn. Therefore, dubious advisors are also pushing for quick deals and usually directing the conversation directly to a particular product.


The courts need more resources for land clauses

The huge amount of lawsuits to financial entities responsible for abusive clauses, in this case, the floor clauses, have surpassed the specialized courts to deal with these citations.

In other words, more and more the population sees the possibility of winning lawsuits against banks. Thus, canceling your debts, refinancing loans or negotiating mortgages.

How to know if I have abusive clauses in my contracts? How to negotiate the floor clauses? Putting yourself in the hands of professionals , you will be able to follow the process in a clearer way, you will gain in tranquility and you will have many more possibilities of getting out of debt quickly thanks, for example, to the Law of the Second Chance .

The courts need more resources for the floor clauses

Courts with more citations by floor clauses

The court with most problems clearly is the Madrid, but most are in the same situation due to more than 57,000 citations that have received in the last 3 months. The ten provinces with the most problems in the courts assigned to the ground clauses are:

  • Cádiz: 1,440
  • Las Palmas de Gran Canaria: 1,556
  • Granada: 1,580
  • Santa Cruz de Tenerife: 1,680
  • Teruel: 1,840
  • Valencia: 2.004
  • Malaga: 2,177
  • Seville: 2,946
  • Barcelona: 4,644
  • Madrid: 14,064 

Floor clauses, negotiate with banks

The soil clauses have become a serious concern for the Spanish population. For many individuals or companies that need to negotiate their debts fast. Usually, on the recommendation of the AEB , it is the entity itself that puts itself in contact with the affected party. In this way, it will try to start the negotiation of debts or the terms of the bank debts. However, no beneficial resolutions have been reached for clients in many cases by extrajudicial means.

How to accelerate these judicial processes? The solution lies in providing more specialized courts throughout the country. Therefore, the General Council of the Judiciary has already begun to analyze the situation to distribute the media where they are most needed.

The failure of the extrajudicial system approved by the government (88% of the cases have not been solved by this route), makes it essential to have the best information. Through banking law advisors and specialized lawyers. In this way, you gain peace of mind and the procedures are accelerated, always in favor of the client.