How to find money in the event of the unexpected

Use your savings wisely

– If you have a wool sock, now is the time to use it. “Some savings methods allow instant tax-free withdrawals, and allow you to transfer money for free as quickly as possible. They are preferred,” recalls Pascal Miccolo Marcel, general delegate of La Finance pour tous.

These are in particular the brochures “A”, Sustainable and Solidarity Development (LDDS) which, in turn, are very profitable. Money saved in life insurance is also accessible. Taxes on withdrawals are more or less penalty depending on how long the invested amounts are frozen (A significant reduction on the amounts deposited for eight years or more).

Feel free to ask your insurance company to model the effects of your withdrawal. There are certain reasons that exempt withdrawals from all taxes: dismissal, judicial liquidation of the company, early retirement, disability of the second or third category (affecting the insured or his spouse). In the latter case, the exemption also applies to social contributions (17.2%).

It is also possible to get a down payment on your life insurance. The rate is often less favorable than that of consumer loans, but the money provided does not leave your contract and continues to grow: the difference with the loan can be in favor of the advance.

Consider employee savings. Company savings plan (PEE), group retirement savings plan (Perco), retirement savings plan (PER): All of them provide for the possibility of release in case of divorce, loss of a job, excessive indebtedness, etc.

On the other hand, if you have an outdated residential savings plan (PEL), try indulging in it only as a last resort. This will close it, and then deprive you of one of the most profitable savings products today.

Read : Life Insurance: 6 Tips to Pull Your Money With Little or No Tax

Negotiate an authorized overdraft limit

If you are not familiar with payment accidents and think you can get a refund quickly, Negotiate an increase with your banker, Temporary or not, from the authorized overdraft limit.

Warning: Allowed but not free! Your overdraft will be subject to agios, higher than the credit rate (generally 15-20%), and limited to three months. But the solution is more flexible than uploading a credit file.

stay under the authorized overdraft cap, which can be up to several thousand euros, Allows you to avoid intervention commission costs (up to €8 per short purchase and €80 per month)

Get consumer credit

– Total consumer loans jumped by 12.5% ​​in 2021, According to the announcement of the French Association of Financial Companies in March.

Loans should be between 200 and 75,000 euros. Prices depend on the amount and payment period (the shortest rate allows the lowest rate).

– Your bank may be in competition with other operators. Feel free to use online comparisons, each representing only a portion of the market. On March 7, one of these platforms announced average credit rates of €15,000 over 12 months of 2.18% in earmarked credit and 2.21% in personal loans. (In the first case, it corresponds to the acquisition of a particular good or service; in the second, its destination is not specified).

– over several years simulation has been less simple than over 12 months, But there are calculators like the one at www.lafinancepourtous.com. “The lender must provide complete information, notes Pascale Micoleau-Marcel. It includes in particular the annual fee percentage rate (APR), the number and amount of repayments and the total cost of credit.” This APR includes all loan costs (application fee, compulsory insurance).

Age is less discriminatory than a mortgage; The periods are shorter and retirees are considered to have a stable income and are no longer at risk of losing a job.

But as a general rule, credits beyond the end of the repayment period will not be awarded to the subscriber’s seventy-fifth birthday. You will have to prove your income, or even your assets. All of your credits must not exceed 35% of your income.

Looking for a non-bank loan

With family or friends: These loans are frequent and easier to get than a bank loan. Pascal Miccolo warns Marcel, “But take precautions not to quarrel with your family. Sign a debt declaration or a loan agreement to formalize things.”

To read: Lend money to your loved one with complete peace of mind

It is this writing that makes it particularly possible to distinguish between a loan and a donation or the fulfillment of an obligation of alimony (which the beneficiary may not repay), The amount, terms and dates of payment and any interest must be specified.

– Over €5,000, the borrower will ensure that the loan is declared to the tax authorities (The printed form can be downloaded from impots.gouv.fr by going to the “Individuals” space and typing “Form No. 2062”, or the “Additional data” window for online advertising).

On his part, the lender has to declare any interest in respect of income from the transferred capital. The recognition of the debt will also make it possible to maintain equality among the heirs if the loan is granted to only one child.

The mortgage loan is secured by a municipal loan. He will assess the item you bring, and will give you a loan of 50-70% of its value (by charging a credit rate and sometimes a custody fee).

As soon as you are able to pay off the loan, the thing pledged is returned to you. If you can’t pay it off, it will be dispersed at auction. If it reaches an amount greater than your debt, the surplus is returned to you; Otherwise, nothing is required of you.

An app to manage your budget

In addition to the simple rules for keeping your accounts properly, These apps require you to identify your expense items and review items that could be improved or eliminated.

Our selection of free apps:

Budget driver: Recommended by the Bank of France, started by the SOS families, Emmaüs Nanterre and the Cerise Society. It is not connected to the internet nor to your accounts.

bank in ‘: Banque de France approved. You have to link your bank accounts to manage your budget on a daily basis, but the app is independent of banks. The data is safe. You have management advice by algorithm and trainers.

tripartite: Specializing in managing joint accounts or budgets (husbands, friends, etc.), this app keeps track of expenses and refunds. Convenient if you are used to paying money for the holidays, joint purchase!

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