Commitment Consolidation Program

Commitment Consolidation Program

The commitments consolidation program is one of the financing products that the company provides through banks to its customers in accordance with the controls and instructions set by the Saudi Central Bank, whereby the customer is allowed to obtain new financing to be used in Rearranging and settling his current credit obligations, then the customer fulfills the monthly financial obligations resulting from this financing.This financing product has several names such as consolidation of financial obligations or consolidation of indebtedness

: Characteristics of consolidation of indebtedness

< b>Consolidation of indebtedness, including any obligations, loans, or debts on credit cards, etc., by obtaining new financing to pay off all debts in easy monthly installments.

Debt Management Instead of scattering among several lenders, you can consolidate your obligations to these entities with one entity and then pay them off.

Reduce the cost of debt, for example, if Credit card debts have accumulated, and there is a high profit margin applied to the amounts due. Haqqat will reduce this cost.

Improving the credit report, the monthly installments for refinancing are usually less than the monthly payments for multiple obligations with more than one party, and therefore the chance of default or delay is less than repayment.