Have you had any credit released in the Consortium? Not yet? The Consortium is an alternative to personal credit and property financing, all of which we already know. Who does not want to pay the high interest of the conventional credit operations, ends up grouping in the consortium to be able to realize the purchase of a good, product or service.
If you think that to get the money in the consortium is the same as the process of a financing or personal credit that the money goes out on time, the consortium needs to be contemplated or drawn to receive the letter of credit and use it.
The contemplation process can occur at the beginning, middle or end of the Group, but once the consortium contemplated , it receives from the consortium administrator a letter of credit that can be used as money for the purchase of the asset, set of assets or service, according to what is established in contract.
Do not think that just because it is a consortium does not have to present any guarantee, according to Abac (Brazilian Association of Consortium Administrators), for the consortium to use the released credit , it must be active and present guarantees to the group of the consortium in the terms that included in the signed contract.
When the “consortium is contemplated”, by lot or by bid, it does not matter, he must inform the administrator what his purchase option is. This process is done formally, you must present the name, the identification of the seller, the address and the documents: CPF or CNPJ.
You should also be informed, other details of the purchase as the characteristics of the property (car, vehicle, motorcycle, boat etc.) or service (plastic surgery, dental services, prostheses etc.) that will be acquired, the terms of correct payment between the contemplated consortium and the seller / supplier of the product or services.
Use letter credit?
The dream of every consortium quotaholder is to take such a letter of credit, the letter is that it gives purchasing power to the consortium and is worth as if it were money. The consortium may use the full credit of the charter, but if you wish, you are guaranteed by law the right to use one-tenth of the amount, or 10% for payment of costs or expenses linked to the purchase of the good, product or service.
When the consortium uses the letter of credit for the purchase of housing for housing, you still have the right to use the balance of your account linked to the FGTS to supplement your contemplated credit. How’s that? You can join the loan with the Fund to acquire a residential property.
To use the credit released from the letter of contemplation , the consortium has up to 180 days, after that deadline, it is possible to convert the letter into cash, however, the credit must be returned to the group and the administrator in full in the form of installments.