Debt sensibly – an overview.
Rescheduling current loans is an option if the monthly installment is too high or the overview has been lost. However, even if loans were taken out in the past at higher interest rates, debt restructuring can save a lot of money.
Debt rescheduling only with appropriate creditworthiness
An important prerequisite for a planned debt restructuring is that the borrowers are appropriately creditworthy. This means that the Credit Bureau information must be in order and that a regular, attachable income from permanent employment can be proven.
To find out the transfer fee for current contracts, the lender must be contacted. If several loans are combined in the debt rescheduling, the respective transfer sums add up to the new loan amount.
If a meaningful debt rescheduling is planned in any case, it is worthwhile to also include the overdraft facility if the account is regularly kept in the red. If it is not possible to compensate the overdraft facility from the current salary receipts, a replacement with an installment loan is efficient and, above all, cost-saving.
A credit comparison can then be used to find out which bank is granting loans on favorable terms. Some banks have debt rescheduling loans in their portfolios. They usually offer not only the loan, but also a debt rescheduling service that takes care of all the formalities related to the debt rescheduling.
If the loan is approved for the debt rescheduling, the borrower must grant the lender a power of attorney, who will then redeem the existing loans. In such a case, the loan is not paid to the borrower, but is used directly to replace all existing obligations. Such offers are free of charge for customers and ideal because the experts deal with the replacement so that nothing can go wrong.
Debt rescheduling loans are only easily issued by banks if the customers are creditworthy. In addition to the flawless Credit Bureau, this also means that the planned rate can be paid from the freely disposable income. Those who already have negative Credit Bureau information because existing obligations have not been met, or who are unemployed and / or sick, will not easily get a debt rescheduling loan on good terms. In such cases, it is better to contact the lenders to find solutions together.
Cheap loans with interest rates dependent on creditworthiness
If loans with interest rates dependent on creditworthiness are the best offers at first glance, you must always request a personal offer in advance. For offers with interest rates dependent on creditworthiness, the interest rate changes depending on the customer’s creditworthiness.
Alternatively, you can also only compare offers with fixed interest rates. For loans with fixed interest rates, the interest rate depends on the loan amount and the term. Customers with average or poor credit ratings usually drive cheaper with fixed interest rates.
In order to make the monthly rate affordable for the future, a correspondingly long term must be selected.
If there is no credit rating
A meaningful debt rescheduling becomes much more complicated or not feasible at all if borrowers are already completely in debt. If the installments from current loans were no longer repaid and the loan was already terminated as a result, this would result in negative Credit Bureau information. If a borrower can no longer prove a permanent employment relationship, rescheduling is not possible without additional collateral.
Borrowers in such a situation should not be afraid to contact the lender personally. This is the only way to try to find a solution that ultimately ensures that the loan can be repaid. As a rule, the banks are then willing to compromise. Installments are either deferred or an internal debt rescheduling is carried out.
If a meaningful debt rescheduling is no longer feasible because the borrower is completely over-indebted, the way to debt counseling is often the only viable option.