Tips – What is important for a good rescheduling

Credit rescheduling can be advisable or helpful, or even urgently needed, for a variety of reasons and for different perspectives. For example, the debt restructuring for mortgage lending is to be viewed and valued differently from a loan rescheduling to combine several different loans into a single total loan. A rescheduling for mortgage lending is especially worth considering if the first fixed interest period of the future new mortgage lending is associated with lower interest rates than before.

Credit enhancement through rescheduling

In most cases, credit obligations are entered in the bank database at the instigation of the lender. They are an essential basis for calculating the bank score. It will be retrieved, at the latest at the next borrowing or loan request, for the credit rating of the loan seeker. Several or many small loans from different lenders have a negative impact on the score. It is sinking, which significantly reduces the credit rating and the prospect of future borrowing. This can change permanently with a loan rescheduling. All liabilities are combined into a single new loan. In times of so-called low interest rates, such debt rescheduling is a must and a guarantee that you will have to pay less interest on the same liability monthly. Everything becomes easier and runs smoother. For the new installment loan, the credit balance is debited once a month from the current account. The appointment is matched so that the account is covered and no expensive credit line is needed. The previous loans are deleted in the bank and are literally gone after the legal deadline. This helps a much better bank score very soon.

In addition, the credit summary brings other benefits: better terms can be made possible, lower monthly repayments, better clarity of your finances, as well as an adjustment to your current financial situation.

Also check regularly for mortgage lending

Even with the ongoing construction financing worth the regular review of a debt restructuring. Here, the differences with percentage points in the tenth range seem marginal at first sight. With a financing amount in the six-digit euro range, as well as a ten-year fixed interest period, however, interest savings with a rescheduling for mortgage lending are very easily added up to a high four-digit euro amount. In the event of premature debt restructuring for mortgage lending, these savings are offset by the default interest payable to the lender, the so-called prepayment penalty. This one-time expense must be deducted from the savings that are spread over the years. First, this results in an overspend, which must be paid. Only gradually, that is, after the rescheduling for mortgage lending, makes the savings by a permanently lower monthly rate for interest and repayment in the account noticeable. The builder should separate in a debt restructuring for mortgage lending in the debit statement on the one hand and in the liquidity calculation on the other hand. He has to think and plan in the truest sense of the word in the longer term.

Credit rescheduling with impending over-indebtedness

A loan rescheduling is only advisable and feasible if the sum of liabilities is also affordable in the future. The current income must be high enough to repay the new rescheduled loan. If this is not the case, then there is an acute danger of over-indebtedness. The current loan liabilities have accumulated because they could not be paid. If that does not change, credit redemption rather than the direct route to becoming a professional debt advisor should be considered. He, and indeed only he, can help in rescheduling your personal loans, as well as rescheduling a mortgage loan, by agreeing to a partial waiver with the creditors to prevent an otherwise unavoidable personal bankruptcy. Experience has shown that creditors agree. They prefer to receive low monthly payments over a longer period of time than to have to write off the entire claim immediately. So you should not shy away from conversation in this context, because it is always helpful in such cases.

A real customer example of a meaningful rescheduling: A family with three children and a total net income of about 1900 euros per month has various loans run at their bank. The monthly credit charge to the house bank for the personal loans amounted to 998 euros per month, in addition a monthly rent of about 680 euros comes as a cost to the family. One should ask oneself seriously: “How the bank with a clear conscience can answer, to give the family even more loans and especially in this repayment amount”.

Our result: We have replaced all the old loans at the house bank and created a profitable credit summary with the Direct Adviser rescheduling. Now the family pays only 469 euros per month – which brings a significant rate savings of over 50%!