Credit consolidation loan
The problem with many debtors is that they have long since lost track of their debts and cannot find a way to get started. Every month, unopened reminders and very last payment requests flutter, which the debtor cannot assign.
Credit consolidation could remedy the situation
The best advice is given to debtors who go to debt counseling with this concern, for example at the responsible consumer advice centers. Because whether and to what extent a loan consolidation or debt rescheduling would be worthwhile is not clear at first glance, especially if the legacy issues are multiple loans and lenders.
Before taking out a loan for a loan, the debtor should try to approach his creditors together with the debt counseling service. Because often the banks and companies would settle for a much smaller payment than the one still open, and would then even waive the remaining loan amount. Unfortunately, it is the case that many banks no longer accept customers with many commitments, least of all to replace the old loans. For this reason alone, advice on debtors is advisable for credit consolidation.
Although companies mostly speak of a necessary consolidation, since the bankruptcy of private individuals (private bankruptcy) has also increased in recent years, as far as the number of private bankruptcies is concerned, credit consolidation is also a duchess in the private sector. As mentioned earlier, the debt counselor can be of great help when it comes to structuring and consolidating existing loans. But you don’t always have to go directly to debt counseling, but often you can get the consolidation yourself and without outside help.
The first step on the way to consolidation, which can also be translated with debt relief, is that the existing debt is listed first
So you list residual debt and monthly installments in order to get an overview of the total liabilities. In a second step, options can then be considered, how loans can be grouped together or how one could even save interest on loans in the future through debt restructuring.
Before the loan application, of course, there is a precise comparison of the various loan offers – admittedly, this is not an easy task, thanks to loan calculators on the Internet or credit consultants. Linked to the loan application is the first indication of personal data such as name and address, place of residence and date of birth. In addition, the applicant’s wage situation must be clarified – even if, for example, a comprehensive credit check via private lender information is dispensed with.
In order to be generally eligible for a loan, the bank makes certain demands on potential borrowers: they must be of legal age and have a place of residence in Germany; a fixed income is also required for online loan applications.