You have many individual loans and lose track of them. Debt restructuring helps to resolve such situations. The result is an improved overview.
What should you pay attention to?
Get an overview
Before a debt rescheduling concept can be developed, it is necessary to take stock. All existing loans are listed with their remaining debt and the respective loan installments.
It is important here that no loans are ignored. In many cases, some are not taken into account because the remaining debt is estimated to be low. This is wrong for a good debt restructuring overall concept.
Planning the debt rescheduling loan
When all the loans are listed, the real work on creating the debt rescheduling begins.
Before the individual points are worked out, it is necessary to deal with the income and expenditure situation of the borrower. The aim is to determine the freely disposable income. This is the linchpin for debt restructuring. The new credit rate must be such that it can be paid without problems.
Key points of debt restructuring
The next step is to check which loans can be repaid and how high the reduction in repayment rates is. Generally, the loans with the highest interest rates have to be redeemed; in debt restructuring, however, the focus is on reducing credit rates. In many cases, loan interest can also be reduced. This is especially true in low interest rates.
Determining the loan amount
It is important that the new debt rescheduling loan is sufficient to repay the loan to be repaid. A reserve pad should be included for security reasons. Many banks charge fees in addition to the remaining debt. The reserve cushion can also contain amounts that will soon be required to settle claims.
Determination of the credit rate
The new credit rate must be set so that free income is not exceeded. Taking into account the new credit rate, a free portion of the disposable income should remain. Another bottleneck is avoided.
Regular review of the financial situation
Debt restructuring is not enough, a regular review of the entire financial situation is necessary. Optimization must be checked again and again. This applies in particular to loans that have not been rescheduled.
As an independent financial advisor, we can carry out a comprehensive comparison and thus offer you the cheap debt rescheduling loan.
Good debt restructuring improves the overview of the entire financial situation. This is the first step towards improved debt relief. Especially when there is a risk of over-indebtedness, a good overview helps to reduce loans.