The question of whether a debt to remainder debt relief is possible, are many consumers. For those who had to restrict themselves for six years by a bankruptcy, will certainly have some wishes, which should be met afterwards. But beware: a new loan can quickly lead back into the debt trap.
What is a residual debt exemption?
Residual Exemption is a process related to bankruptcy. Anyone who was insolvent and has not accumulated any further debts during the good conduct phase for six years will be completely debt-free through a debt waiver. This can start a new life, without the legacies dull the joy of the new beginning.
For many consumers, insolvency and the associated removal of residual debt are the only chance to pay off the accumulated debt. Most consumers emerge from the situation stronger and forge ahead during the conduct phase. A relapse into old patterns of behavior is rarely given.
What effects does this have?
The remainder of debt relief allows shaking off debts that can not be paid. Although this is a very tedious process that comes with many limitations. Many consumers would have no chance to get rid of their debts without the bankruptcy, including debt relief. On the contrary, they would increase because interest and fees would be charged.
In addition, the debt coloring the Private credit negative. A regular contract signing would not be possible. Even a loan for residual debt relief would not be possible.
Why is a debt relief loan so complicated?
A debt relief loan is not an easy task. After the release of residual debt, the Private credit is still negative for three years. Even if the bankruptcy is marked as done. The lenders see the negative entry and classify it accordingly.
As a rule, those affected are considered to be unworthy of credit because the credit risk associated with the loan is too high. When looking for suitable loan offers must therefore be considered a lot. Otherwise you will experience a lot of rejection as a loan seeker and the desire or the project that goes along with the borrowing, can not be implemented.
Credit after debt relief – what options are available?
If the loan is only taken out after the debt has been repaid when the Private credit is clean again, all options are available with a good credit rating. Because then the bankruptcy left no traces in Private credit and the banks go without prejudice to the lending.
However, if you are in a hurry, you have to focus on offers that do without the interrogation of Private credit. Then the lender learns nothing of the previous bankruptcy and will not consider this in the lending. Suitable offers come from abroad or from credit intermediaries operating within Germany.
It is also possible, with the help of a guarantor, to implement the loan for residual debt relief. However, it is advisable to put the citizen more in the interests of the banks than the actual borrower. For despite the guarantor, the bank could be disturbed by the previous bankruptcy and could link high conditions to borrowing.
Do not forget
After the bankruptcy is before the bankruptcy? Probably not. Anyone who has ever undergone bankruptcy will know how exhausting this is. Sufferers should therefore do their utmost to never get back into such a predicament. Therefore, a debt relief loan should only be envisaged when it becomes really necessary.
Luxury items or wishes that are not absolutely necessary should first be reset. After the bankruptcy, those affected usually have more money available. Creditors no longer have to be served. If you manage to take a little back, you can quickly save one or the other Euro. And with the savings then the desire can be fulfilled.