Finances are always a sensitive issue and ensure that on the one hand we have to constantly think about it, on the other hand, but also that we can make a comfortable life. For those who have money can fulfill their desires and shape their lives as they see fit and useful.
Often, however, a loan must be taken for many wishes and projects. This creates debts that are repaid to the bank in regular installments at best. If this fails, there are problems very quickly. Because the banks do not like to wait long for their money and are quite quick to send a bailiff for their outstanding payments towards debtors. To make sure that it does not get that far and maybe other debts off a loan are not a problem, a debt restructuring can be made.
This helps to summarize all debts and to arrange a repayment, which not only pleases the bank, but also comes to the borrower. Because he has to raise the money for the repayment every month. And therefore, the repayment modalities should be based on his options.
However, if the borrower waits too long to reschedule, there may be difficulties with this acquisition. The banks and savings banks then call this “debt restructuring in difficult cases”. Ultimately, this does not mean anything other than debt rescheduling that must be initiated with a negative credit bureau or a low income. Not an easy task, but with a little patience and the right bank on the side quite feasible.
Where does the security come from?
Also a rescheduling in difficult cases requires collateral. Unfortunately, the banks are not giving in to the millimeter and sticking to their rules. Only those who have collateral, who gets a loan.
For a debt restructuring in difficult cases, this means that a second borrower or at least a guarantor must be found, which together with the actual borrower, the debt restructuring on the way. It is important that this second person has a positive credit bureau. In addition, the income should also vote. Because the second borrower or guarantor is liable for the loan and must be able to step in if the actual borrower is unable to do so. The responsibility that weighs on the second person should therefore not be underestimated.
In addition, debt rescheduling in difficult cases should only be tackled if it brings financial relief to the borrower. The installment payments must be able to be reduced. Likewise, the number of creditors. If it then succeeds to make flexible repayment agreements, which allow even a payment break or special repayments, you might be well advised with a rescheduling even in a difficult case and a great advantage.