Debt restructuring was not possible for a long time without Credit Bureau, since large banks and house banks in particular tend to refuse if negative notes are already recorded in the Credit Bureau of the potential borrower. In the meantime, this fact has eased somewhat due to the large number of direct banks on the Internet, so that debt restructuring without Credit Bureau is entirely possible if the borrower can at least convince with his income.
Debt restructuring – existing loan
Debt restructuring always makes sense for borrowers if the new loan incurs a lower interest burden than the old loan. If an expensive loan is replaced by a cheaper loan, this may save the borrower a lot of money, depending on the loan amount. The term and the associated monthly installments can also be adjusted if a new financial situation has arisen recently.
The debt rescheduling without Credit Bureau can, for example, almost always be carried out via Swiss banks, since these banks largely refrain from querying Credit Bureau and do not require the applicant to provide independent evidence of Credit Bureau. In most cases, debt rescheduling is only possible if, on the one hand, the borrower’s income is correct and, on the other hand, there are no additional loans. Ultimately, the creditworthiness of the borrower always decides whether an existing loan can be replaced by a new loan.
Debt restructuring – an economically sensible decision
Two loans can also be replaced by a new loan if the newly requested loan amount is also sufficient. This also makes sense because it gives borrowers a better overview of the current loan and its monthly installments. Debt rescheduling itself always makes sense if a bank overdraft facility needs to be quickly settled.
These loans often have an enormous interest burden of 15 to 20 percent and are therefore expensive for the borrower, which is why they should be balanced or deducted as soon as possible. If a borrower has a flawless Credit Bureau entry, debt rescheduling is usually not a problem, but an above-average, fixed income is often also sufficient.
If the bank still requires further collateral, a guarantor can possibly be used for the new loan. The borrower is then liable for the debt of the borrower with his own income, but only becomes active when the borrower can no longer pay his installments.
Finding a willing surety is not always easy due to the high risk, which is why this option is not available to all borrowers. In any case, debt rescheduling should always be sought in the event of potential savings.