The rescheduling of a loan can always be interesting if the current loan is too high a debt burden or if the long term of the loan means that better debt terms can be achieved through the rescheduling.
In this context, many consumers always assume that a debt rescheduling without Credit Bureau is possible. After all, there is already a loan that is only to be split up differently or that is to be given a more favorable interest rate. Unfortunately, debt rescheduling is not as easy as it may seem at first glance. Because there will always be a query from Credit Bureau, regardless of which German bank the debt rescheduling should take place. Even if the loan is rescheduled at the bank that manages the old loan, they will not take it and check the creditworthiness of the borrower. And unfortunately this only works if the Credit Bureau is queried.
Is it not possible to reschedule a loan without Credit Bureau?
Even if the traditional do not reschedule a loan without taking a look at the Credit Bureau and the income situation, this does not automatically mean that a loan rescheduling without Credit Bureau is not possible at all. You only have to take a small detour, which can still bring you to the desired debt rescheduling. However, you should bear in mind that all the examples given here for a debt rescheduling without Credit Bureau are associated with a slightly higher interest rate than you know from your house bank or another classic bank. You should therefore calculate in advance whether the debt rescheduling will actually bring you a financial advantage and whether it will also be worthwhile under the conditions mentioned.
Where can a debt rescheduling take place without Credit Bureau?
Since you cannot get a loan from your house bank or any other German bank without agreeing to a Credit Bureau query, you have to use the P2P marketplaces to initiate debt restructuring. These are platforms in which investors or lenders are brought together with loan seekers.
As a loan seeker, submit your application there and describe your project. They provide information about your collateral and show what framework conditions you can imagine for borrowing. Investors or donors read this and then decide freely whether they want to help or not. If you are contacted, you can directly negotiate the framework conditions for the possible loan. The contract is only signed when both partners agree.
The interest on such offers is usually above the market-typical interest. You must therefore expect an effective interest rate of at least 10 percent. In return, however, you will get a loan that does not require Credit Bureau to consult you and that may enable you to reschedule.
By the way: A foreign loan can also be used as debt rescheduling without Credit Bureau. However, these are only available up to $ 5,000 and only with a fixed interest rate and fixed repayment agreements. The contact persons for such foreign loans are usually the banks from the Principality of Liechtenstein.
You should pay attention to this
Before you look for a suitable loan offer, you should get a current overview of your outstanding debts. The best way to do this is to request a current account statement from the loan in order to be able to see exactly the scope in which the remaining amount is moving.
Also make sure that your old credit does not charge early redemption fees. If so, debt restructuring is only worthwhile in very rare cases. Because then the bank receives a princely reward for the prepayment, which usually completely dissolves the savings that you can earn with a new loan. The new loan would then no longer be worthwhile, and all efforts around debt restructuring would be wasted.