Anyone who has several loans going will know the problem. Financing was used for various things, the overdraft facility was used, and a loan was agreed here and there and monthly installments for the mobile phone and mobile phone contract were agreed. And each installment may be due on a different day. You actually have to put your head and collar together so that you don’t overlook any obligation.
Direct debit could not redeem
Normally, interest still accrues for each individual installment contract – and should you have missed an appointment, dunning costs and default fees are added, because the risk of overlooking a payment obligation does not diminish if the installments – as usual – by Direct debit. Quite the contrary, because if you do not always have your account balance in view and possibly do not have an expensive overdraft facility, then the normal rates and, if applicable, the respective interest as well as the reminder and delay fees are added to the fees for the direct debit from the house bank, that the direct debit could not redeem.
If you do not compensate for this as quickly as possible in order to at least avoid further costs, you can quickly run into major financial problems. In addition to the increased costs that could have been avoided, there is also the risk that claims management will report – and then it will be really expensive. Not to mention the destroyed credit bureau.
However, even if several things have to be financed or have to be financed at the same time, or if the individual obligations have gradually accumulated, the above-mentioned difficulties can be avoided, because the customer was apparently creditworthy when taking out his loans or similar liabilities.
Debt rescheduling loan
A debt rescheduling loan is usually a good and sensible solution in order to maintain this creditworthiness even with several loans and, above all, to keep an overview and not to lose too much money on interest. If and when such a loan actually makes sense or is possible and what you have to consider, as well as tips on how to apply for such a loan – this short overview is intended to serve this purpose.