Debt restructuring despite Schufa, the most important things at a glance

The bank often rejects the debt restructuring with a negative entry in the Schufa.

The poor credit rating due to the negative Schufa entry often causes rejection of the desired debt restructuring.

Summary - Schufa regulation 2023 / 2024

    Debt restructuring despite credit bureau: This is the best way to proceed! This is what rescheduling means. Do I get a debt restructuring loan with a negative Credit bureau? Debt restructuring offers both advantages and disadvantages in the case of a rescheduling prepayment decision with a rescheduling Connections How high can the rescheduling loan be? How do I find a cheap rescheduling loan? Which banks grant a rescheduling loan? Can you reschedule despite ongoing wage garnishment?

Debt restructuring despite Schufa: This is the best way to proceed!

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Credit check: Debt restructuring is possible despite a negative credit bureau, but other factors such as regular income or existing collateral must be used to assess the creditworthiness. Lenders must ensure that the debtor is able to repay the rescheduled loan.


Look for specialized lenders: There are credit institutions and private lenders that specialize in borrowers with negative credit bureau. They often have experience with these cases and can offer more individual solutions if necessary.


Transparency and openness: When rescheduling despite a Schufa entry, it is particularly important to be open and honest about your own financial situation. Withholding important aspects can damage the lender's trust and reduce the chances of debt restructuring.


Advice and support: Since debt restructuring is often complex despite Schufa, it is often helpful to seek professional support. A debt counselor or an experienced financial advisor can provide valuable help in finding suitable lenders and creating a viable repayment plan.


Risks and costs: It is important to keep in mind that debt restructuring despite Schufa is often associated with higher interest rates and costs. You should therefore check carefully whether debt restructuring in this situation actually leads to financial relief and whether the additional costs are bearable.

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This is to be understood as debt restructuring:

In the case of debt restructuring, existing loans are replaced. It is thus a process in which one or more existing loans are replaced by a new loan. The new loan will be used to pay off the old debt. The debtor then only has to repay the monthly installments of the new loan.


This can be difficult, as many credit institutions hesitate to grant a loan if there are negative credit bureau entries. However, there are specialized lenders and certain programs that can help such individuals restructure their debt.


A common reason for the planned debt restructuring is that the new loan offers more favorable conditions, for example lower interest rates or a longer term that reduces the monthly burden. A debt restructuring can also serve to simplify finances by combining several loans into one.


Always note that there are additional fees when you change your loan, which of course must be included in the overall assessment.

Do I get a rescheduling loan with a negative credit bureau?

A negative Schufa can affect the chances of a debt restructuring, since many traditional banks and lenders are reluctant to grant a loan with negative Schufa entries. The reason for this is that a negative Schufa is often taken as a sign of higher credit risk.


However, there are lenders who specialize in loans for people with negative credit bureau. These lenders consider other aspects of your financial situation, such as your income and employment status, and not just your Schufa rating. Therefore, it may be possible to get a debt restructuring loan despite a negative credit bureau.


It's important to note, however, that loans for people with negative credit ratings can often have higher interest rates and stricter terms. In addition, these loans may also include other fees and costs. Therefore, it is important to carefully examine all aspects of the loan and ensure that the monthly payments are affordable before taking out such a loan.


If you are considering a debt restructuring and have a negative credit record, it may be helpful to seek the advice of a financial advisor or a debt counselor. They can help you understand your options and find the best solution for your particular situation.

Debt restructuring offers both advantages and disadvantages

Five benefits of debt restructuring:


    Lower Interest Rates: A key benefit of remortgaging is that you can potentially get lower interest rates. If interest rates have fallen, or if your credit rating has improved since you took out the original loan, a debt restructuring loan may be available on more favorable terms. Debt Consolidation: If you have multiple loans, debt restructuring can combine them into a single loan. This simplifies the management of your debt and you only have to pay one monthly installment instead of having to remember different payment dates and amounts. Reducing monthly payments: By extending the term of the loan through a debt restructuring, monthly payments can be reduced. This can be helpful in times of financial tightness to reduce the monthly burden. Better overview of finances: By rescheduling several loans into a single loan, you get a better overview of your total debt. This can make it easier to create a budget and manage your finances. Ability to remove a co-borrower: If you originally required a co-borrower on your loan, debt restructuring provides an opportunity to remove that co-borrower from liability, provided Your own credit rating has improved.

Five disadvantages of debt restructuring can be:


    Possible prepayment penalty: If a loan is repaid early, a prepayment penalty may apply. This fee is charged by lenders to make up for the interest they lose by prepaying the loan. These costs can be significant and should be considered when deciding whether a debt restructuring is beneficial. >> More information on the prepayment penalty here.Administrative effort and time: Rescheduling a loan requires some work and time. It is necessary to compare different loan offers, fill out applications, possibly submit documents and negotiate with banks. This effort can have a deterrent effect and should be taken into account when making a decision.Expiry of the residual debt insurance: If residual debt insurance was taken out for the original loan, it can expire in the event of a debt restructuring. This insurance serves to ensure the repayment of the loan in the event of unemployment, illness or death. If it expires, it may be necessary to purchase new insurance, which can incur additional costs. Potential increase in overall cost: While remortgaging often reduces monthly payments, it can increase the overall cost of the loan, especially if the term is extended. Even if the monthly payments are lower, a longer repayment time usually means more interest is paid over the life of the loan.Risk of over-indebtedness: There is a risk that some borrowers will view the restructuring as an opportunity to take on even more debt, because the lower monthly payments make them feel like they can afford more. However, this can lead to over-indebtedness if not carefully planned and budgeted for.

Keep an eye on the costs of a debt restructuring

When refinancing, fees can primarily be incurred in the form of a prepayment penalty if the existing loan is redeemed prematurely. In Germany, it is generally possible to terminate and repay any loan before the agreed end of the contract, although the lenders can claim compensation in this situation.

If the loan runs for more than 12 months, a fee of up to 1% of the outstanding loan amount can be charged, with a remaining term of less than one year the maximum fee is 0.5%. However, interest-linked real estate financing with a term of up to 10 years is exempt from the regulation.


Some banks allow borrowers to prepay their loan in full before the end of the contract, but only a few banks do. Therefore, before applying for a rescheduling loan, you should always check the contractual terms of the current loan with regard to any prepayment penalty that may be due.


Paragraph §502 BGB regulates prepayment penalties for banks. This regulation also states that the amount of compensation may not exceed the interest that the bank loses due to the early redemption of the loan.

How do I calculate the rescheduling loan?

Due to high inflation, the cost of everyday living has risen noticeably in recent months. People who are currently still paying off debts could noticeably save on their wallets by rescheduling their debts. Because many borrowers often pay higher interest rates for their loans and installment financing than is actually necessary.


However, debt restructuring only makes sense if the savings from the lower interest rates on the new loan outweigh the costs of the so-called prepayment penalty. You have to pay this to the bank in order to be able to get out of the old loan agreement. With the rescheduling calculator from Verivox, for example (*we are not a partner), you as a borrower can quickly and easily find out whether it is worth rescheduling your current loan or whether you should rather continue to pay it off.

Special features of real estate loans and construction financing

Haus mit Garten wertvolle Immobilie

An additional cost component, which only occurs with real estate loans and construction financing, are the fees for a notary and any changes in the land register. Typically, these fees amount to about 0.2% of the outstanding loan amount.



Debt rescheduling fees

fee type Amount of fees (% of the remaining debt)
Prepayment Penalty Remaining term > 1 year: 1% of the remaining debt Remaining term ≤ 12 months: 0.5% of the remaining debt
Fees for notary and land register 0.2% of the remaining debt (only for construction financing)

How does the prepayment decision relate to debt restructuring?

The prepayment penalty plays a crucial role in debt restructuring, especially in mortgage lending. It is compensation that the borrower has to pay the bank if he repays a loan before the end of the agreed term or outside the contractually agreed notice period.


Banks and other lenders charge this fee to compensate for the loss of interest they incur by prepaying the loan. When you take out a fixed-rate loan, the bank calculates the expected profit from the interest payments over the entire term. If you repay the loan early, the bank does not receive this profit and therefore charges the prepayment penalty as compensation.


Let's take an example:

You have taken out a mortgage for a property and arranged a fixed-rate loan with a term of 10 years and an interest rate of 3%. However, after 5 years the interest rates have reduced to 1.5% and you decide to refinance to take advantage of the lower interest rates.


If you repay the original loan early, however, the bank will have to forego the future interest gain it was expecting. Therefore, it will charge a prepayment penalty. This fee is usually calculated based on the remaining loan amount and the difference between the original interest rate and the current interest rate.


Suppose the remaining loan amount is 200,000 euros.

The bank would have charged interest of 3% on this sum over the remaining 5 years, which corresponds to 30,000 euros. However, since the current interest rate is only 1.5%, if the bank lends the money again now, it would only have received $15,000 in interest. The prepayment penalty could therefore only be around 15,000 euros to directly compensate for the bank's loss at this point.


It is important to note that the exact calculation of the prepayment penalty is complex and depends on various factors. These include the exact conditions of the loan and the specific regulations of the lender. It is therefore important to seek professional advice before rescheduling.

How high can the rescheduling loan be?

Hohes Banken- oder Bürogebäude von aussen
    The amount of a remortgage loan depends on several factors and often varies from lender to lender. In general, lenders need to ensure that you are able to repay the loan, and they take a number of things into account when doing so: Debt Level: The debt rescheduling loan should usually be large enough to cover any existing debt you wish to reschedule. Income and Financial Status: Lenders examine your income and financial status to determine how much credit you can afford. This includes looking at your fixed monthly expenses such as rent, utilities, groceries, etc. Creditworthiness: Your creditworthiness, often measured by your credit score, also plays a role. If you have a good credit score, lenders will be more willing to give you a higher loan. For example, if a property is secured, this can affect the amount of the loan. The value of the security serves as the upper limit for the loan amount.


It's important not to borrow more money than you can afford to pay back. The monthly installments should fit your budget.


How do I find a cheap rescheduling loan?

The following things can already help in advance:


SCHUFA self-check:

Before applying for a rescheduling loan, it can be worth requesting a free copy of your own data stored at SCHUFA. If you find incorrect, statute-barred or already paid entries in this overview, you can request a deletion and thus achieve an improvement in the SCHUFA score. And a better score at SCHUFA leads in most cases to cheaper loan offers.


If possible, use better income & save money:


If income has increased recently, you can use the higher disposable net income with a debt restructuring loan to get better interest rates with a higher monthly rate and a shorter term. This can ultimately save you money.


    Use comparison portals: There are numerous comparison portals online that put different loan offers side by side and thus enable a transparent selection. The portals usually show the conditions of various banks and lenders and thus provide a quick overview of current loan offers and their interest rates. Direct inquiries to several banks: It can be worth asking different banks or credit institutions about debt restructuring loans directly. They can often create individual offers that are specially tailored to your personal financial situation. It is also possible to negotiate the terms and thus achieve more favorable terms. Consult a financial advisor or broker: A financial advisor or broker can help to find a suitable offer. These usually have extensive knowledge and contacts in the financial sector and can therefore find individually suitable loan offers. However, it is important that the advisor or intermediary works independently and is not tied to a specific bank in order to receive an objective offer.

Which banks grant a debt restructuring loan?

We cannot offer you a direct list, as this changes according to current offers. However, on the following page you will find an up-to-date comparison option.

Disclaimer: We are not affiliated with the landing site and ask that you do your own research on the results before making any financial or other decisions.

Can you reschedule debt despite ongoing wage garnishment?

A debt restructuring, even if there is a garnishment of wages, is basically feasible. However, a wage garnishment can usually result in a negative SCHUFA entry, which could significantly reduce the chances of getting a new loan from the bank.


What are the alternatives to debt restructuring in the event of wage garnishment?


There are loans that are granted independently of SCHUFA.

However, these often come from less trustworthy providers or are so expensive for borrowers that debt restructuring could result in further debt. Instead of taking this route, it is advisable to contact a debt counseling center or a state-recognised, certified and qualified insolvency advisor.

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