Peter Zwegat - The Nation's Debt Advisor

Peter Zwegat – died at the age of 74

Peter Zwegat, known as the "nation's debt counselor," rose to national fame through his TV show "Get out of debt." In this reality series, which aired on RTL from 2007 to 2015, he helped over-indebted people get their financial situation back under control. Zwegat's death on August 9, 2024 marks the end of an era in which he had established himself as a debt counselor not only as a TV personality, but also as a real helper for people in financial distress.

The Career of a Debt Counselor

Peter Zwegat was originally a trained administrative officer and social worker. After completing his studies, he began his career in the social and health sector, where he worked for many years. Zwegat's path to debt counseling led through personal experiences and professional challenges. After he developed health problems due to bullying at work and eventually lost his job, he decided to specialize in the field of debt counseling.

Zwegat joined the non-profit association “Services for Employees and Companies” in Berlin in 1987 and later became its managing director. This position enabled him to deepen his expertise in debt and insolvency advice and to build a long-term career in financial advice

"Get out of debt" - A TV sensation

With the format "Get out of debt", RTL created a platform on which Zwegat brought his knowledge as a debt counselor into the living rooms of millions of people. The series not only offered exciting entertainment, but also gave practical tips for dealing with debt and overcoming financial crises. Simple tools such as a large sheet of paper and a red felt-tip pen were enough for Zwegat to present his clients' financial situation clearly and vividly.

With a sensitive but also direct approach, Zwegat taught his clients how to free themselves from the debt trap. His work was characterized by compassion and a clear structure - he led people, who often found themselves in hopeless situations, back onto a stable financial path.

The work of a debt counselor

The role of a debt counselor goes beyond simply imparting financial knowledge. Debt counselors like Peter Zwegat support people who are in financial distress by helping them to regulate their debts and get their finances in order. The debt counselor analyzes his clients' income and expenses, draws up debt settlement plans and negotiates with creditors to find a solution that is acceptable to both sides.

In debt counseling, there are various approaches to improve the financial situation:

• Budget analysis: The debtor’s income and expenses are listed in detail.
• Debt settlement: The debt counselor draws up proposals for repaying debts, often in the form of installment payments or settlements with creditors.
• Negotiation with creditors: Many debt counselors also take over communication with creditors in order to protect debtors from further burdens.
• Insolvency advice: If an out-of-court settlement is not possible, the path often leads to personal insolvency. Debt advisors also accompany their clients through this process.

There are many debt counseling centers in Germany that help people in financial crises, including the Debtor-Insolvency Center eV in Leinfelden-Echterdingen. Here, clients are helped using a similar approach to Peter Zwegat's, by leading them out of the debt trap step by step.

The dangers of the debt trap and the importance of early advice
Many people fall into the debt trap for various reasons: job loss, illness, unexpected expenses or simply a lack of financial knowledge. Debt counselors like Peter Zwegat emphasize the importance of early advice. The sooner you seek help, the better the chances of regulating your debts before they get out of hand. The Debtors' Insolvency Center eV also places great importance on helping people early on, before bankruptcy becomes necessary.

Zwegat's method has always been geared towards helping people not only financially but also providing psychological support. Debt can be emotionally draining and a debt counselor's work often involves stabilizing the client emotionally while they work on their financial situation.

The Difference Between Debt and Insolvency Counseling

While debt counseling aims to settle debts out of court, insolvency counseling is concerned with accompanying the debtor through the insolvency process. In Germany, there are clear rules about when personal insolvency can be declared, and debt counselors help those affected to understand these rules and go through the process.

In the case of insolvency counseling, the debtor is usually accompanied over a period of three to six years in a process that ultimately leads to the debt being forgiven. Peter Zwegat and consultants like him were also an important support during this phase for people who saw no other way out.

Conclusion: A legacy of helpfulness

Peter Zwegat will be remembered not only as a TV personality, but above all as a person who helped others to find their way out of their financial difficulties. His approach to debt counseling remains exemplary for many counselors who work every day with people who find themselves in difficult situations.

At the Debtor-Insolvency Center eV in Leinfelden-Echterdingen, we take the same approach: customer satisfaction comes first, and we help with heart and mind, just like Peter Zwegat once did.