More and more people have a loan or face financial difficulties through no fault of their own. It is enough if you cannot access your full income for a few months or if you have to make an expensive investment that cannot be postponed. But before the mountain of debt gets too big and grows into a real problem, you should think about a loan with debt restructuring.
When a loan with debt restructuring is worthwhile
A loan with a planned debt restructuring is always worthwhile if the loan amount is high and the repayment takes many years. A loan is always taken out at the current interest rate. However, this interest rate can change over time. It is particularly annoying for borrowers when the interest rate becomes lower, making their loan more expensive than it should be.
If you have now decided on a loan with rescheduling, you can use the rescheduling option to combine the loan with the lower interest rate. This can sometimes save many thousands of euros.
This saving is particularly evident in real estate loans.
Here the loan amount is usually very high and the loans are often repaid over 20 or 30 years. For this reason, rescheduling is agreed right at the beginning of the loan term. This usually happens after 8 to 10 years. As a borrower, you can then see whether there are cheaper offers for the loan. If you find this, you can reschedule the loan. If, on the other hand, interest rates have increased, the actual loan can also be continued at the old conditions. As a borrower, you can only win on a loan with debt restructuring.
Tip: It is important that the debt restructuring option is laid down in the loan agreement. If you do not do this, the bank can charge a fee for the debt rescheduling. In the worst case, this can be so high that rescheduling is not worthwhile. However, if the debt rescheduling is stipulated in the contract, there are generally no fees.
As a borrower, you then have the freedom to choose whether to use the option or not. In addition, you are not tied to a bank. With a debt rescheduling, you can also switch banks with the loan. Depending on which bank offers the best terms and conditions.