It is often not easy to carry out debt restructuring despite unemployment. This applies in particular if there are additional negative private credit checker. entries and no other collateral is available. The desire to redeem old loans and pay a monthly installment to a single location seems all too understandable. As long as there is a regular income, there are no major problems here.
Requirements for debt restructuring
Exactly the same requirements apply to rescheduling that apply to any other installment or consumer loan. Without exception, all German banks demand impeccable private credit checker. information from their customers and, as a rule, insist that they work as an employee or civil servant from which they receive a fixed salary. However, there are some banks that also lend to the self-employed or freelancers. However, unemployed or Social Welfare recipients only have a chance if they can find a guarantor or co-applicant who would be prepared to pay the loan installments in an emergency.
This person must not be unemployed himself and must have a very good credit rating. Foreign banks only lend to workers, clerks or civil servants with a fixed income. Anyone interested in debt restructuring despite unemployment should also look for a co-applicant. Ideally, this person could apply for the loan himself. This procedure is particularly useful for spouses or life partners who share a household.
Application and approval
If you have found a suitable lender, you can usually submit the loan application online. The bank or private lender will immediately inform the customer which documents are still required for a final credit decision. Unemployment benefit is not just a social benefit, it is also attachable. This has both advantages and disadvantages. In any case, it is disadvantageous that the unemployment benefit cannot serve as security for debt restructuring despite unemployment.
For this reason, the bank will request proof of a surety or other loan collateral. If everything is OK, the loan can either be paid out in cash or transferred to the account. A cash payment guarantees that debt restructuring can be handled very discreetly despite unemployment and that nobody has to know about it. Similar arrangements can be made for repayment.