If you pay off multiple loans and lose track of what’s going on, it’s worth considering restructuring loans. You have taken several loans at the same time for different reasons? If you need to repay several installment or loan transactions in parallel, this can be very annoying. Interest savings are not the only reason for a rescheduling. com / rescheduling – multiple loans – summarize / more information on the subject.
Why you should reschedule several loans at once
Credit problems arise in the rarest of exceptions through a single bond transaction. In most cases, several loans have been taken at the same time: Often, those affected do not know how many loans exist in detail and what the situation is in terms of their remaining debt and interest. In such a case, it is advisable to reschedule as many loans as possible together to ensure an exemption clause.
A first big advantage is to get the overall overview already mentioned. The debt of several loans is difficult to understand. With only one loan left, it is much easier to work specifically on a debt relief. The repayment of old bonds is about grasping the crucial moment.
Unfortunately, many installment loans are tied to a specific deadline – and usually the individual loans end at very different times. For example, it is possible to combine at least two loans, namely a decaying or callable installment loan, and the overdraft facility.
A new purchase, your own home, refurbishment costs, many things can help you have a loan. With many different loans, you quickly get into the debt trap and you pay the interest rates you pay. The elegant way is certainly debt debt restructuring, and that often makes sense, and it’s almost irrelevant why the loan was used.
A classic example of debt rescheduling is the overdraft facility, which the National Bank grants to almost everyone. With permanent use, interest rates between 10% and 14% have to be paid, which is very expensive compared to other loans. It is advisable to charge a consumer credit for redemption, he can easily 4% interest and save more.
But it is not only within this credit line, which is easy to manage on the capital side, that debt can be repatriated; they are especially worthwhile in house financing. Anyone who used to take out a cheap loan with a long-term fixed interest rate is currently paying between 7% and 9% interest, the cheapest service providers today are well below the 5% mark.
You can quickly save tens of thousands of USD on debt debt restructuring here. This is usually not small, but with very old-fashioned contracts that still have a high fixed rate, rescheduling can pay off despite the penalty. Conversion of loans where the house bank has no security interest in the property is even easier; Here each borrower can dissolve the lease with a notice period of three months.
In addition to the termination, there are other ways to benefit from the currently low interest rates. This is nothing more than follow-up financing, with the only drawback that contract periods and interest rates can be set up to four years in advance. If interest rates continue to fall or do not rise in subsequent years, the borrower will retain a very expensive loan to which he will be re-attached for the time being.
In addition to house financing and overdrafts, rescheduling is also of interest to borrowers who have many different microcredits. 000?) Usually have a short-term but very high interest rate (~ 10%) and then it is advisable to liquidate a loan with a larger loan amount and replace all micro-loans.