Debt restructuring without Credit bureau information

by Carla Lyons

Debt restructuring without Credit bureau information, through a reputable foreign bank, can accompany the return to financial normality. The article provides more information on debt restructuring via a foreign loan without Credit bureau.

Debt restructuring without Credit bureau information – Credit bureau-free Swiss loan

Debt restructuring without Credit bureau information - Credit bureau-free Swiss loan

The arm of the Credit bureau extends very far in Germany. Almost every bank draws up information from Credit bureau when lending. Credit bureau is therefore almost “almighty” for determining creditworthiness. There is also no commercial loan provider, apart from the pawnshop, which does not report an approved loan to Credit bureau. Debt restructuring without Credit bureau information is therefore dependent on a foreign loan. This loan option is advertised primarily as a Swiss loan without Credit bureau.

Until 2009, the name actually corresponded to the country of origin of this type of loan. At that time, several direct providers were based in Switzerland. The “end” for these providers came in April 2009. The decision of the Federal Administrative Court prohibited the largest provider of Credit bureau-free loans from operating in Germany. All providers at that time lacked the banking license for cross-border lending. Only in advertising has everything stayed the same.

In 2013, Swiss credit is advertised by credit brokerage companies practically without exception. The advertising still conveys the image of different loan providers vying for customers. That is not entirely correct. As far as is known, only a single bank from Liechtenstein may legally grant Credit bureau-free loans to Germans. It is Cream bank, which was founded in 2010 especially for this purpose. The application for a debt rescheduling without Credit bureau information can be made directly at the credit bank or through an intermediary.

Borrower’s requirements for debt rescheduling


The requirements for applying for a loan and the processing times are the same for everyone. It makes no difference whether an urgent loan from a credit broker or a loan is applied for on the bank’s homepage. The application via the credit intermediary is only a little more convenient, but it is also more expensive. Only dependently employed applicants have a credit opportunity. The loan is secured only through labor income. Guaranteeing or pledging a real asset does not improve credit opportunities.

Emphasis is placed on an employment contract that is unlimited, not terminated and has also been in place for at least 12 months. (Special regulation for time soldiers). The attachable portion of the monthly income is used to secure loans. He is to be ceded. The net income must therefore clearly exceed the garnishment exemption limit. There must also be no seizure of wages or existing assignment of salary. If the income is too low or is not fully transferred to the borrower’s bank account, the credit request is rejected.

The credit check does not only include a look at the income situation. The public debt register is also viewed. An entry in the public debtor register also results in the loan being rejected. Interested parties who meet the above requirements can apply for one of two loan amounts for debt rescheduling.

Loan conditions for a debt-free debt rescheduling loan

Loan conditions for a debt-free debt rescheduling loan

A debt rescheduling without Credit bureau information can be requested in the amount of 3,500 USD or 5,000 USD. For the loan model with 3,500 USD Credit bureau-free credit, 11.62 percent effective annual interest is calculated. A single person without any maintenance obligations can qualify for the loan with a net income of at least 1,130 USD. The repayment is made in 40 equal monthly installments of USD 105.95 each.

If 5,000 USD are to be rescheduled debt-free, then the Spin bank charges 11.61 percent APR. The minimum income to qualify for the loan, again using the example of a single person, must be 1,600 USD net. Repayment can only be made in 40 constant monthly installments. For the rescheduling of 5,000 USD, the monthly installment is 151.35 USD.

Debt restructuring in two phases

Debt restructuring in two phases

If larger amounts are to be rescheduled, a loan without Credit bureau is usually not enough. Only one loan per applicant can be granted. The combination of both loan models is unfortunately also excluded. Nevertheless, a Liechtenstein loan proves to be a valuable start-up aid for a comprehensive debt restructuring. Due to the debt rescheduling without Credit bureau information, it is often possible to mark the active Credit bureau entry with the note “done”.

If all Credit bureau entries have been declared done, the loan offers expand again noticeably. Although a “normal” loan cannot be used for three years, the offers can still be used despite Credit bureau.