Consumer bankruptcy is certainly not a very nice and pleasant thing. So much the better if consumers are free of debt after the difficult time. However, debt-free does not automatically mean that consumers are also creditworthy again. The loan after debt relief is usually only possible if there is no negative entry at credit bureau and all claims have been canceled. The mere fact of getting a credit card can be very problematic in many cases. It is not much different with an overdraft facility. Only those who can show a stable income situation over a longer period of time will be able to obtain a loan after debt relief.
Debt relief – bankruptcy is not immediately deleted from credit bureau
After the discharge of the remaining debt, many think that it is easy to get a loan. The credit bureau credit report saves personal bankruptcy for a further three years after repayment.
Of course, with the indication that personal bankruptcy is done, but such an entry can already cause credit institutions to refuse to lend. Not only the fact that the entry remains for another three years, it is also only completely deleted at the end of the calendar year. So it seems almost certain that credit inquiries will hardly be processed positively during this time. So the loan after debt relief is certainly associated with some difficulties and challenges.
Internet for credit check
The World Wide Web is a great way to get an overview of current loan offers. If you are looking for a loan for debt relief, you will definitely find one or the other offer. Nevertheless, the existing entry ( deletion of the credit bureau entry only after three years ) can be fatal. However, a loan contract should never be signed prematurely. With a direct bank, potential borrowers certainly have chances to get a loan after debt relief.
Which bank or lender grants credit after debt relief?
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For credit providers, lending after the debt relief is a very big risk. Because private bankruptcy has occurred since loans could no longer be paid. Therefore, it is very difficult to get a personal bankruptcy loan from a lender or bank.
Still, there is hope to get a debt relief after a personal bankruptcy. If the rest of the data is correct and the financial situation has improved, many credit institutions have nothing against a positive approval. Borrowers should, however, scrutinize the offers carefully to avoid getting into a financial dilemma again. The creditworthiness is not only very important for a loan after debt relief, it is usually checked even without bankruptcy proceedings.
The most important requirements / opportunities for a loan after successful personal bankruptcy with a bank
7 years of well-being phase and then 3 years of credit bureau entry credit bureau entry must therefore have been deleted!) For this reason, it is advisable to obtain information from the credit bureau!