Advice: save money with a debt rescheduling

Replacing the old loan with an inexpensive rescheduling loan can result in a significant reduction in the monthly rate.


Many people in Germany complain about prices that are too high, too many monthly debits and rising living costs. Groceries are becoming more and more expensive, rental prices are rising constantly and every month fees, contributions and installment payments reduce the net income. In doing so, many overlook the simplest cost-saving measures that every consumer has in their own hands and can implement without any effort.

The first source of savings that every consumer should consider first is contracts that are too expensive. Starting with the cell phone contract to expensive or superfluous insurance to the wrong electricity provider. Using financial comparison sites, you can quickly find out which provider is the cheapest and which offer best suits the requirements. In almost every German household there is a high potential for savings, which is not exhausted - either for convenience or on the assumption that by changing provider only a few euros can be saved anyway. But a comparison is indeed worthwhile.

This is not only the case with cell phone contracts or electricity providers. Even when changing your loan, savings of up to 30% of your monthly rate can be achieved. In the case of larger loan volumes, these can even be amounts in the three-digit range. We'll show you how to do this and what you need to consider.

Replacing an expensive old loan with a new, cheaper loan is also called rescheduling. The old loan agreement is terminated prematurely and the remaining debt is transferred to a rescheduling loan. Debt rescheduling is enjoying increasing popularity. The number of debt rescheduling in Germany has increased in recent years. This is not only due to the historic low in interest rates. Legal changes in favor of borrowers such as improved notice periods for existing loans or setting an upper limit for early repayment penalties have also favored the steady increase in debt rescheduling.

Debt rescheduling can have several positive effects:

  1. By consolidating several loans into one installment, the borrower has a better overview of his liabilities and can better control his installment payments.
  2. Since you currently get loans at unbeatable low interest rates, replacing the old loan with an inexpensive rescheduling loan can result in a significant reduction in the monthly rate.
  3. Since a rescheduling loan is usually only taken out for the remaining debt and for the remaining term, the interest rate can also be reduced through the shorter term. Because the shorter a loan, the cheaper the interest.
  4. Alternatively, you can use the savings you gain from the lower interest burden to increase the repayment rate. In this way, you will have paid off your loan faster with the same monthly rate.

For whom is debt rescheduling particularly useful?

If you have several loans in parallel with different banks, then a rescheduling is always advisable. By combining all current loans into one total rate, not only can you achieve a great reduction in the monthly burden, but you can also gain more control. But rescheduling can also be worthwhile for individual loans. Anyone who took out a loan from the bank at least five years ago had to accept quite high interest rates. In the current phase of low interest rates, loans only cost a fraction of that. Therefore, a comparison of different loan providers, e.g. via loan comparison sites, definitely pays off. Even those who regularly overdraw their account and frequently exhaust their overdraft facility should urgently think about a rescheduling loan. Because overdraft interest is usually many times higher than interest on an installment loan. Most loans can be replaced by a rescheduling loan. Exceptions, however, are some earmarked loans, such as car loans. Debt rescheduling is not easily possible here.

Basically, the following applies: A rescheduling loan is all the more worthwhile, the higher the interest rate on the old loan, the greater the remaining debt and the longer the remaining term.

What do I have to consider with the rescheduling loan?

The rescheduling of one or more loans is usually quick and easy, provided that a few points are observed:

  • First of all, you should find out the key data of your current loan, i.e. the APR, the remaining term and your monthly repayment. You can usually find this information in your repayment schedule.
  • Check the contractual arrangements for your loan regarding fees or “penalties” for early repayment. Since the consumer credit directive of June 10, 2010, banks are allowed to charge a prepayment penalty of a maximum of 1% of the remaining debt if the contract is still running for at least twelve months. This is regulated in § 502 BGB.
  • Loan agreements concluded on or after June 10, 2010 can even be terminated without having to comply with a notice period. Contracts that were previously concluded can usually be terminated with three months' notice.

Whether a rescheduling makes sense in individual cases or not depends on the total savings. You should determine these before you start a debt restructuring.

How much money can I save by rescheduling?

The amount of your savings depends on many factors, including the remaining debt, the term, the interest rate and any fees incurred on your old loan. In addition, your current income situation and your credit rating are decisive for the interest rate of the new debt rescheduling loan. Loan calculators can be an initial guide when you want to find out what savings a rescheduling loan can bring you. In a few steps, you will be calculated how much you can save with a rescheduling loan.

If you are specifically planning a rescheduling, simply send us your request online using our loan form. We determine for you the exact amount that you can save by rescheduling and arrange the rescheduling loan that best suits you. Take advantage of the opportunity to save real money by rescheduling!