Those who are in education can usually only have a low income. If the expenses are not paid close attention, then a situation quickly arises in which many debts can accumulate. To avoid being overwhelmed by the burden, rescheduling is often the only solution for apprentices. How easy this succeeds depends above all on the level of debt.

This is how the debt restructuring for apprentices works

This is how the debt restructuring for apprentices works

Financing offers from merchants or using an overdraft on an account are often used too carelessly by many apprentices. In this way, however, a large mountain of debt quickly accumulates, in which interest rates in particular can be a major burden. With a rescheduling many people try to approach this problem. A central loan with comparatively good conditions is taken in order to be able to pay off the old debts. This, in turn, reduces interest charges and, in the long term, can reduce debt faster.

The rescheduling of apprentices is a special case and involves some difficulties. In general, the loan is realized in the debt restructuring by a bank loan. However, banks are reluctant to grant credit to apprentices. Due to the low wages and the temporary employment contracts, it is very difficult for a trainee to convince a bank. Good chances exist if the loan amount is rather small and the term does not exceed the remaining term of the employment contract.

In such cases, many banks are quite ready for a loan. Alternatively, solvent guarantors or collateral can be a good persuasive argument. Those who can provide such additional coverage are also able to increase their chances significantly. If this is not the case, then the whole thing is a little more difficult.

Alternative solutions

Alternative solutions

If the rescheduling for apprentices fails on the basis of a bank loan, then you have to look for alternatives. One possibility would be, for example, an education loan. However, this is only granted if the trainee can prove that the money is needed for his education. For the debt restructuring, he is therefore used only in very few cases. However, a general request does not usually hurt.
Another alternative may be private credit intermediaries. These are easiest to find on the internet, where there are a variety of portals and providers.

However, a private loan should always be checked very carefully. Usually, the terms are higher than for comparable loans from banks. Especially with the interest should look carefully. This is the only way to be sure that in the end there will be a debt restructuring for apprentices. Replacing high interest costs with other high interest costs does not really help the trainee. Therefore, private loan offers should be compared exactly. In addition, it is important that you look at the providers also very carefully.

There are some black sheep in the net trying to profit from people’s plight. In addition to a precise comparison of offers should therefore always be a search on the provider. This is the only way to ensure that the loan can really help with the debt restructuring and free the apprentice from his plight.