This truism also applies to the historically low interest rates.

 This truism also applies to the historically low interest rates.

Savers are cursing the lack of interest income, but consumers with an ongoing credit agreement can take advantage of the favorable interest rates for early loan repayment and debt restructuring. With the help of the Verivox rescheduling calculator, every borrower can easily calculate the individual savings potential of early loan repayment.

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Low interest rates make rescheduling interesting

The Bundesbank statistics on interest rate development of installment loans shows that as late as October 2013, the average annual percentage rate of interest on loans with more than 5 years was 8.00 percent. Four years later, borrowers paid on average only 6.81 percent for a loan.


Loans for the loan repayment are particularly favorable

Even the Bundesbank statistics indicate savings potential. But it is still much cheaper, as the following example shows: A borrower who has taken in October 2013 to the APR of 8 percent a loan of 18,000 euros with 7-year term, pays a monthly installment of 278 euros. At the end of October 2017, the remaining debt of the loan amounted to 8,910 euros.

Now the borrower wants to take out a new loan and thus replace the expensive old loan and makes a credit comparison. Loans in the amount required for the rescheduling with a term of 3 years give the cheapest banks an effective two-thirds interest of 2.92 percent. This means that two-thirds of all customers receive this or a better interest rate.

Important tip for borrowers: In order to obtain a favorable loan interest for the loan repayment, you should definitely select the purpose of “debt restructuring / loan repayment” when making the loan request. Only then can the bank take into account in the credit check on the Schufa that the new loan merely replaces an existing loan and does not accept another one. This improves your Schufa score and gives you a better interest rate.

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Redeem Credit: These rules apply to rescheduling

Loans that have been closed after June 11, 2010, may be redeemed at any time without notice to borrowers. As compensation for the lost interest, the bank can often demand a compensation payment for early loan repayments.

The amount of this so-called prepayment penalty is regulated by law: If the remaining term of the loan is less than one year on redemption, the bank may not claim more than 0.5 percent of the outstanding debt. For longer maturities, the compensation for the early repayment of the old loan amounts to a maximum of one percent of the remaining debt. In order to replace the old loan agreement, in our calculation example, therefore, around 89 euros prepayment penalty must be paid.

If the conclusion of the credit agreement was before that date, then old law will apply. Borrowers can only repay such loans at the earliest six months after payment with a notice period of three months. Whether and to what extent a prepayment penalty will be due for the repayment of such loans is apparent from the individual provisions in the loan agreement.

Check conditions of the loan to be replaced

Some loans can replace consumers without prepayment penalty. If the terms of the old loan allow for free special repayments of any amount, early repayment is possible at no extra cost.

Unlike a installment loan, general loans can generally be repaid in full at any time without prepayment penalty. The refinancing of home and corporate loans is more complicated. In this case, our prepayment penalty calculator helps to estimate the cost of early rescheduling of your mortgage lending.

Step by step: calculating the savings potential of the loan repayment

For installment loans, debt rescheduling always pays off when the interest savings are higher than the compensation that consumers have to pay to the old bank when they replace the old loan. Borrowers should first determine the remaining debt, the remaining term and the amount of the early repayment penalty. From this they can deduce what the sum for the loan repayment must be.

With a credit comparison, they then check the available credit conditions for their new installment loan ( important: use “Rescheduling / Loan”). The easiest way to calculate the savings potential, if the new loan runs as long as the old loan would have gone. If the monthly installment for the new loan is lower than the rate for the old loan, the loan repayment is worth it.


A woman puts her organs for sale to settle a debt of about 300,000 euros

A woman puts her organs for sale to settle a debt of about 300,000 euros


A Leonese is willing to ” donate their organs in exchange for financial compensation”, since, as she says, her situation is totally critical, she lives isolated in her house and has a debt that reaches 300,000 euros.

I could be a prostitute but I’m old for it

After working 42 years, IA, she is submerged in an economic and psychological crisis. IA remembers those years when he had an establishment and a bar, his children went to private schools until the economic crisis changed his life in a radical way. He began to lose his business, the furniture of the bar had to sell for about 4,000 euros, of which the Treasury took 3,900 euros.


Of the other business that he owned, in which he had invested some 72,000 euros, and that he avoided losing in the last two years, he had to give everything away from the furniture to the machines and he had to get rid of everything in order to extinguish the contract and with it income and taxes.

Faced with this situation, he went through all the banks and requested all the aid established by the state, in addition to asking for credits from friends . In the face of repeated denials, he has made the most important decision of his life and the one that generates the most controversy.

Unable to sell anything, he has opted for the donation of his organs in exchange for an economic reward, that is, he has put his organs on sale . “When someone comes to this situation is that he has traveled half the world looking for another solution, I could be a prostitute but I am old for it, I could traffic in narcotics, but I can not, it is not my way of life, or I could even beg but I do not “, says IA

It all started when I lost business, I started working 18 hours a day

The only solution he has found for now is “the donation of his organs in exchange for an economic reward”, since he needs to take his children forward. At this time it is the only thing that remains, the other option is less reassuring, it is “a camouflaged suicide, if I kill myself they do not give my daughter money , but if it is a traffic accident yes, there are all the days”.

IA tried to sell the house – to deal with an embargo order – but the appraisal of his house does not cover even a part of the mortgage – since the debt amounts to around 300,000 euros – and she only gets about 150,000 euros for it home.

A sick daughter

The misfortunes say that they do not come alone, in addition to the debt, their daughter is ill . “They are my organs and it’s the only thing I can sell, I do not expect anyone to judge me, since others do worse things, but I feel obliged to take my people forward, it took 42 years to do it,” she says, desperate.

In the face of these adverse circumstances, AI has been in psychiatric treatment for one year. “It all started when I lost business , I started working 18 hours a day, but with all the jobs I did not get a salary of 3,000 euros to deal with monthly letters, seeing this situation I went into depression,” he concludes.

So, so far, it’s the only solution you’ve found, maybe it’s really a cry for help for someone to do something.



If you lacked money, would you be able to try to sell your organs?

I would be able to, but it’s illegal and I would not try.
5.32% (62 votes)
If I did not have another option, I would play it.
22.38% (261 votes)
I would not pledge my health or my freedom for something I can get otherwise. In addition, it is disrespectful to those who have been waiting for an organ for years.
72.3% (843 votes)
see survey