Apprentices often have a hard time financially. If there is no financial support from the parents, the trainees have to cope with very little money every month. In most training occupations, the monthly remuneration ranges between 400 and 800 euros.
Considering that in individual cases, rent and bills have to be paid, so it is not surprising that at the end of the month often no money is left. On the contrary – it is not uncommon for trainees to be in debt to make a living. It often does not take long, as several positions have accumulated, which can result in a handsome total debt. Not enough, because of many individual creditors, the trainee can also lose the overview. All this leads to psychological stress, which ultimately comes at the expense of training and the general well-being. The rescheduling for trainees is a good way to solve these problems and to go back a little freer in everyday life.
Debt restructuring by the house bank:
A debt restructuring is the concentration of multiple liability positions, to one or only a few creditors. Depending on the size of the various liabilities, the trainee does not have to worry about the job of organizing his documents and invoices. After this first step, he can initiate debt consolidation for trainees on his own, with the help of parents or through a debt counseling service. The first point of contact should be the house bank in this context. This person knows the trainee ideally and also has insight into the financial circumstances of the trainee. There is no doubt that the trainee relies on the goodwill of the house bank when it comes to debt consolidation for trainees.
If the total amount is not too high and the trainee shows a goodwill or an attractive payment history, the house bank should usually agree to the debt restructuring for trainees. If this is the case, the trainee now only has to pay one installment to a creditor – in this case the principal bank. Once this has been confirmed by contract, the bank will provide the necessary financial resources to service all the individual creditors. The trainee now has significantly less stress and can concentrate on his essential tasks again.
Reasonable installment agreement:
It is both in the interest of the house bank, as well as in the interest of the trainee, that the debt repayment loan is paid as soon as possible. However, this is difficult to achieve with the most modest incomes of education. In consultation with the house bank, therefore, a reasonable monthly installment should be agreed. In any case, this should be in the amount of the trainee’s monthly budget. Only if this is guaranteed does debt restructuring make sense for trainees. Otherwise, it would not be long before the debt trap snaps shut again if the new creditor could not be served.
What to do if the house bank refuses?
The first requirement for debt restructuring for apprentices is the age of majority. Only after the age of 18, a rescheduling can be made on their own initiative. However, there may be other reasons that lead the house bank to reject the reschedulatory application. These may be, for example, in the amount of the total debt or a very negative credit rating in connection with Schufa entries. If you still want to get the rescheduling done, then help by third parties is indispensable.
In the best case, the parents vouch for the debt restructuring for trainees. If the parents are liquid, a guarantee is not a problem. In the case of the guarantee, the liability no longer lies with the apprentice himself, but is the responsibility of the parents as guarantors. Of course there is also the possibility to move friends or acquaintances to a guarantee. If this succeeds, however, one should ask oneself whether the debt restructuring for trainees can not be carried out directly by the financial means of the guarantors. This can be simpler than the involvement of a credit institution. In addition, there is usually no interest on private help.
Last chance – alternative credit institutions:
If the house bank has declined and nobody in the private sector can win it for guarantee purposes, then only the search for alternative credit institutions remains. For this purpose, a search on the Internet is suitable. On so-called credit comparison sites, the trainee finds opportunities, conditions and terms of the respective provider. Still relatively new is the possibility of rescheduling with the help of private loan platforms. Here, the trainee can borrow money from private, which is then used for debt rescheduling purposes.