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11 tips for an out-of-court settlement

Tip 6: open a new account

We recommend our clients anew account at another bank to open.

The choice of a new bank should be a bank where there is no debt on your part. If necessary, you can convert this account to a P-account so that you have a certain static Protection against attachment of accounts to be able to enjoy.

You should now use the newly set up account as soon as possible for all incoming income. Only when your creditors realize that you are serious about your debt relief and the related settlement will they be ready to waive part of the claims against you.

Changing your account is a tried and tested tactical step in the specific preparation of your out-of-court settlement.

Tip 7: Only negotiate with all creditors when they are ready for settlement

In principle, there is freedom of contract in negotiations in the context of an out-of-court debt settlement. This means that the law does not usually have any formal requirements that could affect you when designing your comparison offer.

In theory, it means the following for you: As a debtor, you are fundamentally free to negotiate and come to an agreement with the individual creditors individually about unequal repayment amounts. As long as you get the individual consents and make the payments, you are also allowed to pursue such a negotiation strategy. So much for the theory!

However, it harbors practice There are some risks to you in doing so. With this negotiation strategy, you make individual creditors better than others. So there is a Unequal treatment before that your agreement reached under certain conditions contestable can do and a Failure risk for a potential bankruptcy that is due at a later date!

Fair distribution of quotas ensures discharge of residual debt

Accordingly, it is important that you negotiate your settlement with a Overall comparison plan lead to your entire creditors by means of a fair distribution of quotas treated equally and in which all Requirements taken into account become. This fact is also due to the fact that many creditors make their approval dependent on the approval of the other creditors at the same rate.

If you still want to treat individual creditors separately outside of the out-of-court settlement, for example due to special security interests, this requires at least a special justification, so that further problems such as a Refusal of discharge of residual debt avoided can be.

It is also important that you do all of the above as mentioned above individual claims in your out-of-court debt settlement plan consider. This also applies to multiple debt positions with the same creditor. You can use the different Business and file numbersdraw in. If individual claims are simply ignored due to inattention, it may well happen that the settlement is only concluded on individual claims positions. This would give you the impression that you are free of debt after the settlement has been repaid, although individual claims still exist against you.