Who has not come across such small ads offering bad credit loans (no SCHUFA needed) or the reduction of debts for those having a bad credit rating.
They are offered by unscrupulous providers who only want to cash money: they charge for fees, service charge or commission in advance.
There are numerous of these dubious providers and the numbers are growing as more and more consumers have debts.
These unlicensed debt consolidators promise help und lure people by pretending that they care for everything. Or they offer the services of a credit broker and promise a consolidation loan.
Such debt consolidation does not get you anywhere! You only accumulate more debts!
If you are unable to repay your debts from your disposable income within six years, only a discharge under the "Verbraucherinsolvenzverfahren" (bankruptcy procedure) can release you from your debts.
For that, you need the help of a licensed debt counsellor. Debt counsellors from abroad do not have such a license! Your local Verbraucherzentrale can give you the address of licensed counsellors.
Likewise, who believes a credit broker can arrange for bad credit loan (no SCHUFA needed), will be disappointed! You will not get a credit, but be required to pay in advance.
A consumer from Austria paid more than 4.000 € as a commission to a credit broker in Germany, but never received the promised credit of 20.000 €.
The chances of retrieving the 4.000 € paid are low as the credit broker has moved to an unknown address.
Don’t be ripped off by sharks!
There is no credit without SCHUFA! Everyone checks with credit reference agencies before giving away money.
Look for these warning signs...
- small ads in newspapers, the Internet or bulk mail
- you can only contact them dialling an expensive 0900- or 118 telephone number
- you receive a letter addressed to you personally and you have publicly declared the "eidesstattliche Versicherung" (formerly Offenbarungseid)
- the creditor is a private investor
- the creditor resides abroad (often in Austria or Switzerland)
- you can choose the sum and the running time of the credit
- the monthly rates are suited to your needs
- SCHUFA or other credit reference agencies are not contacted
- you have to pay money in advance, e.g. for commission, arrears, insurance
- you have to enter into further expensive insurance contracts
- the contract documents are send to you by cash on delivery (C.O.D.)
- you have to transfer commission to a trustee’s account beforehand
- you have to pay via Western Union
- you get a direct debit authorisation and are supposed to collect the credit from someone else’s account
- it remains unclear, what exactly the debt counsellors does
- the debt counsellors refers you to a lawyer he is working with
- the debt counsellors does not arrange for an agreement with your debtors but simply distributes a monthly payment.
Whenever you have to pay in advance, don’t do it!
Contact us before signing any documents!
If you did, we still might be able to help you.
