Obtaining a loan despite Credit Bureau and bankruptcy is not a matter of course. An ongoing bankruptcy procedure scares off any potential lender. The silence of bankruptcy, deceiving potential lenders, does not pay off. Bankruptcy credit is a difficult subject, and a lot can go wrong when trying to get a loan.
Credit despite Credit Bureau and bankruptcy – a difficult starting point
Usually lenders make a few basic requirements for lending. The basis of every loan is the applicant’s basic repayment ability. In addition, he should have proven his contractual payment behavior, with previously concluded contracts. Compliance with the contract can be demonstrated via Credit Bureau. Practically every loan is noted at Credit Bureau. In addition, Credit Bureau stores data about the debtor’s payment behavior. Misconduct leads to the dreaded negative Credit Bureau entry.
The solvency relevant for a loan is derived exclusively from the unencumbered attachable income. The income below the attachment limit is not attachable. Neither income security nor repayment ability can be derived from it. The loan despite Credit Bureau and bankruptcy is a loan request, in which the borrower sets the bar for both minimum requirements for lending. The attempt at credit is therefore doomed to failure at any ordinary financial institution. Only the credit rejection “adorns” the Credit Bureau as a further negative entry.
Credit intermediaries as a way out?
Credit intermediaries are prepared for difficult credit situations. They can invalidate an ordinary negative Credit Bureau entry. The insolvency proven by the bankruptcy is not so easy to sweep off the table. The insolvency administrator now has all monetary rights, savings, life insurance and valuables. He also manages the income above the garnishment limit. There is no income available to repay the loan.
The credit intermediary has nothing in his hand that he could offer the foreign bank as security. A surety would be the last remaining means to convince potential donors. However, in order for the loan to be possible despite Credit Bureau and bankruptcy, an oversized potent surety would have to step in.
To keep silent about the bankruptcy, the Credit Bureau is finally not seen, is a double-edged sword. According to the law, bankruptcy must be communicated to every lender immediately and without being asked. If it were granted a loan and the whole thing is exposed, it is credit fraud and can be punished with a prison sentence. Up to five years’ imprisonment is at stake.
Credit from private donors and other sources
Of course, private donors can be considered as a loan option. Perhaps you understand the situation and would like to help with a small “financial injection”. The expected credit volume for a loan is very limited despite Credit Bureau and private bankruptcy. It is difficult to say whether the inevitable upfront costs for the platform and certificates can be recovered.
Emergency loans from charities or the churches remain realistic. Bridging help from a pawnshop is also possible.