A garnishment of wages is a drastic measure that is only taken if the debtor has not responded to several reminders from the creditors and a notice of enforcement has already been issued. This always results in a negative entry at private credit checker, with the result that there is no longer any creditworthiness.
A garnishment of wages is also noted on the monthly wage or salary statement. This makes it visible to everyone. For all of the reasons mentioned, debt rescheduling is very difficult to achieve despite the attachment of wages.
German and foreign bank loans
No German bank, savings bank or Folkabanks will grant a loan to a person who has serious negative private credit checker entries. A garnishment is always included. As understandable as the desire for debt restructuring or a combination of several loans may be, it will not be possible to achieve this. However, the negative private credit checker entries are not the only obstacle to lending. In the case of a garnishment of wages, all amounts of money that exceed the statutory garnishment exemption limit are automatically transferred from the employer to the creditor.
A Agree bank will also not reschedule despite the garnishment of wages. The main reason for this is that every Agree bank will request a pay slip from their future credit customers. In this way, the garnishment is immediately visible, which almost always means that the debt restructuring is rejected despite the garnishment.
Private credit intermediaries and private loans
There are some credit intermediaries who already have years or decades of experience and numerous connections to domestic and foreign lenders. It cannot be generally assessed whether and to what extent they can reschedule debt despite attachment of wages. Here it always depends on the specific individual case.
When choosing a suitable credit broker, it is advisable to exercise some caution. Under no circumstances should any unrealistic promise be believed. No private or institutional lender will lend money without some level of security. This also applies to a loan that is taken out in the private circle of friends or with relatives.
Anyone who has not yet been able to repay their old debts should critically question whether they really have the financial means to repay a loan properly, on time and in full. If this is not the case, it would be better to look for other solutions, to agree with the creditors about payment in installments or a temporary deferral and, if in doubt, to seek advice from a debtor. However, the latter should be reputable and not charge any fees. Serious debt counseling is offered by state or church aid organizations.