Out-of-court attempt to settle debts

Our aim and objective is to provide you with everything you need to avoid insolvency if you wish or if it is the most sensible way for you to get out of debt. The out-of-court settlement attempt with the creditors is available for this purpose.
Out-of-court settlement is the supreme discipline of debt settlement. This involves checking and arranging all outstanding debts, e.g. loan installments due or unpaid bills, and making arrangements with all creditors to enable you to settle these debts appropriately. Debtors and creditors jointly attempt to reach an amicable agreement on the basis of a debt settlement plan.
The amount of (partial) debt relief and how the repayment of the remaining debts is structured depends on the debtor’s individual situation and is at the discretion of the creditor. In most cases, the payment of fixed monthly installments is agreed, but it is also possible to reach an agreement by means of a one-off payment, for example if friends or relatives provide you with a large amount to pay off your debts.
Advantage of the out-of-court settlement attempt:
Out-of-court settlements are advantageous for debtors and creditors. Both save money and time. No legal costs are due. In addition, the comparison rate is comparatively higher due to their omission.
Since the debtor does not incur any costs other than the agreed installment payments (court procedural costs) and is not subject to any instructions from a court or the insolvency administrator, he is prepared to invest more in a settlement.
If together we manage to convince all your creditors to enter into this out-of-court settlement with you, you will no longer have to go into insolvency.
However, there are two main prerequisites for an out-of-court debt settlement plan to have a chance of success:
You must be absolutely sure that you know all your creditors. If creditors are not included in the out-of-court settlement, they can continue to assert their claims. This can then lead to you not being able to meet your obligations from the out-of-court settlement, which would result in the out-of-court settlement failing. The old debts are then reinstated minus the payments already made.
You must be sure that you will be able to service the agreed installments over the entire term. If you are unable to do so, this would lead to the failure of the out-of-court settlement. Even then, the old debts minus the payments already made are reinstated.
If you conclude an out-of-court settlement with all creditors with our help and meet all your obligations in accordance with the contract, the proceedings will end at the end of the contract term and you will be debt-free!

Even if it is clear from the outset that an out-of-court settlement has no prospect of success, it must be implemented. An unsuccessful attempt with the help of a “suitable body” is a mandatory requirement for private individuals to carry out consumer or personal insolvency proceedings. Suitable bodies are members of the legal advisory professions such as lawyers, notaries or tax consultants.