There is nothing to prevent you from applying for a credit card or loan while you have a debt contract. However, your debt contract is recorded in your credit file for a period of five years or more for a period of five years and is listed on the National Personnel Insolvency Index (NPII), which is public for a period of five years from the date of the agreement or two years after the end date of the agreement. , the date on which this date expires. This data set will prevent standard lenders from offering you credit. If you are considering entering into a debt contract, here are the pros and cons that you should assess before moving on to the next step: you can submit a termination proposal in the event of a change in circumstances, an example of your intention to file for bankruptcy. The creditors will then vote on this proposal and, if they do not accept it, the terms of the original debt contract will remain unchanged. A creditor can also file a termination application. As soon as the approved debt contract begins, you begin to repay the amount agreed to the administrator (Safe Debt Management) who distributes the payments to creditors. If you have paid the agreed amount, your creditors will not be able to recover the rest of the money owed and you will be financially free of these debts. To be eligible for a debt contract, you must: Debt negotiators can help you reach a debt deal with your creditors and find a solution that will allow you to avoid bankruptcy. We help you enter into informal and formal debt contracts, including Part 9 of the debt agreements (also known as Part IX debt contracts). On the other hand, unsecured creditors do not have such a provision because their debts do not have a guarantee.
Such an agreement does not exempt other persons held jointly with the debtor and creditors are free to sue them to recover their debts. Once your contract is over, most of your debts will be discharged and you will no longer have to pay them. Be aware that you may still have some debts to pay. No, although debt contracts are managed in accordance with bankruptcy law, they are an alternative to bankruptcy. However, by submitting a proposal, you are committing „an act of bankruptcy.”