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Finding the account with the best conditions is an impossible undertaking! In our fast-paced world, the fees for a bank account change regularly and once you have found the supposedly best conditions at a bank, the next provider brings a much better offer onto the market.
If you now want to change the account, the question arises: “ Can I change my account even though I have an outstanding loan? “It is of course possible to change banks even if there are still liabilities to be paid. However, many consumers are afraid to go to another credit institution if they still have an ongoing loan or an overdraft facility that has been used. In principle, there is no major problem with this.
How does an account change work?
The attachment of an account is a means of foreclosure by means of a legally obtained resolution. The aim of the attachment of the account is to settle outstanding debts that have not been paid after repeated payment reminders and reminders. The outstanding amount is transferred from the debtor's account to the creditor.
The attachment order must be properly served on those affected and will come into force within four weeks. After this period has expired, the outstanding claims will be collected from the debtor's account. Within the four weeks, the debtor is unable to make transfers or withdraw money. The basis for the change is to pay off the existing debts. First, you should ask the new bank of your choice whether a loan can be taken out. Once the loan is approved, the new account can be opened straight away. The old account can then be terminated and closed. The outstanding claims will be settled with the loan amount received from the new credit institution.
What are the costs for switching accounts?
When taking out a new loan, a higher interest rate can certainly be charged, as the new service provider is not obliged to accept the previous conditions. Whether there are additional costs when switching depends entirely on the respective banks. Some charge fees for the resolutions, while others charge no extra charge.
What should you watch out for when switching accounts?
To ensure that the money is available on time to pay off the first loan, you should discuss with the new credit institution in advance when and in what amount the loan will be required. In addition, you should clarify with the previous lender how much the debt to be paid is exactly. You can also try to avoid compensation due to the early repayment. For the approval, the new provider will most likely need various documents in order to check the creditworthiness. In most cases, information is requested from the Schufa or evidence of salary payments is required.