I have way too many unpaid invoices

First, it is important to assess the overall situation of your debts. Ask for a summary of your debts from the collection agencies and the enforcement authority.

There are different methods to resolve payment difficulties, depending on the severity of the situation. On occasion, the situation can be amended using simple methods, such as agreeing on a longer-term payment plan with the collection agency of enforcement authority. However, usually resolving the problems requires assessments and negotiations with several different creditors and reviewing and adjusting one’s consumption patterns.

Your problems can be resolved using voluntary arrangements were:

1. a new payment plan is made with each creditor or
2. the debts are combined and paid off using a new loan or
3. a payment agreement is made for some of the debts and some are combined and paid off using a new loan.

Reorganisation loans, which are used to pay off existing debt, are issued by banks. The Guarantee Foundation provides guarantees against reorganisation loans.

Voluntary arrangements require that you are solvent enough to handle your debts for the entire agreed duration. Occasionally, it can also be possible that creditors write off some of the loans. It is possible to negotiate the costs and interest rates, for example.

If your debt situation cannot be resolved using voluntary methods due to, for example, long-term or permanent insolvency, you should look into your ability to obtain a court-ordered debt restructuring.

Contact the collection agency, ask for a summary of your outstanding debts and ask for advice. In many cases, the creditor authorises the collection agency to discuss the arrangements on their behalf.

We also recommend that you contact the Guarantee Foundation or your municipality’s debt advisory services. See more links regarding debt advisory services in our Links section.