The request for the consolidation of debts with the transfer of the fifth is a formula increasingly requested and provided within the Italian credit market: the decision to use a single maxi rata in which all the loans in progress are brought together becomes even more convenient if it becomes You can return the amount due by direct deduction of one fifth of your salary or social security allowance. The consolidation of payables with the transfer of the fifth thus allows to put in order their financial situation, enclosing in a more sustainable installment all the loans in progress: generally this type of amortization is granted only with a repayment plan up to 10 years, but in the In the case of debt consolidation, there may be amortization over 120 months, extending the term of the loans, thus also customizing the amount of the installment. Let’s see how the consolidation of debts with assignment of the fifth works.
Debt consolidation with assignment of the fifth: how does it work?
This type of non-finalized financing allows the applicant to not produce any documentation to justify the destination of the sum paid: once the request has been made, the bank must assess the residual amount of the capital of all the installments in progress, including the assignment of the fifth, and in the case of a positive outcome, pay the capital directly to the beneficiary’s current account, so as to pay off the total debt in a single solution. The beneficiary subject of the loan will have to repay this debt with the paying agency through a single monthly repayment installment: the assignment of the fifth is the ideal solution for workers with permanent contracts and pensioners, who can therefore sustain depreciation without having to rush to remember the due date of the installment, which is deducted directly from the current account for a maximum of one fifth of your monthly income. Furthermore, it should not be forgotten that with the debt consolidation it is possible to request additional liquidity in case of additional urgent expenses, which will become part of the overall sum to be repaid monthly.
What are the requirements for obtaining debt consolidation with a fifth sale? First of all, it will be necessary to demonstrate a length of service of at least 6 years, with the TFR to act as a guarantee for the financial company that provides the sum in case of insolvency of the applicant. For the rest, the consolidation of debts with the assignment of the fifth does not require special guarantees with respect to a normal loan: it will be sufficient to present at the time of the request the documentation certifying the working status and the contracts of all the loans in progress that are wished to be extinguished, and at the time of stipulation of the contract, it will be possible to set the most suitable interest rate, which will be lower than that of existing loans. Recall that through the debt consolidation tool you can get up to 40 thousand euro, repayable through low-rate installments and with a longer and more sustainable repayment plan.
What to evaluate
We close our discussion on the consolidation of debts with the assignment of the fifth, focusing on the aspects to be assessed before making a request for financing that will in any case commit the debtor for a long period of time. This type of loan is granted only to workers with permanent contracts or fixed-term contracts, but with a duration not exceeding that of the loan stipulated: the maximum amount of the monthly payment, to be truly sustainable by those who contract the debt, it can not be higher by law at 20 or 40 per cent of the net salary. In addition, it must be remembered, according to what is established by current legislation, that 40 percent is granted only if a request is made for the transfer of the fifth to consolidate debts. The interest rate of debt consolidation is generally lower than that of individual loans, through the choice of only one maxi rata but reduced in amount, which is precisely the essence of this financial instrument arose in order to help those who fail to support all the loans contracted.