LOAN WITH PAYMENT DELEGATION: HOW YOU CAN EXPLOIT IT TO GET MORE LIQUIDITY OR FAVOR OF A DEBT CONSOLIDATION PLAN
In this article we will talk about:
- You already have too many loans in progress and you can not get more cash to get rid of the burden of the installments?
- Your paycheck is already engaged with a sale of the fifth and you think nobody can finance you anymore?
- How to get rid of the weight of the installments obtaining other liquidity with other loans in progress.
- How to be funded when perhaps the paycheck is already engaged with a sale of the fifth.
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- Estimated reading time: 5 minutes.
The loan with Delegation is a type of loan that has assumed great importance on the loan landscape, as it allows you to make double deductions on the salary (second-fifth), still offering another possibility to employees who want to access the loan even in situations of misunderstandings with other financial or in the presence of foreclosures, mortgages or even protests that limit access to credit- bankruptcyhq.cOM/.
The Loan with Delegation: what does it foresee
The Delegation of Payment also known by the term of Double Fifth is necessary when the salary of the employee is already present a transfer of the fifth previously stipulated and non-renewable (less than 40% of the duration of the loan). This loan can be assessed when new financial liquidity is needed, but it may also be required for higher amounts in combination with the sale of the fifth.
This transaction, however, is not regulated by law but is made possible only by agreement with its own Administration, which expresses the consent to charge an additional installment to the one already in progress (transfer of the fifth) if present. In the public sector, it is verified that the same Administration periodically renews the agreement directly with the financial institutions for the stipulation of the “delegation of payment of salaries”. The Administration itself indicates the limits and requirements to which financial institutions must comply in finalizing the financing contracts with the employees of their administration. On the other hand, with regard to private administrations, a convention of payment delegations with financial institutions is rarely concluded, but they reserve, at their sole discretion, the acceptance of a request for a second deduction from salary.
A loan with Delegation: who can request it?
As already mentioned, this type of loan is subject to discretion by the employer, this means that it does not represent a legislated right of the worker as the assignment of the fifth.
The subjects that can access it are:
Government employees – upon the signing of an annual agreement between the Finance Company and the Administration, almost all of them accept the payment delegation requests;
Public employees – access to the loan by proxy must be accepted by the body for which the service is provided, but also, in this case, every year general agreements are stipulated between the parties (Istituto Finanziario – Administration of belonging), to regulate the ‘access;
Private employees – the double deduction must be allowed and always granted by the employer’s free decision and by the risk and assumption criteria that the financial intermediary allows; moreover, these are necessary requisites, a good coefficient of an insurance risk for the Company, a good length of service and the accumulated severance pay.
Employees of private companies with less than 20 employees as non-evaluable companies and pensioners can not access the payment proxy.
As for the assignment of the fifth, the payment delegation also envisages durations of between 3 and 10 years and a maximum amount that can be requested of 80 thousand euros, as well as insurance coverage regarding employment and life risks.
A loan with Delegation: the ideal solution to enclose all debts in one installment
The Loan with Delegation , therefore, is particularly suitable for urgent liquidity needs, first of all, the consolidation of other debts in progress, with the further advantage of being able to delay the repayment of the same over a longer period (120 months) and to pay a single installment that is certainly less onerous.
The cases in which this funding appears to be a frequent reason for requesting:
Presence of assignment of the non-renewable fifth (not yet spent 40% of the duration)
Too many current installments that do not allow you to access a new personal loan
Need for large sums such as renovating home, new cars, facing unexpected expenses.
Problems related to situations of litigation with other lenders
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Among the Conventions for active payment Delegations we mention:
- State Police
- Italian army
- Guardia di Finanza
- Military Air Force
- Penitentiary Police
- Ministry of Justice
- Asl and Hospital Companies
- Education – Miur
- Sardinia Region
- Ente Sardegna Foreste