Installment loans: Sale of the Fifth Best Offer 2018

You are in the right place, for us at this is the main objective, for more than 15 years we have been working in the financial market as credit brokers, regularly registered with the register and how you can also verify yourself in the OAM lists published on the relative website .

You will be able to repay the installments with a repayment plan of up to 120 months and get an amount up to a maximum of 50,000.00 euros!

Once you understand your need we will be looking for and proposing the best financial offer for the sale of the fifth , after a careful comparison and various simulations.

What does the sale of the fifth mean? What does it mean?

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Maybe you are interested because you want to understand if you can ask for it too, needing money to face an unexpected expense or your project.

Before asking for funding it is right that you want to know: What is the fifth assignment?

Assignment of the fifth definition: it is a guaranteed personal loan aimed at employees and pensioners.

This type of loan is also dedicated to workers considered ‘at risk’ by the banks, and by the financial institutions ( for example: bad payers, foreclosed or protested ) because it offers them greater guarantees and therefore a lower risk of insolvency on the part of the debtor.

Below we analyze the characteristics and differences of this loan compared to traditional personal loans.

Transfer of the Fifth How it Works

We have therefore understood that the assignment of the fifth is a personal loan, but with characteristics different from the classic loan with repayment through current account.

To fully understand the meaning of this contract it is essential to grasp the operation, the requirements and the clauses to be respected in the stipulation of this loan.

The sale of the fifth is characterized by :

  • Installment with a maximum of one fifth of the salary or pension.

  • Repayment of installments that will take place by direct debit in the pay envelope, or on the pension .

  • The employer or the pension institution will pay the installment directly to the issuing body each month .

  • Obligation to stipulate an insurance policy with life and employment risks, (the latter only for employees).

Fifth assignment and payroll are therefore closely connected, at the time you are granted this loan you will see directly from your slip the deduction for your loan from your company.

Transfer of the Fifth Requirements

Transfer of the Fifth Requirements

Loans with salary assignment can be the solution you are looking for, if you face an unexpected expense or you simply need money for your project, and maybe the bank has refused your request.

The loan for the transfer of the fifth for public, state, private and retired employees requires only simple requirements to be met:

  • Permanent employment contract with some months of seniority.

  • Residence in Italy.

  • Age between 18 and 85 years of age.

  • Insurability of the company they work for.

  • For pensioners: they must receive a pension higher than about € 502 net of the transferable quota.

Self-employed workers cannot request and access this form of financing.

Sale of the Fifth Compulsory Insurance

As listed among the requirements present in the stipulation of a contract it is mandatory to take out an insurance policy which will cover life and employment risks.

The obligation of the policy is given precisely by the fact that this type of loan does not require real guarantees and the main forms of guarantee are just the accrued severance pay and the policy.

  • The life risk policy will serve the lender to recover the residual debt of the sale of the fifth in the event of death, and this is also a protection for the customer’s family members.

The price of this policy obviously varies based on the age and gender of the applicant.

  • Employment risk insurance, which is mandatory only for employees, protects the lender in the event of dismissal .

Obviously, in calculating the installment of the salary assignment, the insurance premium will also be affected, without ever exceeding 20% ​​of the net salary.

What if you have a fifth assignment and a dismissal for just cause? In this case the insurance may not pay any compensation to the financial institution, and the repayment of the residual debt will go into distress. This means that the customer (debtor) will have to pay the part of the loan not repaid to the disbursing company.

Each case will be verified and studied individually.

Transfer of the Fifth Calculus

Transfer of the Fifth Calculus

Once you arrive here, you will want to understand the fifth assignment as it is calculated since it will be directly withheld from your paycheck. How much will the eventual installment amount to?

In the calculation it is necessary to take into consideration some simple parameters; in general the procedure is as follows:

  • Calculate your monthly net salary. In the calculation, of course, any sums relating to family allowances, overtime or remuneration bonuses that are extras to the basic salary will be deducted.

  • It is necessary to multiply the net salary obtained for the monthly payments received, be they 13 or 14 as per contract.

  • The result obtained must be divided by 12

  • And as a last procedure it will be enough to divide by 5 and obtain the maximum ceiling of the installment.

It is obvious that the procedure listed above is not the definitive one; in the fifth sale simulation the reference document, from which to calculate the maximum repayable installment, is the salary certificate (for employees) or the transferable quota (for pensioners).

Assignment of the Fifth How Much Can You Ask?

Assignment of the Fifth How Much Can You Ask?

Do you want to make a purchase, but your personal loan has been denied? Did you address your bank and couldn’t help you? is at your disposal to solve your every need.
Perhaps you are wondering: How much can I ask for with the loan with fifth assignment ?

The answer to this question varies for each individual customer; usually the amount of the loan will depend on:

  • Years of service , seniority;

  • Provisional severance pay;

  • Number of employees;
  • Amount of salary or monthly pension.

The higher the salary or pension the more imported can be the fifth of the salary sustainable by the applicant and all this will contribute to increase the chances of a higher credit transfer .

Assignment of the Fifth and Foreclosure

Cession of the fifth and foreclosure can coexist? The answer is absolutely yes, even if every position can have its peculiarities.

So if you’re wondering: If I have a fifth assignment going on, can they pay my salary? The direct answer is yes.

The situations in which you can find yourself are two; let’s analyze one case at a time:

  1. The applicant has an attachment and wants to request a salary assignment , this will be possible, but the assignment cannot exceed the difference between 2/5 of the net monthly salary and the share of the attachment. An example : Mario receives 1000 euros of salary, therefore his fifth maximum amounts to 200 euros. The sum between the loan installment and the attachment cannot exceed 2/5, therefore 400 euros. If Mario has a withholding for attachment of 300 euros, the fifth maximum installment he can repay will amount to 100 euros (attachment 300 euros + 100 euros installment of the fifth = 400 euros => 2/5).

  2. The applicant has an assignment in progress and is notified of an attachment. In this case, foreclosures are allowed only for the difference between half of the salary and the amount already assigned to the worker.

Assignment of the Fifth Advantages and Disadvantages

It is likely that the fifth assignment is the loan that will allow you to realize your projects or solve your problems; if you are so calm this type of contract will let you enjoy various positive aspects.

Here are the advantages :

  • Simplicity: you will not have to specify the use you will make of the requested money because it falls into the category of non-finalized loans;

  • Convenience: every month you will not have to think about anything, the installment will be deducted directly from your salary or pension and paid directly by your employer, (or the pension institution) to the financial institution;

  • You do not have to give special guarantees;

  • The installment can never exceed one fifth of your net monthly income;

  • The duration of the loan can be extended up to a period of 120 months, or 10 years;

  • Even if you are a bad payer, protested or distrained, you can get credit and receive the cash you need.

As you can see the advantages are many, what about the disadvantages?

Some consider disadvantage the stipulation of an insurance policy being a contract in itself and a cost, but in reality it is a guarantee that will protect you.

Transfer of the Fifth Documents

Fifth assignment what are the documents to be presented?

The documentation to be provided for the investigation of a practice concerning the salary or pension varies according to the category to which the applicant belongs, which may be a public, state, private or retired employee.

Certainly documents proving personal and personal data will be essential :

  • Valid Identity Document;

  • Tax Code (Health Card);

  • Residence permit in the case of a foreign applicant;

  • Certificate of membership of the EC if EU citizen.

In addition to these the documents that attest the income will be requested :

  • Latest pay slips (for pensioners, the pay slips);

  • cud;

  • Salary certificate showing: the date of recruitment, the net and gross salary, the accrued severance pay and any foreclosures or deductions present in the pay slip;

  • Transferable fee (if retired);
  • The approval of the company: document certifying the company’s commitment to make monthly payments.

The installment therefore of the assignment of the fifth will be the obligation of the employer to pay it to the finance company every month.

Transfer of the Fifth Extinction

The early termination of the fifth assignment is a right established by the law. The applicant for this type of financing can close it at any time, even the day after receiving the money.

Before proceeding with the early repayment of your loan, just send a specific Pec or registered letter to the financial institution specifying the contract number and the account holder details.

Once the requesting party is received, within 10 days you will be required to hand over the extinction bill , that is a document that will contain the sum to be paid at the end of the debt and the IBAN code on which to make the payment.

Does early repayment include the payment of a penalty?

It depends on the contract with the finance company. However, the consumer credit reform establishes that the payment of a penalty, if foreseen, is calculated only for amounts exceeding 10 thousand euros and may be a maximum of 1% of the residual capital.

Transfer of the Fifth Renewal

Are you wondering: The fifth assignment when you can renegotiate? You need liquidity and being distrained or reported as a bad payer you know that the only option is to renew the withholding of the fifth you have.

First of all, to renew the sale, it is enough to simply respect the parameters:

  • To have repaid 2/5 that is 40% of the installments provided for in the contract.

  • If the duration of the loan is less than 5 years, ie 60 months, it is possible to renew the sale of the fifth pre-term , but on condition that the new loan is stipulated with a duration of not less than 10 years.

In the event that this loan is not renewable, if your company expects it, you can consider the payment delegation , ie a second fifth withheld from the salary (loan granted only to employees). 

Transfer of the Fifth Law

Transfer of the Fifth Law

The loan with salary-backed loan, like any other type of loan, is regulated by legislation and by the Bank of Italy.

Here are just a few points established by law relating to what a contract must contain:

  • Interest rate

  • The number of installments

  • the contract expires

  • the amount of the installments (which will be fixed)

  • The amount of funding

  • All ancillary costs (eg preliminary investigation or insurance policies), including charges to be incurred in the event of default

  • The Taeg

  • The amount and the reason for the charges excluded from the Taeg calculation

  • Any guarantees required

  • Insurance policies

Aware of how your fifth assignment contract should be, you can face this choice with greater confidence.

Cession of the Fifth Times

Are you wondering: How long does it take to get the fifth assignment? An equal answer for all practices does not exist.

To know the timing, it is useful to understand what is the process of a contract :

  1. All the personal and income documents to be provided both by the applicant, by the employer or by the pension institution are collected .

  2. The practice will be deliberated or approved

  3. Contract signature .

  4. Notification of the loan agreement to the paying agency.

  5. Release of the approval act

  6. Issue of the policy

  7. Loan liquidation .

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