Loans changed without assignment of the fifth


Loans without a paycheck ? If you are a worker who does not receive a monthly paycheck and needs a loan to meet urgent and urgent expenses, you can not take advantage of the assignment of the fifth or of the loan by delegation of payment .

The assignment of the fifth, as governed by Law 180/1950 and Article 1260 of the Italian Civil Code , is a non-finalized credit product that provides for the repayment of the debt incurred not through the payment of monthly installments by the worker himself but by his employer work (or from the social security institution in the case of pensioners) and the related amount is automatically withheld directly from the net in a pay check (or from the pension slip ). The employer is, therefore, the subject appointed to pay the installments in favor of the lending institution that has lent the loan. This refers to a contract for the assignment of a fifth of salary because the amount of the repayment installment of the debt contracted can not normally exceed the fifth part of the monthly net salary (or 20% of the net monthly salary).

In order to increase the amount paid, it is possible to arrive at a maximum payment of an amount equal to two fifths of the salary; in this case, the applicant must also sign a contract for the payment of the salary, as well as the contract for the transfer of the fifth, which commits another fifth of the salary to repay the contracted debt. This mode of operation peculiar to the assignment of the fifth salary or pension is not compatible with that which characterizes the loan changed .

Loan with paycheck: transfer of the fifth and delegation of payment

According to the normative dictates previewed from the law 180 of the 1950 revised with the financial of 2005, to the senses of the article 5 rubricato ” Faculty and limits of transfer of salary and salary shares “:

Employees and employees employed by the State and by other bodies, companies and companies indicated in art. 1 may take out loans to be paid off with the transfer of wage or salary shares up to a fifth of the amount of such emoluments assessed net of withholding tax and for periods not exceeding ten years, in accordance with the provisions established by Titles II and III of this text single.
The members of the diplomatic and consular role and the role of commercial employees abroad do not have this option.
For staff employed by the Houses of Parliament, the special rules established by the Chambers themselves are observed.

This article must be read in conjunction with article 6 of the aforementioned Law concerning the discipline of ” Requirements for the exercise of the faculty of assignment of the fifth “:

Civil and military employees and salaried employees of the State Administrations, even with autonomous regulations, may borrow, pursuant to art. 5, if they are in service activities, have stability in the employment or employment relationship, are provided with fixed or continuous salary or salary and are entitled to any retirement treatment. Loans may be contracted for periods of five or ten years, subject to the application of Articles 13 and 23.

These two regulations dictate that the transfer of the fifth and the delegation of payment are contracts and forms of loan created to meet the demand for financial needs of public employees (state and / or local authorities), owners and beneficiaries of a paycheck . Over time, even private-sector employees hired on permanent contracts have been able to benefit from this credit product through direct and automatic deduction from the monthly net salary (up to a maximum of two fifths of the salary, in the case of competition with the delegation of payment).

The guarantee in this form of loan is represented by the same paycheck that the employee receives with punctuality and monthly frequency from the employer (public administration and / or private enterprise), who commits himself and surrogates to the employee in automatic and direct restraint of payment of the debt. This is incompatible for those who do not receive a paycheck as self-employed or self-employed , holders of VAT, not recipients of a regular paycheck but subject to market fluctuations and variability of collections.

Loans without paychecks: loans with bills

Loans without paychecks: loans with bills

For those who do not receive a paycheck and for those not hired with a regular permanent employment contract, they can opt to replace the assignment of the fifth to the loan guaranteed by the bill of exchange . If we saw in the assignment of the fifth salary or pension, the guarantee was represented by the paycheck or by the coupon of the pension, with the loan changed, the guarantee is represented by the title of credit : the bill of exchange . To guarantee the repayment of the loans, each lender may accept bills of exchange signed by the consumer-debtor (principal) and a third party (guarantor).

The bills of exchange to guarantee the contract debt can be issued “in white” or with a “sight” maturity. To be able to regulate the bill must be subject to stamp duty according to current provisions on the subject: reduced rates are provided for in the case of agricultural bills and for those concerning special “facilitated” finance operations. In case of non-fulfillment of the obligations undertaken with the signing of the bills of exchange, the creditor can raise the protest and act enforceably against the debtors, who respond with all their personal assets.

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