With the arrival of the new year, our life starts again. After the long period of celebration, it is time to roll up our sleeves and start again with spirit and enthusiasm.
Today we will talk about who has rolled up his sleeves more than anyone: the over 75, we will explain how you can access funding even in the long term.
The motivations that motivate our customers to access the Deletion Quinquishment often concern the realization of their own desire, such as the renovation of the bathroom or simply obtaining liquidity for their daily needs.
ASSIGNMENT OF THE FIFTH: A TAILORED LOAN FOR THE PENSIONERS
It is well known that having reached a mature age, applying for funding is an impossible undertaking; the personal requirements for accessing a paydaynow help with short term financing or mortgage or mortgage loan limit the possibility of the request at the 72-year threshold. All pensioners who have exceeded this limit, despite being in possession of the income requirements and financial reliability with the “cards in order”, are automatically cut off from the credit world.
The only valid alternative for them is the assignment of a fifth of the pension.
What is it?
This is a non-finalized, convenient and simple loan that allows all INPS pensioners and other pension institutions to obtain liquidity and to repay it with direct debit on their pension; it will then be the social security body to pay the monthly payment directly to the creditor financial company.
The maximum amount of the installment cannot exceed 20% of the net monthly pension received, the durations vary from 36 to 120 months (from three to ten years) and you can obtain it up to 85 years completed (limit within which the loan must be concluded).
In practice, a pensioner of 72 years has the possibility to request a transfer of the fifth repayable in 10 years and obtain, therefore, a long-term loan, while a person of 78 years will have the opportunity to repay the capital in a maximum of 7 years.
This valid financial instrument provides for statutory mandatory life insurance coverage and is included in the monthly payment, which protects both the lending institution and the retired client in case of preference, relieving the latter from the concern to leave the debt to his family in the case where it should fail before the natural expiration of the contract.
A further advantage of the transfer of the fifth pensioners is the possibility of obtaining credit without having to justify its use and without the support of any guarantors or real estate, as well as, in the presence of previous financial problems (protests or reports in databases).
ASSIGNMENT OF THE FIFTH: WHICH PENSIONS ARE EXCLUDED?
The assignment of the fifth can be requested on all pensions, with the exception of:
- Pensions and social checks
- Civil invalidity
- Monthly checks for assistance to disabled pensioners
- Assignments to the family unit
- Exodus benefits pursuant to art. 4, paragraph 1 to 7-per, of Law no. 92/2012.
ASSIGNMENT OF THE FIFTH: HOW TO REQUEST IT
For access to the assignment of the fifth retirees, only the personal documents and the transferable portion indicating the maximum amount of the installment are required.
Turning to an affiliated Financial Inps company, the recovery of the transferable quota becomes much quicker, facilitating the timing of the outcome, because it will be directly the credit institution to obtain it through the direct electronic connection (inserting the pension number upon delegation of the client ).
ASSIGNMENT OF THE FIFTH: THE IMPORTANCE OF INSURANCE GUARANTEES
As stated above, the assignment of the fifth is guaranteed by compulsory insurance coverage provided for by law, which protects the client and his heirs from the risk of death for the duration of the loan, eliminating any concern for the coverage of the capital to be repaid.
Furthermore, it should not be underestimated that its initial single premium cost is tax-deductible for 19% of its value.
But let’s clarify another very important aspect of this guarantee, starting from its cost that varies according to four main elements of the applicant:
- Duration of the loan
- Coexistence of particular pathologies or accidents deemed to be at risk
- Required Amount
It is the insurer, after evaluating these points, that decides to grant the loan.
Erroneously, the costs and interest rates for applicants who exceeded a certain age range were considered too burdensome; in fact, insurance coverage must inevitably provide for a higher amount due to the increase in the risk of preference of the insured.
This explains why, over 75 years, the insurance premium grows considerably, also affecting the overall cost of the loan. It is specified that this increase in costs will never exceed the limits of the usury rates updated quarterly and strictly monitored and verified by the estimator on parameters imposed by the Bank of Italy (they can be verified at any time in the Agencies because they are exposed and visible to the public by law).