TRANSFER OF THE FIFTH: PROCESS AND LOAN DELIVERY TIMES

 

The assignment of the fifth allows employees to take advantage of a personal loan, governed by Law 1950 n. 180 approving the Consolidated Law on the laws concerning the seizure, attachment and assignment of salaries, wages and pensions of employees from public administrations, subsequently revised and completed by law 311/2005 and law 80/2005.
The applicant has the possibility of receiving on loan 20% of his salary or a fifth, up to a maximum percentage of 40%. To achieve this percentage, it will be necessary to integrate with the delegation of payment.

The process of the practical transfer of the fifth

The process of the practical transfer of the fifth

Timing of assignment of the fifth: in order to obtain the assignment of the fifth, a procedure must be followed, let’s see together the steps to be taken:

  • Contact your trusted advisor, the chosen bank, the financial agency or contact a credit broker
  • prepare the documentation that must be delivered to the financial advisor, namely: identity document, the last two payslips / payslips of the pension, the CUD model. The consultant will take care of finding the salary certificate or the transferable quota for the pensioners.

At this point we will proceed with the verification of the documentation, and the real bureaucratic process to obtain liquidity will begin. In fact, only after collecting the documentation can we proceed with the preparation of the estimate and proceed with the evaluations. After viewing the documentation, the lending institution will establish whether or not to approve the financing. In case of acceptance, the next steps will be:

  • Contract signature
  • Presentation of a copy of the contract to the employer, who must issue the act of approval
  • The employer by means of the act of approval will confirm the taking over of the loan, and will allow the lending institution to give liquidity to the worker

The employer in the assignment of the fifth

The employer in the assignment of the fifth

The employer has an important role, in fact it is up to him to certify that the employee has a permanent contract, he will also have to communicate the absence of unfavorable positions for the employee, i.e. at risk of dismissal / suspension of income, also by law, he cannot refuse the employee’s request to transfer the fifth and has the obligation to guarantee the payment of the installment monthly until complete extinction.

For pensioners, the body that pays the pension will be contacted and also in this case as the employer for the employees, the body will have to certify and guarantee the pension treatment.

The employer has another burden, that is, he will have to worry about verifying that the installment of Transfer of Fifth or Delegation does not exceed one fifth of the salary net of family allowances, miscellaneous overtime and any and that the application respects the limits of the law.

Delivery times

Delivery times

On average, the timing of the transfer of the fifth, from the moment of acceptance of the file to the disbursement of the loan, can vary from two to four weeks. An important role to speed up the timing is played by the employer or the body that pays the pension, as it is up to them to release the documentation regarding the salary situation and to issue the approval document, the speed of release will reflect positively on the liquidation schedule. To make the request faster you can prefer the transfer of the fifth online.

Sale of the fifth social security pensioner

Sale of the fifth social security pensioner

Thanks to the social security Convention, social security pensioners can benefit from special facilitated conditions, among these it is found that the unpayed assignment of the fifth pension is shorter than other loans and the bureaucracy is leaner. As for the assignment of the fifth of the salary, the maximum obtainable limit is one fifth of the pension, which the social security will keep monthly on the coupon and then pay it to the credit institution that provided the loan.

The transfer of the fifth of the salary has very specific steps to be respected, but there is the possibility of signing the contract to obtain a deposit equal to or less than 50% of the value that will be liquidated, so as to be able to meet any urgent needs. Let’s see how.

Requesting a deposit on the value requested on loan is a very simple procedure, after signing the contract and after the policy certificates have been issued, it is sufficient to communicate to the financial agent who has dealt with your practice the need to obtain an advance employee loans. He will then proceed to make the request to the lender, who will have no problems crediting the sum requested to your current account.

Attention in the case of Renewal of the Transfer of the Fifth: if the time for the renegotiation of the transfer of the fifth should not have elapsed, the Lite Bank has underlined the prohibition to make advance payments.

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