We have already dealt with the funding formulas providing for retired workers and the sale of the fifth of salary or pension allowance, but public and private employees have alternative more in terms of personal loans, and is called the loan with the delegation of payment, but it is better known as a double assignment of the fifth since it presents a series of similarities with this other mechanism for repayment of the loan.
This particular type of loan can only be requested by public and private employees, however it is good to specify that for the latter it is up to the employer to decide whether to act as an intermediary in the loan. We now propose a more detailed analysis on what is the loan with payment delegation, giving some examples among the many credit institutions that propose this form of financing.
Loan with delegation of payment: the mechanism
The mechanism underlying the loan with delegated payment is the same as that of the salary assignment, or the employer himself repaying the debt by claiming on the employee’s pay slip with fixed and pre-established installments: the difference with respect to the normal sale is that the deduction is not limited to 20 per cent of the net salary, precisely to the fifth of the total amount, but can reach up to 50 per cent, within an amortization plan that can be extended up to a maximum of 10 years.
Given this particular nature, the loan with delegation is usually used for interest-bearing loans that require very high installments, or to implement debt consolidation and convert them into a single installment: in any case, it is good to make sure, before proceeding with the loan request, that there are no problems if you contact your private company, as the loan with payment delegation does not enjoy the same easy acceptance as the sale of the fifth.
How to apply for funding
In general, to obtain the loan with delegation, you contact banks or financial companies, but today also on the web you can find numerous proposals for this type of financing. From the documentation point of view, not much changes compared to the normal fifth assignment: in addition to the part concerning personal data, the financial part must be filled in very carefully, where the amount of the delegated loan must be indicated and consequently the monthly payment included in the amortization schedule. To open the file simply show the following documentation:
- Photocopy of the last pay slip
- Identity document valid
- Fiscal Code
- Approval by the employer or administration to proceed with the proxy loan
Once the amount to be financed and the amount of the installments have been decided, the contract for the loan must be presented to the administrative office of your employer, who will decide by signing the Delegation Act if you accept or not to take in I pay the loan. As for the salary assignment, the delegation of payment is assisted by an insurance guarantee against the risk of death or loss of employment.
Assignment of the fifth and loan with combined proxy
The loan with delegation of payment is paid through an agreement agreed between the person who actually grants the financing and the administration to which the worker belongs, which can be a local authority such as Region, Municipality, or ASL, and so on. In some cases it is indeed possible to place the fifth of the salary alongside the delegation loan, reaching together up to 50 percent of the salary which is divided as follows: 20 percent fifth, 30 percent proxy. The loan application for the proxy must always be accepted by the employer who undertakes to apply a second deduction on the pay slip, with fixed and constant installment for the entire duration. Finally, it should be remembered that the loan can be granted also to protesters and bad payers, all those who have had banking problems, foreclosures, and other financial issues, precisely because of the direct deduction on the salary that acts as a guarantee.
Offers loans with delegation
As we have anticipated, there are many credit institutions that offer loans with payment delegation just to name a few of the best-known names in the industry. Some companies also stipulate special agreements with financial companies in order to facilitate the procedures for requesting delegation of payment, so it is always good to inquire with your company if and with whom such agreements are available. Among the various banks that offer delegated loans, there are some of the main carriers on the market, such as Agos, which offers up to 40 thousand euros with repayments from 36 to 120 months, while Figenpa reaches up to 50 thousand euros with repayment plans from 24 to 120 months. These are just a few examples of credit institutions, both present as physical agencies and operating exclusively on line, offering loan formulas with payment delegation, and always through the web you can request quotes to compare to view the most convenient interest rates, which we reiterate they are always fixed to guarantee a constant installment when we speak of loan with delegation of payment.