Renew the loan – Refinancing loan
Renegotiating the sale of the fifth means renewing the repayment terms of this financing method, which is very useful for employees and retirees (if interested, you can learn more about the fifth transfer rates). The loan with salary assignment in fact provides that the repayment of the installments of a loan can never exceed 20%, or one fifth, of the monthly amount of an employee salary or a pension. It is a form of credit accessible only by those categories, precisely employees and pensioners, who enjoy a fixed and easily certifiable income, through the pay slip or the pension slip.
Although this loan guarantees a certain stability, for example by providing for constant installments withheld directly from salary or pension, at a certain point the consumer may find himself in need of renegotiating or renewing the salary-backed one . According to the legislation currently in force, renegotiation is only possible if 40% of the installments provided for in the amortization plan have already been repaid. Therefore, if a loan is 5 years (ie 60 months), the renewal or renegotiation can be requested after 24 months, two years after the opening of the loan.
However, there are special cases to consider, which concern the total duration of the repayment period. If the loan lasts less than 60 months , the renegotiation is free, ie it can be requested at any time: however, the condition is imposed that the renewal includes a ten-year repayment plan, with 120 installments. If, on the other hand, the amortization was originally intended in just 10 years, the renegotiation will be possible only after having already paid at least 48 installments.
As we have seen, the renegotiation can concern the renewal of the loan and an extension of the amortization period: in this way, the amount of the single installment decreases . On the other hand, it is difficult to request changes that increase the amount of the installments, so that it exceeds 20% of the salary: first of all we need to evaluate well whether this decision is sustainable for our pockets, but it will still be the bank that poses difficulties, because it would be less compliance with the formula for calculating the installments at the base of the salary assignment.
Finally, it is necessary to remember the cases in which renegotiation of the fifth assignment is not possible: this happens when the user bears other deductions on the salary (such as foreclosures and payment proxies), which, added to the sale of the fifth, do not allow adequate accumulation of TFR.