The Suspension of the Loan for Serious Economic Difficulties

Suspension of the loan

Suspension of the loan

The suspension of the loan is a measure that comes to the rescue of those who had to encounter temporary financial difficulties and could not repay some loan installments for the purchase of a property: usually, this practice is available however only for the purchase of the first home. Whoever takes out a loan knows that he must repay the loaned loan within the deadlines set by the contract. Precisely because it is a significant financial commitment, the banks require certain guarantees, while the current legislation provides for opportunities to renegotiate the loan, if the borrower is no longer able to meet the original commitments.

Unlike renegotiation, the suspension is better suited for those who are experiencing temporary difficulties. For consumers who find themselves in this complicated situation, there are two solutions available, one public and the other the result of an agreement with the ABI (Italian Banking Association).

The first possibility concerns the suspension of mortgages for the purchase of the first home thanks to the intervention of a public solidarity fund, introduced by law in 2008 and since then managed by Consap. This procedure allows the payment of installments to be suspended for a maximum period of 18 months, in the event of death or serious accident of the borrower, or for the loss of the job. If the user makes this request, the bank cannot impose any preliminary or commission fees, nor request additional guarantees.

However, there are some requirements to consider: this suspension is available only for loans up to € 250,000 and which have already exceeded 1 year of the amortization period. Furthermore, the applicant cannot have an ISEE greater than 30,000 euros.

The second option instead was introduced in 2015 and complements the provisions of the solidarity fund legislation: this means that this Fund is not intended to be used, but the cases in which suspension can be requested are different. Among these, there are the termination of the employment relationship for an indefinite period (but not in the case of voluntary resignation or retirement), the end of the temporary employment relationship, the parasubordinate employment relationships, or commercial representation or agency, or the suspension from work or the reduction of working hours without forms of support such as layoffs. The other important difference is that this suspension of the loan can last only 12 months.

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