If you are a pensioner and want to apply for a loan, you can opt for the fifth sale of the pension , the regulatory discipline of which is the DPR 5 January 1950 n. 180 , and the related implementing regulation, the Presidential Decree of 28 July 1950, n. 895. According to the legislative decree contained in article 1260 of the Civil Code, the assignment of credit is a contract through which the credit right of a subject is transferred to a third party, who takes over the availability of the right of collection against the assigned debtor . So we’ll have:
- transferor : the creditor who assigns his right;
- transferee : the third party to whom the credit is transferred;
- sold : the debtor.
Juridical institution that regulates the relationships between subjects according to the circulation of wealth can be free of charge or for consideration (with the payment of a fee), even without consent from a debtor, to the exclusion of strictly personal credits or whose transfer is expressly prohibited by law. Laws 311/2005 and 80/2005 intervened to supplement the aforementioned Presidential Decree 180, providing in particular for the right to a fifth assignment for employees of private companies and for pensioners.
Cession of the fifth for retirees: how it works
Like the personal loan contract, the salary-backed loan is a fixed-rate loan product with repayment in constant installments but, with the difference that the repayment of the debt repayment installments is not made by the applicant but by his employer of work (or from the social security institute in the case of pensioners ) and the relative amount is automatically and directly deducted from the net in the pay slip (or from the pension slip). The employer or the pension fund is the person appointed to pay the installments in favor of the bank or credit intermediary that has provided the loan.
We are talking about a salary assignment since the amount of the repayment installment cannot normally exceed the fifth part of the monthly net salary or pension (cannot exceed 20%).
In some cases and practical cases, in order to increase the sum paid, it is nevertheless possible to arrive at a maximum rate of two fifths of the salary or pension (the law allows the transfer of a maximum of 40% of the net salary by two installments of 20% each); in this case, in addition to the fifth assignment contract, the delegation of the payment must also be signed, which commits another fifth of the salary or pension.
Assignment of the fifth: who can request it
The signing of the contract of sale of the agreement can be requested by:
- public or state employees;
- private employees;
- retired from private and / or public work.
In the case of private and public employees, the contract must be for an indefinite period and there is also a minimum length of employment, which varies according to the insurance company that provides the policy: the Insurance Coefficient (also called the severance indemnity / severance fund ratio) is a number assigned to each private company by the insurance company that guarantees the employment risk.
As a rule, even the company where the employee works must meet certain eligibility criteria (for example, a minimum number of employees, a share capital exceeding a set minimum, etc.).
The loan with one-fifth of the pension can be requested by both private sector pensioners and those in the public sector previously registered with INPDAP. Following the integration between the two social security institutions, in fact, INPS is currently dealing with the provision of pensions and loans for public pensioners.
Assignment of the fifth for retired persons: what to present and repayment of obligations
To access the loan with a pension transfer entitlement, the applicant must submit a request to a bank or a financial company, indicating the desired amount – which can reach up to € 60,000 – with a valid identity document and the pension slip. After requesting the pension insurance to be communicated to the pension institution, the applicant may, subject to the creditworthiness assessments , immediately obtain the loan always granted with a fixed interest rate. The repayment of the loan is automatic: the INPS is to retain the portion of the pension transferred and to pay the monthly installment to the credit company.