Want to learn more about consolidating debt loans in payroll? You’re in the right place.
In this article you will find everything that is important to know about this topic (regarding the financing without a pay slip read the specific article on our portal).
If you are an employee and want to consolidate payroll deductions, you have various possibilities, and depending on your current commitments you can consolidate your loans in different ways. Continue reading to find out how.
Every public, state and private employee can have voluntary and involuntary deductions on their pay slips. The former are, for example, deductions for loans with salary-backed loans, the second deductions for foreclosures. Whether they are voluntary withholdings or not, there is a limit to the sum of them and it is 50% of the net salary.
If you have more deductions in the envelope and want to reduce the total monthly outlay, with a consequent increase in the salary, or you need additional liquidity, you just need to request the consolidation of loans in payroll.
Debt consolidation loans in payroll: get up to € 60,000
Below I will give practical examples to illustrate the operation.
|EXAMPLE WITH 2 FINANCING IN PROGRESS|
|Financing 1: personal loan||4,500 euros||180 euros|
|Financing 2: car loan||1,500 euros||150 euros|
|Total||6,000 euros||330 euros|
|Assuming a new loan of € 10,000 (Simulation done through Agos Ducato)|
|Repayment in 120 installments||from € 111.00||TAN 5.56%
When is it possible to do loan debt consolidation consolidation?
Retained in the envelope through a salary assignment : in this case it is possible only by renewing the loan by opting for a longer repayment term. This will allow you to spread the debt over several months with a consequent reduction in the monthly payment.
To make debt consolidation loans payroll the first condition is that you have paid at least 40% of the loan, for loans of a duration equal to or greater than 72 months, for loans up to 60 months you can renew only with another loan with duration of repayment 120 months.
Obviously, another essential condition is that the amount obtained from the renewal of the fifth assignment is able to cover the amounts of the other loans to be consolidated.
In this second example we will see the case in which there are payroll deductions for salary assignment and for the delegation of payment (second assignment). Also in this case the only solution is to renew one or both operations to ensure that the accumulation of installments is lower.
Another form of debt consolidation in payroll is the personal loan that requires the request of a further loan against the extinction of the previous commitments directly from the provider of the new loan.
In this case, however, you must not be reported as a bad payer or have complaints and the payment of the installment must be made by bank or post.
Disadvantages of debt consolidation
Previously we saw when and why to do debt consolidation, but is it always convenient to choose this solution? Economically it is not the best choice, mainly for two reasons:
- Costs related to financing are lost, or recovered in part
- Refinancing the debt is equivalent to increasing the repayment duration which translates into additional costs and expenses to be incurred and an increase in interest.
However, if this operation allows you to live more serenely, in my opinion, it is good to proceed.