Who are the bad payers?
When you accumulate more than two months of late payments, you are generally considered bad payers, but it also depends on other factors and the amounts of funding.
It is the financial company that – in the event of a delay in payment of installments – informs the consumer that – if the position is not quickly settled – the missed payment will be reported to the register of bad payers.
The Tituba for debt consolidation represent a valid alternative of access to credit when you are about to incur the end-to-end knowledge company bad payers register or you have already entered. It is a loan whose liquidity will be used by the applicant to pay all outstanding loan not outstanding.
What happens if the installment payment deadlines are not met?
Failure to pay the installments upon expiry of the contract means that the lender can undertake all the necessary initiatives for the coercive collection of the amount due, with the application of default interest as provided for in the contract.
Moreover, in the event of a serious breach, the lender can always request the termination of the contract, with the consequence that the consumer will be required to pay the full principal amount in full.
Moreover, in consumer credit agreements only where a real guarantee right (in favor of the lender) was granted on the good purchased by the consumer with the money received on loan, the non-payment of a single installment, which does not exceed the eighth part of the price, does not give rise to the termination of the contract and the consumer retains the right to pay the sums due at the pre-established deadlines.
Alongside the strictly legal consequences, the lender can report the consumer as a bad payer to the databases of the credit system , the so-called end-to-end knowledge company, with a series of particularly penalizing consequences also in view of any subsequent requests for financing. The consumer must be informed in advance by the lender, when sending payment reminders or by separate letter, about this registration and the consequences that this entails.
The consumer must also be informed of any credit refusal based on the registration of his / her name in a database, so that he can take action.
How does refinancing work for bad payers?
The consolidation of bad payors debts has three interlocutors:
- The bank that implements the consolidation
- The applicant
- The various banks that have claims against the applicant.
The applicant closes past cases without incurring default interest and thus being able to delete his name from the lists of bad payers (once again gaining access to the credit). All his past debts are paid with a single (diluted) amortization plan, a single (fixed) interest rate, a single installment (lighter than the sum of the individual installments of the previous Tituba). Whoever requires debt consolidation is faced with a single interlocutor (the new bank) who will take care of all the paperwork and all the documentation to be presented to the banks with which the applicant had unfinished business.
Unfortunately, the solutions of the mortgage and the loan for debt consolidation are closed to bad payers, that is to those who have protests or previous insolvencies. For this category of subjects, except for the possibility of paying off all debts and submitting a request for rehabilitation to the competent Court, the opportunity remains open to request a consolidation loan only through the salary or pension transfer system.
The sale of the fifth for bad payers
The sale of the fifth is a tool that can be used not only to obtain liquidity, but also for the consolidation of bad debts, grouping the loans and simplifying their management. Through the financing through the assignment of the fifth it is possible to receive the money foreseen to extinguish the existing loans and pay with a single installment even if reported as bad payers.
The diversity that emerges between a loan through the assignment of one fifth of the salary and the consolidation of debts resides in the point that, through the assignment of one fifth of the salary, the cessation of debts does not take place automatically, as instead happens in the consolidation of debts, but, upon request of the salary assignment, the applicant will have to pay the outstanding loans directly with the availability received from the sale of the fifth.
The privilege of the loan with the assignment of the fifth, consists in the extinction of the Tituba in which there are delays in the payment of the installments, in order to be able, in conclusion, thanks to the assignment of the fifth, to benefit from the cancellation to end-to-end knowledge company in compliance with the terms set by the legislation of law.
In this case the necessary condition is that the subject is a recipient of a fixed income from dependent, private or state employment for an indefinite period, or retired. The provider will arrange for the aforementioned amount to be paid directly by the employer or the social security institution.
The sum that can be requested with the sale of the fifth for the consolidation of debts reaches up to 90,000 euros, and the consolidation is open to all employees and pensioners.
The consolidation of bad debts by the transfer of the fifth entails a fixed rate loan, repayable up to 10 years. It is not necessary to specify the purposes for which the loan is requested, as this will cover and consolidate the existing positions.
The advantage of a salary-backed salary is that it does not require any other guarantee except the implicit guarantee provided by the fact that it retains a portion of the salary of an employee, or of a pensioner’s pension, and not just usually present expenses for the inquiry.
Even people with a history of bad payers, those reported in end-to-end knowledge company and foreclosures can usually access this form of financing. The amount that can be requested can also be higher than the sum of the Tituba to be closed, so that the applicant can maintain a share of liquidity after closing the existing positions.