Debt consolidation for payday loans -Need a debt consolidation near me?

Do you have more ongoing funding? Here is the trick that you can validly pursue and contract at any credit institution, credit brokerage firm or financially active agency; it is a new credit product that replaces and closes all previous debtor relations in the course and in place: debt consolidation. Very often the opening of a loan contract which has the object of debt consolidation leads to a considerable saving in terms of costs and economic burdens that weigh on the pockets of the subscriber and leads to a cut in terms of time as it comes, necessarily, to pay a single installment and not a plethora of monthly installments. Furthermore, if debt consolidation is supplanted with the opening of a salary assignment, as required by Law 180/1950, the monthly installment is replaced with the automatic deduction of the quantum debeatur by the employer to the net salary monthly for the private/public employee or retired person. Let’s see at this point what it is about, which subjects can request and sign a fifth sale agreement and, also, the example prospectus from the point of view of the commercial offer that allows you to better understand the operating mode and the amount to return.

Need a debt consolidation near me? No worries

Many credit institutions to meet unexpected expenses or to request additional liquidity open up more relationships and loan contracts, thus affecting their family budgets and bearing rather heavy financial costs and costs, with the consequent “hassle” of having to fulfill monthly installments on different due dates. In the face of the inconvenience of settling different installments of different amounts on different expiration dates, DeDebt says that the loan with debt consolidation makes it possible to combine multiple loans into one, with the consequence of paying only a single installment.

The advantages deriving from a loan consolidation operation are varied, first of all, the convenience of repaying a single monthly installment (in general, for a lower amount) and, if necessary, requesting additional liquidity to meet its own costs and for finance their projects. Since this is open funding from scratch in effect, you can also choose a different rate of interest or to lengthen the amortization schedule of the loan repayment installments up to a maximum of 120 months. In order for this to happen, it is not necessary for the various loans to be turned on at the same financial institution or bank: a further advantage in requesting a debt consolidation contract is undoubtedly the possibility of relating to a single financial institution, rather than to multiple credit operators without having to think of the different deadlines for the requested loans. In commercial practice there are different commercial alternatives to request consolidation of debts: to re-open a personal loan, to apply to the exchange loan or to open a salary/pension fifth transfer contract.

Assignment of the fifth as an alternative to debt consolidation: simulation and calculation tools

We come to the commercial practice and to the normative discipline that allows effecting a consolidation of the installments of debt through the opening of a contract of assignment of the fifth, as foreseen by the law 180/1950; the main differences and advantages of this type of loan can be ascribed to the following:

  • the amount of the monthly installment: in the case of the opening of the salary assignment, the amount to be repaid is equal to a maximum of one fifth of the salary or pension (20% of the net monthly salary); in the case of personal loans, the installment to be repaid is related to the amount granted and the duration of the amortization plan;
  • the repayment method: with the fifth assignment, every month, the installment is automatically deducted from salary or pension directly by the company or public administration or by the social security institution; with the personal loan, the installment can be debited to the current account or paid directly by the holder through postal slip or paid through the bill of exchange, in the case of loan changes;
  • the amount payable: the credit consumer requesting a personal loan can obtain a sum of up to 30,000 euros. The amount obtainable with the salary assignment depends on the salary or pension received and can even be well over 30,000 euros.

We see an example prospectus that can be obtained from the comparator website Yarbrough which allows you to obtain a statement of the commercial offer regarding the opening of the fifth sale:

Net monthly income = € 1,350.65

Currency = EUR

Loan duration = 12 months

Installment frequency = monthly

Interest rate (TAN) = 6.5% per annum

 

Calculation result:

Maximum amount payable = € 3,130.26

Installment amount = € 270.13

Total installments = € 3,241.56

Interest = € 111.30