Payday loan consolidation help -Investigate our payday loan consolidation

Investigate our payday loan consolidation

How debt consolidation works for bad payers

Payday loan consolidation at https://pushbuttonfor.org/ is a financial product and consists of a single loan that includes and replaces the previous payday loans. In this way, the installment is unique and is recalibrated so as to be adequate to the current economic availability of the payer.

Being a real mortgage it is easy to think that it is incompatible with the condition of a bad payer and in fact, until a few years ago it was.

But with the Law 03/2012, it is no longer so! In fact, there are also conditions for those who find themselves in this difficult situation that allow them to request debt consolidation.

Before understanding the necessary conditions one must understand who is the bad payer and if one is part of this category.

The bad payer is the one who has missed the payment of one or more installments of a debt contracted with a financial agency. As soon as the payer defaults on one or more payments, the report is sent and then registered with the end-to-end knowledge company.

This is done to prevent over-indebtedness of those already reported through the provision of additional loans or loans.

In this situation, it is obviously impossible to apply for any kind of new credit, including debt consolidation. This until 2012.

THE TURNING WITH THE LAW 03/2012 payday loan consolidation

THE TURNING WITH THE LAW 03/2012

Due to the economic crisis, for many Italians, it has become impossible to meet the debts incurred.

It is above all the private individuals who, being unable to declare bankruptcy, have to face numerous difficulties.

And it is precisely in this situation of general crisis that it was necessary to pass the Law 03/2012, which gives the possibility of obtaining a consolidation of debts for bad payers.

Essentially it works this way: private individuals who are unable to pay debts can apply to the Court, which will have an analysis of the debtor’s financial situation and will put in place a debt payment plan with a single installment compatible with the over-indebtedness situation without the need to provide any mortgage guarantee. Furthermore, the residual sum of the total sum will be canceled, which is incompatible with the current financial situation.

Within the theme of debt consolidation, a great opportunity has opened up for submerged private parties to recover and be able to start up again.

CONDITIONS FOR OBTAINING THE LOAN payday loan consolidation

CONDITIONS FOR OBTAINING THE LOAN

Some requirements are necessary to obtain the loan, the main ones are:

  • be between 18 and 86 years old
  • be permanent employees from a minimum of 4 to a maximum of 24 months, according to the credit institutions
  • be a fixed-term employee for at least 4 months and do not have too large a debt
  • to be retired

To get better into the matter, let’s take the case of a worker with a contract based on law for an indefinite period.

The installments that this man must pay are the following:

  • 200 euros car loan
  • 200 euros personal loan
  • 200 euros another installment (not paid)

The total of the installments that this worker would have to pay corresponds to 600 euros but since currently, the net salary corresponds to 1300 euros, he cannot sustain all the expenses.

According to the general rule, the solution that will be proposed to him is the assignment of the fifth.

WHAT IS THE ASSIGNMENT OF THE FIFTH

The sale of the fifth is part of the secured loan categories. They are guaranteed because the payment of the sum to be paid is guaranteed and given by the employer and is deducted from the salary.

Making the calculations, returning to the example of the previous paragraph, the installment that the worker should pay cannot exceed 260 euros, earning 1300 euros net. In fact, a basic condition of this solution is that the installment must not exceed 1/5 of the total net salary.

It is evident that the total 600 euros of the previous loan installments exceed by a good 240 euros that of the salary assignment.

It is therefore clear that the proposed solution meets the needs of the debtor.

SIMULATION TABLE ASSIGNMENT OF THE FIFTH

This table summarizes the solution proposed to a worker reporting to the end-to-end knowledge company:

NET MONTHLY REMUNERATION INSTALLMENT UNABLE TO SUBMIT INSTALLMENT WITH THE ASSENT OF THE FIFTH
1300 euros per month • 200 euros car loan
• 200 euros personal loan
• 200 euros another installment (unpaid)
TOT: 600 euros
1/5 of 1300 euros: 260 euros
The installment cannot exceed 260 euros
Difference between the two installments: 600-260 = 340 euros
1500 euros monthly net • 200 euros car loan
• 200 euros personal loan
• 200 euros another installment (unpaid)
TOT: 600 euros
1/5 of 1500 euros: 300 euros
The installment cannot exceed 300 euros
Differences between the two installments: 600-300 = 300 euros
1800 euros net monthly • 200 euros car loan
• 200 euros personal loan
• 200 euros another installment (unpaid)
TOT: 600 euros
1/5 of 1800 euros: 360 euros
The installment cannot exceed 360 euros
Difference between the two installments: 600-360 = 240 euros

TO SUPPORT AN INSTALLATION OF 600 EUROS THE PAYER SHOULD GAIN 3000 NET MONTHLY EURO

CANCELLATION OF DATA FROM THE end-to-end knowledge company

But how long will the information remain in the end-to-end knowledge company database?

Below is a table where you can find the main information.

TYPE OF INFORMATION TIME OF STAY OF THE DATABASE
Funding requested and still in a state of evaluation 6 months since requested
Financing requests that have been waived or rejected 1 month since they were given up or refused
Loans that have been repaid regularly 36 months from the effective date on which the credit report is concluded
Delays affecting 1 or 2 installments / 1 or 2 months 12 months from when the payment regularization communication was made and only if the payments were regular within the next 12 months
Delays affecting 3 or more installments / 3 or more monthly payments 24 months since the payment regularization notification was made and only if the payments were regular within the next 24 months
Loans that have not been repaid or are in serious default 36 months from the expected extinction date or from the date on which the credit institution provided the last update

The law that we examined is part of a reality in which it is difficult to make payments for the repayment of a loan. After a careful evaluation it could be the most appropriate solution.

CONSOLIDATION DEBTS FOR POOR PAYERS: POSSIBLE

CONSOLIDATION DEBTS FOR POOR PAYERS: POSSIBLE

What was not possible today before 2012 is actually feasible: that is, to request debt consolidation even for those who appear to be a bad payer. As in the generic case, that is also of those who are not registered with the end-to-end knowledge company, a careful analysis of the required conditions must be made. If these were met you can really opt for debt consolidation which could be the solution to a difficult situation. Easier said than done?

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