Home-Modified Loans

When you want to carry out renovations but also when you want to carry out simple maintenance work, you have to bear the costs. Unfortunately, due to the current economic crisis it is not easy for everyone to bear extra expenses.

In these cases, therefore, we normally resort to home loans, that is, targeted loans that allow us to use the money received to support the renovation or maintenance costs of your apartment.

Getting a loan is not always a simple task. On the contrary, especially in these periods the requests for rejected loans are increasing. In these cases, to obtain a line of credit able to satisfy one’s needs, it is possible to opt for loans that have been changed for the home.

Before taking care of the loan with bills of exchange we try to analyze the reasons why the classic financing can be denied to the applicant.

The causes are mainly two: the insufficiency of income guarantees and the negative financial status of the applicant.

Due to insufficient income guarantees we mean the lack of a proven source of income such as the employee’s paycheck, the pensioner’s pension slip and the self-employed income tax return. On the tax return, however, another separate understanding could be opened, the self-employed not having a fixed monthly fixed is not always frowned upon by the lenders. Those who fail to submit documents certifying a perceived income that according to the bank is sufficient to be able to repay their debts see their request rejected.

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The negative financial status instead we identify it as the “historical” of the applicant. Banking institutions dig into the potential client’s past and see whether he has had negative past history with further debts. Who turns out to be protested or bad payer will hardly see his / her request accepted, unless you are able to exploit the assignment of the fifth of the salary or the assignment of the fifth of the pension.

If you are in one of the two already mentioned situations and therefore you have not been able to get the money hoped for there is the possibility to be satisfied by using the changed loans. Financing with bills of exchange may be required for the most varied reasons, either for renovating one’s own home or for carrying out routine or extraordinary maintenance but also for purchasing any other type of good or service. In fact, we are talking about a non-finalized loan where the client does not necessarily have to declare the purpose for which he / she needs the money and once obtained he can spend it as he wishes without having to undergo any bond of the creditor.

Loan with bills of exchange can also be granted to those who do not possess particular income guarantees, bad payers and protestors.

Logically, guarantees must be presented but in addition to being documented by paychecks, pension coupons or income tax returns may be represented by the property owned by the applicant. If, for example, the customer owns a motorbike or a car, he can use it as a guarantee to obtain his loan. Alternatively, should you not be in possession of the guarantees required to obtain a certain amount you can get help from a third person who in jargon takes the name of guarantor and provides its own income guarantees that are in addition to those of the customer .

As already mentioned this type of credit is also granted to those who in the past have had problems in repaying old debts. Modified loans for protestors or bad payers allow these individuals to be able to gain access to a credit again. This can be done thanks to the repayment method, which unlike the classic personal loan that uses the installments uses bills of exchange. The bills are executive securities that give the creditor particular power. The creditor may, in the event of non-payment of the amount due, request the attachment of the debtor’s assets and possibly also those of the guarantor. The seized assets will then be sold through an auction and the amount obtained will pay off as much as due.

It is precisely this function of the bill that allows the creditor to be more serene and to have less worries if the debtor does not honor his debt.


Loans Postponed

Post-employment loans for self-employed workers 2018 are considered as one of the few viable alternatives for obtaining a line of credit for self-employed persons who turn out to be bad paying or protested.

The causes that can register a person in the register of the Crif as a bad payer or in the register of protested may be various, but all has to do with debt not paid or paid late, that is after the dates set. The subjects in this situation are seen in a bad light by financial companies, banks and banks because there is the possibility that these people repeat the same mistakes. This situation therefore for those who invest (precisely banks and credit companies) see a high risk in lending money to bad payers and protestors.

The employee and the pensioner can solve this problem easily, provided they have a fixed monthly income of an adequate amount. The solution lies in the transfer of the fifth, which can only be requested exclusively by employees (assignment of the fifth salary) and pensioners (transfer of the fifth of the pension).

Self-employed workers not having a fixed monthly can not take advantage of the sale of the fifth. This is because this line of credit allows the creditor to take the amount that is due (ie the payment of the monthly payment) directly from the paycheck or from the debtor’s debit card.

The self-employed person who then needs to apply for a loan and sees his request denied in the bank and other credit institutions because he may be a bad payer or a protester, can resort to two different solutions.

The first of the two solutions would be to identify a third party who can act as guarantor, ie a person who makes available to the debtor his income guarantees.

The second solution would be to opt for loans with bills.

The loan with bills of exchange for self-employed workers is in fact one of the best solutions currently available for those who urgently need funding and who can not get one of the traditional ones.

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What is the money for? Very often, indeed in almost all cases, banks before providing the money want to be aware of how the applicant intends to use it. On the contrary, other times we talk about finalized loans, ie lines of credit that can be disbursed only if the debtor will use the money required to buy a specific asset or a specific service.

In the case of a converted credit, the purpose of the loan is irrelevant. In fact, the financial company that provides the changed loan will not make any kind of request and the debtor will be able to use the money as best he likes, without having to respect any kind of bond.

A question that may come to mind when hearing about this line of credit could be the following: “how come the classic loan has been rejected while the loan has been accepted?”

The answer as you can imagine comes from the only fundamental difference that exists between the two different credit lines: the bill of exchange.

As you well know, the bill is not used in the personal loan, while it is a fundamental element in the funded loan. This is an executive credit title. This means that the creditor has a certain power towards the one who has obtained the money. The power lies in the possibility of seizing the assets owned by the debtor in the event that the latter had proved insolvent.

The practice to understand each other better is the following:

  • The creditor lends the money to the applicant;
  • The applicant signs the bills;
  • The debtor pays the bills within the pre-established terms;
  • The debtor stops paying bills;
  • The creditor uses the executive power of the bill and requests the attachment of the debtor’s assets;
  • The seizure of the assets of the insolvent person is carried out;
  • Foreclosed assets are sold through an auction;
  • The proceeds from the auction are used to settle the residual debt.

As you can guess, in one way or another the creditor will always return the money he deserves. The risk for those who invest surely there is, but there is always a way to be able to get back what is right.

Loans changed for self-employed can also be provided by individuals. In this case the exchange of money will take place between two serious private subjects, according to the respect of the Italian laws in force.