Some debts, a pension, the difficulty of memorizing and honoring monthly commitments, the need to have additional liquidity. How to get out of it? The useful formula could be the debt consolidation loan. What is it about? To extinguish the various loans and merge them into a single monthly installment of lesser amount than all the others combined, with a competitive interest rate also linked to the possibility of extending the duration of the loan itself.

How much can you get?

How much can you get?

The maximum amount differs depending on the client’s profile and the type of help requested; it also depends on whether it is used to pay off one or more required debts. Indeed, in this case, if the figure obtained replaces them and a certain quota is advanced, it is possible to have it as liquidity. Important: the new loan can be opened with any bank other than the one in which the others have entered into.

So, in summary, debt consolidation allows

° Have only one lower monthly installment that unites all debts you have, more sustainable, simplifying payment and not risking unpleasant forgetfulness

° Extinguish existing loans

° Obtain additional liquidity to cover other expenses

° Extend the repayment duration, a long-term amortization plan, with a new loan at competitive rates

Personal loans and salary-backed loans

Personal loans and salary-backed loans

Being pensioners, to access the sums that will be used to consolidate their debts in a single monthly installment which are more convenient than the others, it is possible to resort to the solution of the assignment of the fifth of the pension. To present to the financial institution the known documents necessary for such solutions, the pension slip, the valid identity document, the health card with tax identification number. The value of the monthly pension is also important: the operation is not valid if the pensioner receives an amount less than 550 euros.

By choosing the transfer of the fifth on the monthly amount of the pension, it is possible to close all the various debts and open a new loan at the most advantageous conditions of which we spoke a few lines ago, or lesser single installment and longer repayment times, with a greater tranquility, without the anxiety of not being able to fulfill the various commitments and in all comfort. This is because the new installment is automatically deducted from the pension directly by the pension fund of the interested party.

Some useful examples

Some useful examples

Generally, even for debt consolidation, there is a maximum age limit for admission to the loan, which varies according to the institution in question. Usually it ranges from 70 to 85.

Compass provides among its offers the Unica formula, a reserved personal loan that groups all the loans in the famous single monthly installment and which allows a loan of up to 30 thousand euros. Here the maximum age required to access it is 70 years.

Unicredit, for the loan consolidation, with its express credit also allows pensioners to access a sum of 3 thousand to 50 thousand euros, the duration ranges from a minimum of 36 to a maximum of 120 months. The maximum age is 85 years.

A single loan that extinguishes all existing loans with IBL Banca’s SaldaRate, proposes installments of up to 120 months and a new loan of up to € 75,000 ; fixed rates and rates, including all expenses and no mortgage guarantee is required. The maximum age is 70 years at the time of the request.

Rata only is the idea for the consolidation of Findomestic loans, the same mechanism of merging of various debts (even the mortgage) with a single monthly installment to pay and more comfortable lower than previously, which became operational at the time of signing the new contract financing that extinguishes the previous ones.

A different opportunity

A different opportunity

We have said before that to consolidate loans by renegotiating the debt and obtain a single monthly payment that is lighter than the previous ones, the solutions are different but linked to the sale of the fifth of the pension which must not however be below 550 euros. And if this isn’t it? That is if the pension is even lower or if the debts are really expensive and, given the age, there is not so much time left to renegotiate different formulas?

Analysts suggest an opportunity within a (very) mature age: the life-long mortgage loan, reserved for the over 60 owners of a residential property on which to turn on a mortgage. This will start at about 15% of the value of the property if you are only sixty years old, to reach 50% gradually reaching the 80 (or more) threshold, but here it depends on the differentiated offers of banking and financial institutions. Why can mortgage annuities be a good idea, perhaps better than the previous one? Because it is a form of financing without installments (the law 44/2015 regulates it, with several modifications that have updated it until the publication of the ministerial decree 226/2015 in the Official Gazette of last February 16) which allows to have available immediately the amount to spend in this case to pay off all debts and forget about it. Better than a single monthly payment, right?

And then, the loan obtained with the mortgage on the home, who pays it ? The same person who signed it, if he decides to do so, since there is no period limit for repayment as it is an annuity. Or the heirs who, once their family member has disappeared, will be able to repay it or give a mandate to the bank with which it was stipulated, to sell the property: the amount obtained will cover the debt and, if something advances, it will be part of their inheritance.


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