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For us it is important to inform our customers, we realized that often the financial terms are so many to memorize and this creates situations of confusion. It will, therefore, be useful to have points of reference because being informed is your right and makes us live more peaceful.

The first term that we will face today obviously is the: Assignment of the fifth, a type of loan to be paid off with the assignment of one-fifth of the salary reserved for public and retired employees- Ke5ter.

Characteristics of the financing.

The word Assignment of the fifth salary arises from the fact that the maximum amount of the repayment installment of the loan can not exceed the value of 1/5, ie 20% of the continuous net monthly salary. We would like to add that the maximum duration allowed is 120 months and the minimum is usually not less than 24 months. Access to the sale is also possible for retirees whose maturity cannot exceed 90 years of age. It is very important to keep in mind that insurance companies limit the risk with a maximum of 85 years.

It is stipulated by the law that, at the time of stipulation of the contract with the finance company, a life and employment risk insurance is also stipulated. In the case of “life risk”, the insurance company intervenes without claiming a right of recourse against the heirs.

The transfer of the fifth in history

The transfer of the fifth was conceived by the will of King Vittorio Emanuele II, dates back to the second half of 1800. The creation of the assignment of the fifth served as a privilege reserved for state employees, would thus have had the opportunity to obtain a loan at favorable conditions. For a long period, the assignment of the fifth was therefore granted only to state employees.

In 1950, with the law 180/50 and subsequently with the implementing decree n. 895 of the same year, the sale of the fifth was regulated in a more detailed way compared to what had been done about a century before. The single text included topics such as the disciplines on seizure, foreclosure, the assignment of the fifth salary, the salaries, and pensions of public administration employees and the regulations regarding the execution of these disciplines. For the following fifty years, the sale of the fifth will remain a preferential loan obtainable only by public and state employees and retirees.

In 2004 and with the 2005 financial law modifications were made to the 180/50 law. The sale of the fifth product was also extended to employees of private companies and the monopoly of the IPAP was eliminated, until then the only institution authorized to issue insurance coverage on the sale of the fifth for public and state employees. Lastly, the flexibility of the duration of the assignment of the fifth, which was then granted with a duration between 24 and 120 months, was favored, the minimum length of service was abolished to obtain the assignment of the fifth, rules regarding transparency in contracts were granted and the faculty was granted. pension institutions to stipulate agreements for the transfer of the fifth with lenders.