Insurance in personal loans: guide, how does it work?

In a situation like the one that has been created in our country, tied up between the ongoing economic crisis and the ongoing revolution in the world of work, obtaining a loan can be quite complicated , especially if you are not able to present the guarantees required.

Even in this case, however, the banking institutions are now used to require insurance policies aimed at protecting them from always possible surprises. It is a request that has absolutely no final value, but that should certainly be taken into consideration by the consumer himself, as he could finally reserve him some very important advantages.

Content index

  • Because insurance policies
  • Benefits for the loan beneficiary
  • Loan insurance: what needs to be assessed
  • Read the contractual clauses carefully
  • Optional policies: when it would be opportune to stipulate them
  • It is convenient when the amount is quite high

Because insurance policies

 

The entry into force of the Jobs Act effectively marked the end of the permanent job in Italy, also according to the experts. Now, in fact, a worker can be fired for economic reasons and this opens the door to a completely new situation, which the credit system had to take into account.

Just to try to take shelter, but without denying the credit to workers who are under the new work regime, which would exclude a large number of potential customers, the banks and the financial have in fact decided to push a lot on the need by of the applicant requesting to obtain an insurance to enable them to return the sum paid even in the unfortunate event of a death or dismissal of the applicant .

Benefits for the loan beneficiary

 

However, it should be emphasized that the loan holder can also make a return by signing a policy of this kind, as he can set up a real safety net in the event of an accident that limits his work skills, or an illness that prevents him from to meet you for a while. The policy, therefore, can allow him to continue to meet his contractual obligations and prevent his name from being associated with one of the bad payers databases . An eventuality that could eventually bring the interested party into a situation that would prevent him from accessing credit products in the future.

Loan insurance: what needs to be assessed

 

The premiums of the policies underwritten in these cases, indicated by the term Cpi (Credit protection insurance) , naturally come to represent additional costs, finally going to impact also significantly on the final cost of the loan. Precisely for this reason, those who intend to subscribe one should evaluate more than one estimate in order to understand what is the most convenient formula in terms of spending.

It should however be emphasized that the safest way to understand which of the policies on the market is the most convenient with the same guarantees offered is to compare the Taeg , or the Global Effective Annual Rate, which includes both the interest rate and all the other eventual expenses and accessory charges, finally going to express the real cost of the loan.

These are indications that must be clearly inserted in the pre-contractual information . Precisely for this reason they should be requested both for the loan and for the insurance, allowing in this way to finally be able to reach a profitable choice.

Read the contractual clauses carefully

Read the contractual clauses carefully

 

It should also be added that it would always be appropriate to read very carefully all the clauses included in the contract that you are going to sign, so as to be able to understand whether the events covered are compatible or not with the risks you want to insure or if it is the case to give life to integrations in this sense. In particular, it would be absolutely advisable to inquire if, in the event of an early repayment of the loan, it is possible to obtain the reimbursement of the premium not enjoyed and if a choice of this type foresees the payment of a penalty.

Optional policies: when it would be opportune to stipulate them

 

It should also be noted that personal loans are optional , with the partial exception relating to the transfer of the fifth, in which the mandatory stipulation of a life insurance policy and work risk is required by law.

In certain cases, however, the credit institution that is called to provide the loan may request that the stipulation of the policy be a mandatory condition for the provision of the loan.

This can happen, for example, when the user’s income situation does not sufficiently guarantee the bank on its repayment capacity, or when the work of the same can be judged not entirely safe or protected from possible market crises.

It is convenient when the amount is quite high

 

However, it can be stated how to stipulate a policy is always advisable when the amount of the loan is quite high , or for requests that exceed the threshold of 5 thousand euro. Also because in case of death of the interested party, the weight of the reimbursement would fall on his family. While it would not be appropriate to turn on one where the loan concerns not very large figures.

Personal loans and microcredit: better offers on small loans

The combination of personal loans and microcredit has developed mainly in recent years, when it became clear that, in the face of the economic crisis gripping the West, ordinary credit is unable to meet all needs and provide adequate answers to those who are looking for liquidity to deal with the basic aspects of everyday life.

What is microcredit ? The answer to the problem just mentioned, nothing but the small trust-based loans, since there are cases in which it is not possible to provide the adequate guarantees required by banks and financial companies.

The reality of micro-credit in the field of personal loans has often become decisive in order to satisfy many personal and social needs, such as paying bills or assisting the elderly, as well as trying to support the exercise of a business or an independent professional activity. : let’s see then what are the peculiar characteristics of microcredit in the field of personal loans .

Content index

  • General characteristics of microcredit
  • Microcredit, who provides funding?
  • Production microcredit
  • Requirements for accessing microcredit
  • Social microcredit and students

General characteristics of microcredit

The rules on microcredit in Italy have been fully formulated thanks to the Consolidated Banking Act (Legislative Decree 385/1993) which established the basic characteristics of this form of financing, also identifying the subjects eligible for funding and the financing bodies. The Bank of Italy has set up a special list of operators accredited to operate in this specific financial branch, through the Ministerial Decree of 17 October 2014, specifying that loans through micro-credit must have a limited amount with the obligation to repay, without the obligation to present real guarantees to protect the reimbursement as in a normal personal loan: the maximum amount that can be financed amounts to 25 thousand euros for natural persons, partnerships, companies pursuant to art. 2436 of the Civil Code, associations and cooperative societies, for the initiation or exercise of self-employment or micro-enterprise activities.

Access to finance is armored for self-employed workers or companies with VAT numbers for more than five years, self-employed workers or sole proprietorships with more than 5 employees, partnerships, simplified limited liability companies, or companies co-operatives with a number of non-member employees of more than 10, while for natural persons who are in disadvantaged economic conditions, such as unemployment status, unemployment loss, income contraction or proven health problems and total income, it is possible get a loan of up to 10 thousand euros .

Microcredit, who provides funding?

Microcredit, who provides funding?

How does microcredit work ? Who supplies these capitals according to the limits indicated above? All the answers to deepen the knowledge of the initiatives on the subject and the tools available are provided by the National Agency for Microcredit , whose official website is the essential reference point for obtaining the desired information. This institution is the Italian public entity in charge of the promotion and coordination of microcredit initiatives to combat economic hardship, as budgeted by the European Union programs and collaborations with foreign institutions such as the European Microfinance Platform or the European Progress Microfinance Facility , just to name a couple of the best known names, but on the web it is possible to find networks and networks dedicated to microcredit in Italy . At the state level,

Microcredit loans are managed through public tenders and notices, with particular attention given to the so-called SMEs, small and medium-sized enterprises, and micro businesses, which through a specific Guarantee Fund can access bank credit at favorable conditions.

Production microcredit

Let’s now look at the various types of microcredit authorized in our country: the first can be defined as micro-credit production , based on loans of no more than 25 thousand euro , where the absence of collateral is offset by support, assistance and monitoring services, which therefore, it does not exhaust the relationship between the entity and the beneficiary in the simple disbursement and repayment of the loan. The micro-credit production is aimed at individuals, partnerships, simplified limited liability companies and cooperative companies with the specific purpose of supporting the start-up of a self-employment activity or micro-enterprise : the sum of money can be invested for ‘purchase of goods and / or services instrumental to the activity carried out, for the payment of specific training courses, for the remuneration of new employees or working members.

When we speak of support in microcredit we refer to all the crucial aspects of a small business , such as the development strategy and the possible study of solutions to manage critical issues, improving the activity, personnel management, accounting and financial management , the study of appropriate strategies for the promotion, dissemination and sale of the product, the possible solutions to legal, fiscal and administrative problems that may occur during the practice of the profession or business.

Requirements for accessing microcredit

Requirements for accessing microcredit

The regulation establishes what must also be the requirements for access to productive micro-credit: in short, they can be considered beneficiaries

  • small and medium-sized enterprises that fall within the size and turnover limits, that have been active for less than 5 years and with less than 5 employees
  • craft enterprises belonging to any sector,
  • consortia and consortium companies .

Requirements include compliance with certain balance sheet values , ie assets with a value not exceeding € 300 thousand, revenues of less than € 200 thousand and total indebtedness of € 100 thousand.

Social microcredit and students

Social microcredit and students

The other type envisaged is the social microcredit reserved for natural persons in conditions of particular economic and social vulnerability, for amounts not exceeding 10 thousand euro , not backed by real guarantees but accompanied by auxiliary family budget services, in order to favor the social or financial inclusion of the beneficiary. Loans are disbursed at favorable conditions and include a 5-year repayment plan.

Then there is a third example of microcredit to students , aimed at the payment of training courses, including university or post-graduate courses, to facilitate their integration into the world of work. The duration of the microcredit can not exceed 10 years.

Are personal loans inherited?

Are personal loans possible without a paycheck ? The lending institutions put the presence of a fixed income as a fundamental condition to provide funding, but in the presence of alternative guarantees it is possible to obtain loans without paychecks, a particular type of loans specifically dedicated to those who need liquidity to meet certain needs, but he does not have a demonstrable income. Precisely because personal loans without paychecks are funds dedicated to those who do not have a fixed salary, it normally allows a bank to allocate very low amounts for applicants, often no more than 5 thousand euros: let’s see all there is to know on this type of financing, the possible alternative guarantees, and the contractual conditions.

 

Content index

  • Personal loans without paychecks: who do they turn to?
  • How to request them
  • Loans without a paycheck with guarantor
  • Loans without payroll changed
  • Loans without a paycheck with a mortgage on the house
  • Personal loans without paychecks: use alternative annuities
  • Personal loans without paychecks: financing conditions
  • How to choose the most convenient?
  • Alternatives to personal loan: small loan and revolving card
  • Loans between individuals
  • Loans of honor for students and young entrepreneurs
  • Debt consolidation

Personal loans without paychecks: who do they turn to?

Personal loans without paychecks: who do they turn to?

Personal loans without paychecks are aimed at all those categories of subjects who for various reasons can not claim a fixed income from work. Among them we report:

  • housewives
  • unemployed
  • students
  • entrepreneurs under 35
  • self-employed
  • irregular workers
  • employees with payrolls committed with one or more loans in progress that absorb between 35 and 50 percent of their salary.

How to request them

How to request them

Loans without paychecks are provided either by credit institutions or finance companies, so you can go directly to the nearest bank or rely on a financial advisor to study the best solution for your case. Since credit reliability is based primarily on the presence of a fixed income that allows to support the repayment of the amount paid out,

to obtain a personal loan without a paycheck , alternative guarantees must be presented , such as the presence of a third guarantor, a property owned or income other than a salary.

Let’s see in detail the various possible solutions.

Loans without a paycheck with guarantor

Loans without a paycheck with guarantor

To obtain a loan without a paycheck, the first of alternative guarantees that can be presented to a bank in order to reassure about the ability to repay the debt is the presence of a guarantor , ie

a person who officially undertakes to pay the loan installments instead of the beneficiary if he is unable to do so. This means that the guarantor , as technically the third guarantor is called, must prove to him that he has good creditworthiness, and that he has not been reported to the Crif as a bad payer.

Loans without payroll changed

Loans without payroll changed

In the event that it is not possible to resort to the guarantee, a loan can be granted without a certified pay slip , ie a loan which provides for the repayment of installments by bills of exchange. The bill

is an instrument permitting also to the bank in case of failure to pay a single installment to seize goods to the value equal to the unpaid installment, without having to resort to a judgment of conviction or of an injunction of payment.

It must be said, however, that seizure of goods still costs a certain amount of time and energy, so banks and financial companies do not willingly grant loans changed. Furthermore, even for a client, loans that have been changed are not always convenient, since they have a Taeg, ie a Global Effective Annual Rate, rather high due to both the interest charged and the costs relating to the compulsory insurance policy.

Loans without a paycheck with a mortgage on the house

Loans without a paycheck with a mortgage on the house

Just like when you sign a mortgage, even for loans without paychecks, in the absence of a demonstrable income, you can register a mortgage on a property owned in order to get the green light from the bank for the financing of which he needs. In particular for those over 65, the mortgage on the house

allows you to obtain a bank life loan , transforming the value of your home, of which you remain owner, available liquidity, an optimal solution for retirees who may have the minimum or the social allowance, but a property to be exploited. In case of death the heirs can choose to pay off their debts and keep the house, or let the bank sell the property to get a refund of the amount paid.

It must be said, however, that for those less than that age and looking for small loans, the request for a personal loan with a mortgage on the house may be refused , as the value of the loan is much lower than that of the building, and this would represent from the perspective of a bank a problem for the repayment in case of non-payment of an installment.

Personal loans without paychecks: use alternative annuities

Personal loans without paychecks: use alternative annuities

There are other possible solutions to be explored to obtain personal loans without a paycheck : for example, for a self-employed person, the certification of the Single Model could be enough , ie the   ordinary model of tax return, referred for the last three years: if you can prove that you have had constant income from your profession in recent years even in the absence of a paycheck the bank could grant the desired amount. Another form of guarantee is a personal loan with pledge , an optimal solution for those who have valuable assets such as jewels that can be used as collateral, to meet an urgent need for liquidity even if they have no income.

Then there are alternative returns such as a monthly maintenance allowance for the former spouse for those who are separated or divorced, or the rent to third parties of a property owned, or even forms of investment as a small capital that generates a constant return , but prefers to ask for a loan rather than releasing it because it is not convenient.

In order for a credit institution to give the go-ahead to a loan without a paycheck, however, it must be demonstrated that it will continue to be the holder of the annuity for the entire duration of the amortization period.

Personal loans without paychecks: financing conditions

Personal loans without paychecks: financing conditions

Personal loans without paychecks have less favorable financing conditions than those with fixed and demonstrable income, because the higher the risk for a bank, the higher the loan rate. Therefore,

the interest rates of these loans are very high, with a Taeg that can even reach 12 percent. This does not obviously mean that it can be a very useful type of financing in case of urgency and necessity, when you do not have a paycheck to present as a guarantee.

Important: in the media many controversies have emerged in the past about the interest rates of loans without paychecks , in some cases higher than the rate of wear established by Bankitalia, so before requesting a loan without a paycheck it is advisable to check the rate applied from the bank in question. Particular attention must be given to the web, where advertisements of loans without wages and without guarantees , even for high amounts, are wasted. In most cases, these are not only loans with halter conditions, but real scams. So let’s see how to choose the best loans without paychecks .

How to choose the most convenient?

How to choose the most convenient?

To find a personal loan without a convenient paycheck you have to consider 3 parameters:

  • TAN – Nominal Annual Rate: this is the interest rate applied on the loan to be repaid to a credit institution together with the amount disbursed. Personal loans without paychecks usually have a much higher Tan than traditional funding, and therefore the cheaper solution should have a relatively low Tan.
  • APR – Global Effective Annual Rate: this is the index of the total costs of the loan, including all the tax burdens and ancillary costs as well as the mere interest rate. Again, banks tend to offer personal loans without a paycheck with high Taeg, so a smaller amount of this index would allow you to deal with convenient financing.
  • Insurance policy: mandatory for a bank in order to give the green light to finance, often represents the real thorn in the side, the item that offers the highest costs for a loan recipient without paycheck . Attention to the type of policy: if it is mandatory, as in most cases, its cost will already be included in the Taeg, while if it is presented as optional it will not be part of it, but it is possible that the bank “obliges” the client to subscribe. In the latter case, the cost of insurance must be added to the Taeg.

Alternatives to personal loan: small loan and revolving card

In some cases it may be convenient to find radically alternative solutions to the personal loan without payroll presented up to now. This is the case for example of the small loan, so the banks

they can grant fast loans for very low amounts, which generally do not exceed 3 thousand euros. Even in this case, however, the interest rate can be very high, so it is advisable to apply for small loans without a paycheck only if you do not have other alternatives.

Another alternative is the revolving credit cards, which work in a manner not dissimilar to the classic ones on balance, but

in addition, they offer the possibility of paying in installments . Through the revolving card it is as if the bank granted a small loan to make the purchases, where the installment is a way to repay the interest for the sum used made available.

Loans between individuals

Loans between individuals

Another possible alternative to loan without paycheck is the loan between privat i, which allows you to have a small sum at an advantageous interest rate . In particular today, thanks to the new digital tools,

it is extremely recommended to lend private loans via the web , to be carried out through special platforms that guarantee both those who grant money and those who receive it on loan, reducing costs and delivery times.

Loans of honor for students and young entrepreneurs

Loans of honor for students and young entrepreneurs

A special form of payday loans are represented by loans of honor , which are essentially aimed at two categories of people, students and young entrepreneurs under 35 . In the first case it is about

loans at subsidized rates provided without guarantees to cover all expenses related to their training . The reimbursement begins only one year after the end of the course of study, in order to allow the beneficiary to find a job to return the amount obtained. .

For those who are an aspiring entrepreneur, unemployed under 35 years of age, the loans of honor for the company represent the ideal financing to cover the costs related to starting a business on their own:

these are loans granted half of the grant, and the other half at subsidized rates . To access the calls, you must present a detailed business plan in addition to the relative documentation that may vary depending on the call for proposals.

Debt consolidation

If you can not get a loan because your paycheck is already busy with other ongoing loans that absorb 35 to 50 percent of your monthly salary , remember that debt consolidation exists ,

a loan through which all the monthly installments of the various loans in progress can be combined into one lighter and more sustainable installment . Furthermore, in some cases the bank can also grant additional liquidity .

Personal loans up to 90 years

Italians are increasingly looking for personal loans up to 90 years , having lengthened the average age and also the life expectancy of the population. However, it is not easy to obtain this type of financing, since credit institutions and finance companies very often prefer to set precise age limits, especially when it comes to loans to retirees with assignment of the fifth, but much depends on the single bank that decides freely until when to dispense capital on the basis of the registry factor. Below we will explain in detail all the various possibilities of personal loans up to 90 years , with or without transfer of the fifth, and the various limitations provided for each type of product offered by the credit market.

Content index

  • The limitations of the assignment of the fifth
  • How is age calculated: at the end or at the beginning of the loan?
  • Loans and age limits: how do the financials settle?
  • How does it work for those with other retirement benefits?
  • Alternatives to the assignment of the fifth

The limitations of the assignment of the fifth

The financial institutions usually offer pensioners loans with a fifth sale , which provide some limitations, regardless of whether they are paid or not even 90 years of age, a limit that as we anticipated varies depending on the bank to which you are addressing, according to their risk policies: firstly the pensioner can only give one fifth of his social security allowance, the transfer of double fifth is not allowed, even for those who have recently retired, then the transfer can not exceed this 20 for one hundred of the total income even if implemented through two or more loans. We also remember that

the minimum pension, net of the sale, for 2017 is set at € 501.89, so it is not possible to fall below this amount by paying the installment. Finally, the duration of the loan by transferring the fifth of the pension is strictly between a minimum of 2 years and a maximum of 10 years .

How is age calculated: at the end or at the beginning of the loan?

The question that creates confusion about the age limit is whether it should be calculated at the beginning or end of the loan: in the case of a personal loan of up to 90 years, the applicant must have a maximum of 88 years at the beginning of the loan because the minimum duration of the loan is 2 years. If the possibility of funding is then proposed, the pensioner may transfer the fifth of the pension by repaying it necessarily over a period of two years in order for the payment to be concluded in any case at 90 years. The resulting logic is that  

at the end of the loan , or when the last installment has to be paid, the beneficiary can do so no later than 90 years at the latest . This is what the regulatory rules provide in principle, but now let’s see how some of the major Italian financial institutions and banks behave, because, we reiterate, each institution is free to choose how to act on the provision of the assignment of the fifth to pensioners based on at the age limits set according to their own risk policies.

Loans and age limits: how do the financials settle?

Loans and age limits: how do the financials settle?

Here is how some of the major financial companies and credit institutions regulate the age limits to request the assignment of the fifth of the pension:

  • Poste Italiane retired loans: the final term of the loan must be within the age of 84, so if you want to take advantage of the maximum payment period in 10 years you have to apply for 74 years, however the minimum amortization period is three years Italian Post Office, the maximum age within which to retire is 81 years
  • Findomestic retirement loans : as with Poste Italiane, the request with Findomestic must be made within 75 years, to finish, in the case of a 10-year repayment, the loan before the age of 85
  • Retirement loans Compass : the financial plan provides for the final repayment of the transfer of the fifth by no later than 85 years with a request starting from 75 years
  • Intesa Sanpaolo Retirement Loans: The age limit includes 82 years at the time of application and 84 years at the expiry date. These conditions apply to all the subsidiaries of Intesa Sanpaolo, such as Banco di Napoli or Cassa di Risparmio del Veneto
  • Unicredit retirement loans : with regard to the maximum age, Unicredit is the most reluctant to disburse funding as the master record limit is reached, choosing to end payment within the 79 years, ie before 80 years. At the time of application you must be from 69 years up to two years before the maximum limit.
  • Retirement loans Bnl : through the subsidiary Bnl Finance , pushes the term of the loan up to 90 years completed, so the request can already be presented from the age of 80 up to 88 years

How does it work for those with other retirement benefits?

The transfer of the fifth is not open to all pensioners: in fact, every social security allowance below the minimum pension threshold, such as social pensions, income support grants, pension pensions, are excluded from the provision of this type of product civil disability and those paid to the deceased’s survivors. The non-civil invalidity pensions, that is related to a work activity for which contributions have been paid, deserve a separate mention. In this particular type of pension

the refusal to grant the fifth is not automatic, but is subject to a medical-legal examination that will establish whether or not the pensioner has the right to transfer the share of his social security allowance. The assignment is denied in the case of serious diseases, while for those with milder forms of disability the possibility of obtaining the go-ahead is more concrete.

Alternatives to the assignment of the fifth

If due to age limitations or due to the absence of other requirements it is not possible to obtain loans up to 90 years with assignment of the fifth , there are other alternative ways to go: first there is the classic personal loan, which normally for retired persons needs the addition of a compulsory insurance policy or third-party guarantees to be disbursed. Other possible options are a mortgage liquidity to light up on the home that will continue to be paid by the heirs, and the mortgage or bank life loan if you want, which must be returned in one solution by the heirs or let the bank sell the property to take back the paid-up capital. Of these three solutions proposed,

what the experts recommend as the second most economic and convenient, but the easiest to obtain, although more burdensome for the heirs, is probably the life loan. Apart from these three options, there are only more extreme forms of financing such as loans that have been changed , or you can try private loans via the web , and see if any of these online platforms allow you to provide personal loans up to 90 years. .

Personal loans and communion of assets

Personal loans and property communion : how does it work? The question is not irrelevant for the purpose of repaying debts, so that a credit institution or financial company always evaluates very carefully whether the spouses or the sole owner of the conjugated loan is in a regime of separation or communion of assets: the information it is decisive not only for the assessment of the actual patrimonial status of the applicant or of the applicants, in case the claim is submitted by both spouses, but also to evaluate further guarantees in case of insolvency due to non-payment of installments. And just before the debt situation we want to focus our attention on the communion of assets and personal loans , observing what are the provisions of the civil code and the various possible cases.

Content index

  • What the civil code provides
  • Personal loan payable to both spouses
  • How does the loan for a single spouse with a communion of assets work?
  • What is part of the communion of goods
  • The documentation to be presented

What the civil code provides

Let’s see what the Civil Code provides in the case of a personal loan with the communion of assets for the holder of the loan : to settle the issues with this property regime is the rule of art. 159: As we have anticipated for a bank or financial institution, the communion of assets is linked to the assessment of the impact on the applicant’s assets, a figure that influences the sum that can be provided through financing. In this phase of evaluating the applicant’s financial profile, the credit institution evaluates all the possible options in terms of protection, thus also informing on which movable and immovable assets may be revalued in case of insolvency of its client, on the basis of what is provided for the risk policies of your institution.

Precisely for this reason, financial companies tend to favor, where possible, the stipulation of the loan agreement by both spouses, thus having the possibility to protect themselves more, being able to attack, in the event of insolvency of the client, the assets in communion of both spouses .

Personal loan payable to both spouses

Personal loan payable to both spouses

We start from a first case of school, or if the personal loan is payable to both spouses: for this case it makes no difference that the couple is in communion or separation of assets because, in case of marital separation, both are jointly and severally liable to the repayment of the capital provided and the interest , and in case of non-payment of the installments, both would be reported in Crif as well as to meet the possible foreclosure of the assets owned.

Then there is the special case in which the debts are contracted by a spouse separately, but in the family interest : in this case the spouses answer first with the goods of the communion, and then with the personal ones, according to what is prescribed by ‘art. 191 of the civil code. The creditors first can claim on the assets belonging to the communion, and only if they prove insufficient to the complete balance of the debt would come into play the assets of only the spouse who has contracted it. If all this is not enough, the creditors could also attack the assets of the other spouse, but up to a maximum of half of the credit .

How does the loan for a single spouse with a communion of assets work?

How does the loan for a single spouse with a communion of assets work?

The most particular case of our analysis are the loans with communion of goods in which the   current loan is payable only to one of the two spouses: the payment of the current loan is up to the holder’s spouse, however, if in the next phase of separation or divorce the assets are divided, the problem arises in the case of insolvency, as the assets in communion they can be attached because they are considered the property of both spouses. For the spouse not in charge of the personal loan   in any case, there is the possibility of claiming its share of the assets in communion or the portion of the proceeds from the auctioning of the aforesaid goods, since it is not responsible for the non-payment. The case is different

the separation of assets , since the two spouses appear completely separate from the point of view of assets, and the personal loan must be repaid only and exclusively by the holder. The separation of assets therefore implies that, in the case of non-payment, only the assets of the holder of the loan   they can suffer foreclosures.

What is part of the communion of goods

Article 177 of the Civil Code explains which assets are part of the communion. In detail it provides:

  • Goods purchased together or separately during the marriage
  • Income from the property of each of the spouses, received and not consumed upon the dissolution of the communion , such as revenues from renting an apartment owned by one of the two spouses before the marriage contract
  • Income from companies managed by both spouses established after marriage
  • In case the companies belong to only one of the spouses before the marriage, but they are managed by both, the communion has vigor on the profits and the increments
  • Income from the separate activity of each spouse and not consumed upon the dissolution of the communion, such as salaries and professional fees

Recall that unlike the regime with the separation of assets, in which each spouse responds to the obligations assumed only with their assets, the communion of assets provides that any goods purchased by each spouse, even separately, is to be considered as property also of ‘ another, coming rightfully into the communion.

The documentation to be presented

Which documentation to present in case of personal loan with communion of goods ? Generally, the bank requests the following documents from the spouse in communion regime:

  • The subscription by co-obligation of the other spouse
  • The acceptance of both to the derogation of the art. 190 cc

This exemption to be undersigned represents an authorization which expressly certifies the possibility that the financing body may act primarily and not as a subsidiary of the personal property of each of the spouses. However, if the spouse of the requesting party does not want to be involved in this way in the loan, he can exercise another option to give the next green light for disbursement to the bank, or a simple guaranty . It should be clarified by intellectual honesty that not all credit institutions accept this solution , since in this case the financial institution could only seize the personal property of the spouse entrusted and the personal property of the guarantor, but not those of the communion, which would be eligible only in the alternative and with priority reserved for the creditors of the communion.

The solution preferred by the bank as we said is that in which the loan application is advanced by both spouses , because in this way the bank becomes a creditor of communion without anything else to complain, and in case of failure to pay the installments the personal assets spouses would be distraught, even if only later.