English to Italian Bus/Financial Finance (general)

Some lenders require their borrowers to sign a form called a “Voluntary Wage Assignment” which allows the borrower’s wages to be garnisheed if they do not repay the loan as agreed. Payday loan companies and Credit Unions commonly ask borrowers to sign these types of forms. However not all wage assignment agreements are enforceable by law.

A voluntary wage assignment is an agreement between a debtor and a creditor which allows an amount to be deducted from the borrower’s wages to repay a debt. When a loan is in default, a signed wage assignment form is sent to the borrower’s employer requesting the company begin withholding an agreed amount from their wages and remit this amount to the creditor.

https://www.hoyes.com/blog/how-can-i-stop-voluntary-wage-ass...

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