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How to withdraw from the loan agreement?

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October 28, 2016 Financial management is an important part of our lives. We are responsible for the household budget and financial liquidity. We do not want to go into debt, but there may be various life situations that will cause us to decide on external financing. It is important to take a loan tailored to your financial capabilities. If we change our mind or change our financial situation, we can always cancel the loan agreement. How to do it? Sometimes we decide to take a loan lightly. Our financial situation can change quickly. However, you can withdraw from the loan agreement. What are the consequences of this? 

Withdrawal from the loan agreement from the legal side

Withdrawal from the loan agreement from the legal side

The option of resigning from the loan is given to us by the Consumer Credit Act of 12/05/2011, which states that the customer has 14 days to withdraw from the contract from the date of its conclusion. This rule is independent of the distribution of the product, i.e. it does not matter whether it is an online loan, a fixed point or at the borrower’s home. The dispute in this topic is 14 days. Different companies calculate this period differently – some treat the date of receipt of the loan money on the client’s account, others treat the contract. Such issues can be explained by using the hotline and talking to the representative of the non-bank institution.

What documents are needed?

What documents are needed?

A statement of withdrawal from the loan should be attached to the contract. If it is not there, it is the lender’s mistake. However, this is not a problem, because every customer can write such a document. Just include some of the most important information. At the beginning you have to give a title that should sound

“Withdrawal form / Statement of withdrawal / Withdrawal from the contract”.

The document should contain the data of the lender and borrower, as well as the formula “In accordance with Chapter 5 of the Act of 12 May 2011 on consumer credit (Journal of Laws 126, item 715) and item 7 of the Loan Agreements, I hereby inform about my withdrawal from the Loan Agreement.

Don’t forget about the contract details

The next step to supplement the document is to provide the date of the loan agreement, the date of receipt of the money in the account, as well as the loan amount and the amount of additional fees. The completed statement should be sent to the non-bank institution by e-mail, fax or mail (in this situation the date of the postmark is what counts, not the day the letter is delivered to the addressee). The customer can also personally deliver the document to the company’s headquarters.