Sunday, 13 July 2014

Withdraw from the credit agreement with the bank

Signing unfavorable credit agreement with a bank does not necessarily mean that we will be stuck with it because the Consumer Credit Act guarantees us the right to terminate it. When and how to withdraw from the credit agreement? How will include on our purchases in installments?

Issues withdrawal from the credit agreement described in force from 18 December 2011, the Consumer Credit Act. Importantly, the Act also prescribes that the records of the credit agreement included information on the possibility of withdrawal, the period within which it may occur, and the effects of withdrawal can bring with you. The Bank shall also prepare and make available the appropriate form, which should be forwarded along with the loan agreement.

How to withdraw?

As a rule, the provisions of the Act stipulates that the withdrawal from the credit agreement without giving any reason, it is possible within 14 days from the date of its conclusion. You can either go personally to the bank branch or send a request to withdraw an acknowledgment of receipt by mail. But it is important to clarify whether the bank will charge the amount of the loan yourself with our account, whether these measures have to pour yourself. It is very important because the amount of the loan repayment must be made within 30 days of the notice of withdrawal. The amount of the loan is worth to pay as soon as possible, because with it will be downloaded as interest accrued until the refund. What is faster refund the value of the loan, the less interest we pay. It should also be stressed that the bank does not have at this time right to buy from us any other charges, except in connection with a loan he bears the costs for the public authorities or notary fees.

What with the sale of installment?

The case is complicated somewhat when spoken loan installment sale of the goods concerned. In this case, withdrawal of credit is not tantamount to withdrawal from the contract of sale. Hence, you should go to the dealer and ask for the termination of the contract by mutual agreement. If we are dealing with a reliable seller, after describing our situation, we should not have a problem with the return of purchased goods and termination of the contract of sale.

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