The borrower should have the opportunity to ask questions and have the agreement explained in more detail. You should also be advised to take pre-contractual information into account and to be able to take it with you when shopping. In most cases, it must be provided in a standard format – the pre-credit information form – in order to improve comparability and understanding. Note that the above right of withdrawal only applies to the credit agreement. It does not apply to goods or services that you have purchased with the credit agreement. This means that you must always find another way to pay for them or return them to the supplier (if your contract with the supplier allows it). You must keep all goods safe until they are picked up. In both cases, you need to tell the lender that you want to cancel. This can be done orally or in writing (if possible by registered mail). You must use the contact details provided in the loan agreement. While terminated loan agreements should not result in negative additions to your credit report, if you have applied to another person – for example, as an unsecured joint loan – you can form a financial association with them. This association remains on your credit report, even if you cancel the loan agreement during the reflection period.

By exercising your right to terminate a credit agreement, you withdraw from the contract and the contract is terminated. Pre-contractual information must be provided in good time before the conclusion of the contract by the borrower. These must be easy to understand and contain essential financial information, in particular: In answering the second question referred, the ECJ added that the reference to provisions of national law which also refer to other laws of the Member State is not considered to be a valid means of informing the consumer of the beginning of the withdrawal period and other conditions for exercising it. The Court considers that the consumer does not have to study many national provisions in different legislative acts, as this does not allow the consumer to determine the scope of his specifications or whether his contract contains all the information required by law. The declaration of withdrawal can be made in writing or verbally, but you must repay the principal and interest accrued between taking the loan and repaying it. You need to make sure that the proposed loan agreement is properly explained to the borrower. This should cover the following: You can terminate most contracts concluded outside a seller`s business premises, by . B at home or at work, within 14 days of signing the contract. It doesn`t matter if you asked the seller for a visit or not. You also get special protection against fraudulent use of your credit card details. .