Erroneous cancellation policy with credits
The cancellation of the credit agreement can therefore be declared at any time. This also applies to incorrect or incomplete information and incorrect cancellation policy. Permanent termination of loan agreements in case of faulty cancellation policy. Resignation without payment of a prepayment penalty possible.
Wrong cancellation policy: withdraw credit in three jumps.
Thousands of homeowners can cancel expensive bonds because their contract brings false cancellation policies. By the end of 2010, many banks had misinformed their clients about their rights – with the result that they were able to terminate their bonds years later. A wrong cancellation policy in the loan agreement makes it possible to get out of the credit without costly penalties.
Thanks to lower interest rates, bank borrowers can quickly save a five-digit amount each year by taking out a new loan. After the Federal Court of Justice declared ineffective in 2009 in several decisions deficient clauses of the loan agreement, a veritable wave of revocations has overwhelmed the banking industry. Julius Reiter, head of Baum, Reiter & Collegen, a law firm specializing in banking and financial market law, has determined that only 20 percentage points of the cancellation policy from 2002 to 2010 are correct.
With a good ten percentage points, the law was controversial, just under 70 percentage points were clearly off. The figures are consistent with a study by the consumer center Hamburg, which has found in 80 percent cases of errors in the cancellation policy. Bank customers should first check the wording in their contract. But beware: Not every vague cancellation policy is legally eligible.
If the loan has been closed during this period, credit institutions may refer to it – if they have fully accepted the sample. According to the Hamburg consumer center, however, many institutions have added “supplements, supplements or alleged clarifications” that are now in the hands of dissatisfied consumers. In the consumer advice center, those affected can check their cancellation policy for 70 EUR and wait four months for a response.
Should the revocation instruction prove ineffective, consumers should first seek advice from the principal bank. “It can happen that the financial institution terminates the business relationship and makes all loans due.” The customer should look for a financially willing house bank before the resignation “, thus Stromberg want to withdraw.
This can prove boring: “Recently, I have seen more and more often that banks reject binding commitments for follow-up financing if the loan business contains incorrect revocation instructions,” says the Financial Planner. The sector seemed to be slowing down to avoid a massive retreat. According to the findings of the consumer center Bremen, some institutions reject consumers who have withdrawn their loans elsewhere.
Withdrawals are seen in the industry as an “abuse trick”. However, Morale claims that Reiter is questionable: “After all, credit institutions have not mistakenly misunderstood the provisions, but to prevent consumers from claiming their rights, so they should not be surprised if the customer uses all the legal means to obtain them to avoid”.
Reiter is, however, assured that it is not likely that a recalcitrant debtor will get along without a financier. The unpopular employment contract can be terminated immediately after completion of the promotion. Due to legal cliffs, the consumer center Hamburg recommends consulting with a specialist lawyer. The amount invoiced is based on the practice of the law firm: some of them determine the full amount of the loan as the disputed amount on which their fee is based, rather than the remaining debt or the saved penalty.
If the loan was used to finance an existing property, often paid by the lawyer. Despite the lawyers’ fees, which are in some cases quite high, it is only recommended to a very limited extent to hold the resignation without technical assistance. The contract types used at this time are too different and the wrong termination instructions are hidden. Anyone who wants it anyway: formally terminate the contract by announcing the order number and the closing date – and never cancel the bank’s entitlement to lend to banks.