You have subscribed to a consumer credit and wish to retract? No panic, it’s possible! Find out how to do it here.
Consumer credit: the right of withdrawal
You have subscribed to a consumer credit, and for one reason or another, you want to retract? Do not worry, this provision exists.
What consumer credit do you hold?
When you have taken a revolving credit, or an overdraft authorization, you are entitled to repay all or part of it, at any time, without penalty. Also, all you have to do is not to touch your cash reserve, and not to use your overdraft authorization. So that the financial institution will not be able to ask you because you will not have used anything.
The right of withdrawal applies for affected consumer credit, and personal loans. Because with these credits, the financial institution finances a good or a service, or lends you money directly. Thus, these credits are amortizable, the amount of the monthly payments, as well as the dates of expiry are fixed from the signature.
How to retract?
Take your credit agreement, among the various forms, you will find a withdrawal form. All you have to do is complete it and send it back before the deadline by mail with acknowledgment of receipt.
Without a cancellation form, you will write a letter, which you will send by registered mail with acknowledgment of receipt.
What to do when the deadline has passed?
When you have exceeded the withdrawal period, we no longer speak of retraction, but of early repayment. Early repayment is another different procedure.
Finally, before subscribing to a credit, do not hesitate to give yourself a period of reflection.