Sometimes each of us may need extra money. Something unexpected might have happened or you just don’t want to wait any longer with your purchase. It happens, however, that not long after signing the contract, the conditions that changed the need to take a loan changed or the client changed his mind. Is there any way to withdraw from a contract that has already been signed? We explain!
Withdrawal from the loan agreement
Many people think that if they sign a cash loan agreement , they are obliged to comply with it. Indeed, the borrower must comply with the provisions of the contract he has signed. Similarly, the lender must apply to them. However, this does not mean that you cannot withdraw from the contract. Withdrawal from the loan agreementmust be made within 14 days of its signing. On the one hand, this is not a lot of time – but on the other, it allows you to think better about the new situation and think about whether we really want to take a loan, which often has to be repaid for a long time. Many people regret their signature just a few hours or a few days later. For such people it is a gate to cancel the contract. It is worth hurrying, however, because this deadline is already deadline – each customer has up to but only 14 days to make the final decision.
Withdrawal from a cash loan
For a cash loan, the situation is exactly the same as for a loan. In both situations, the customer is protected by the Consumer Credit Act. It applies to all cases when a natural person takes out a loan for purposes that are not related to his business activity from the entity that grants such loans for profit. As a result, anyone who reaches for an ordinary cash loan can withdraw from the contract within 14 days, even if he has previously signed it. He does not have to explain why he wants to withdraw from this contract. Of course, a representative of a bank or non-bank company (because this possibility applies to all financial institutions that deal with granting loans) he will probably ask, but the customer is not obliged to answer. He does not have to justify his decision – he resigns, withdraws from the contract and now.
What is the withdrawal from the contract?
Withdrawal from the loan agreement is not difficult at all. All you have to do is stick to the deadline and complete the special statement. This is a written application, signed by hand, which must be delivered to the lender. You do not need to look for a similar document online, because the bank or lending company should provide a template of such a document to the client along with the signed contract. Thanks to this, the customer is informed about his rights to withdraw from the contract, and at the same time knows how to write a document when he actually decides to use it. Therefore, it is worth hiding it in the same place as the contract – so that it does not get lost somewhere and that if necessary it can be found and filled.
Withdrawal from the contract – a few tips
First of all, it is worth submitting the application in person to the headquarters of a given bank or loan company – if possible. Even if we had to send everything via the Internet or traditional mail, we should always ask for appropriate confirmation of the application. Banks or lending institutions are unlikely to raise difficulties, but this is a precautionary measure – so that there are no allegations that the withdrawal request did not reach the institution on time. Having the security in the form of confirmation of submitting the form, you no longer have to worry about this situation.
Another issue is the consequences of withdrawing from a loan agreement. It is obvious that if the contract is canceled, all the money that has already reached the client must be returned by him. As customers, we have to do this within a deadline that is set in advance by the specific financial institution. Most often it is up to 30 days. If during this time the money from the loan or loan does not reach the bank / loan company again, the contract is not canceled. Consequently, all entries that appear in it must be followed. The borrower must, however, reimburse the lender for the amount plus interest. There are not many of them within 14 days, but it is worth remembering that they are and that they must be regulated. So it’s not enough just to pay back the money, that the bank shared. It is best to ask the employee exactly how much to pay – and then ask for confirmation that everything has been settled. One should not forget that also a bank or non-banking company must pay back certain fees – for example related to credit insurance, which after its cancellation is no longer needed. It is worth remembering this return and possibly asking for it.