Ineffective cancellation policy in credits
The cancellation of the loan agreement: low interest rates, high profits. Copies of incorrect or invalid cancellation policy :. Inaccurate terminology will also invalidate the cancellation policy. A credit agreement can expire by the right of withdrawal!
Many mortgage loans completed after 2002 were provided with false cancellation instructions. Subsequently, the borrowers could use the so-called cancellation wild card: it has lifted the old financing and created a new loan for the remaining debt to take from the new interest rates. But it is not only in current financing transactions that borrowers can participate in the cancellation joker.
If the consumer has refunded the credit early, the wrong cancellation policy can still be an unplanned financial blessing. The reason for this is that pre-payment penalties already paid can be reclaimed upon successful resignation. If the borrower has concluded his loan agreement in the period from 1. 9. 2002 to 9. 6. 2010, he can not terminate it since 31. 6. 2016 – also not with wrong information.
If the consumer backs within the set deadlines, he has the opportunity to cause a cancellation and demand compensation for use. Orders signed after the cut-off date of the contract dated May 11, 2010 may also be terminated after the cut-off date of the contract dated May 11, 2016 if false information is provided. According to de, Germany’s leading provider and comparative platform for mortgage lending betweenhyp. de, it is not a matter of age, but every contradiction must be individually understood.
These are individual contracts where the debtors have not been properly briefed.
For the borrowers, this has the disadvantage that the legal systems that talk about life insurance policies or purchase contracts, can also go to the mortgage lending. It should be noted that any cancellation policy should be considered separately as the revocable instructions given by credit institutions in the contract documents are different.
The following revocation instructions are invalid: Many lenders have followed the binding pattern revocation notice of the year 2002. However, several courts have ruled that the standard formulations are wrong. “The beginning of the period is the date of receipt of this instruction”. The federal court criticized the word at the earliest; Finally, the consumer could consider that the time could also start later.
The revocation instruction is a defect, if the legal consequences of the contradiction are inaccurate or not set out. An incorrect terminology also causes the cancellation policy to expire. If BuyNer does not contradict this with regard to the legal consequences of the related transactions, this too is deficient.
Related transactions are those in which the borrower has taken out a residual debt or life insurance in connection with the refinancing. For recipes that are sometimes confusing or incomprehensible to the borrower, there is also a wrong instruction.
A hint, but one that is sometimes confusing for the borrower. Sometimes the consumer may end up thinking that he has to check his deadline himself. The cancellation policy is wrong because the consumer is unsure here.
The credit institutions must always adapt their cancellation policy to the respective order, so that – if all conceivable design information is available – there is also a false cancellation policy. When is a successful cancellation not possible? A cancellation is therefore not possible.
In the rarest cases, the pattern revocation instructions have been accepted, but 1 to 1; There are always extensions, alleged clarifications, additions or even design elements, so that the revocation can be used. If the consumer chooses to resign, all expenses will be reversed. The borrower must therefore reimburse the principal bank for the full amount of the loan (including any unpaid interest) within 30 days.
The customer is to be reimbursed to BuyNer for the reimbursement of all repayments and interest payments – including the profits (compensation for use). In practice, the claims of the client and the house bank are offset. The borrower does not have to repay the entire amount, but only the remaining amount. Sometimes the borrower can come out even cheaper if he proves that he had to pay for his contract compared to the then market conditions increased interest rate.
Here, the consumer has to pay the usual interest (see also 346 para. 2 sentence 2 half sentence 2 BGB and the decision of the Dusseldorf office of 18 January 2013, I 6 U 64/12). Even if the law is clear, many banks do not agree with the revocation feedback.
Therefore, it is advisable to initiate the opposition with the help of a lawyer. If there is no existing contract for the consumer, he should check his resignation from a specialist lawyer with the aim of checking the resignation. If the bank resigns, the borrower must repay the remaining claim within 30 days. The borrower should inform the house bank and draw attention to the errors in the revocation instructions.
It is important that the letter is sent by registered letter so that the borrower has the proof that he has made a revocable application.