Consumer credit is surrounded by many laws. One of them concerns the right to withdraw, without reason, for 14 days. When does this deadline begin? Everything you need to know about the consumer credit withdrawal period.
The right of withdrawal from consumer credit
A credit contract issued by a reliable organization must include several legal notices, including that of the withdrawal period. This is mandatory information. The deadline is 14 clear days under a consumer loan, since the Hamon law of 2014. It concerns all types of consumer credit (personal loan, car loan, work, revolving loan). Retracting simply cancels the credit.
Consumption credit withdrawal period: questions / answers
When does the withdrawal period begin?
The consumer credit withdrawal period begins on the day following the signing of the credit contract.
How to retract?
All credit agreements must include a withdrawal slip. The latter can thus be returned to the address indicated, by registered mail. On the other hand, it is important to remember to date and sign this slip, otherwise the request may not be taken into account. Is the slip missing or not found? An explicit dated letter has the same legal value.
Can the withdrawal period be reduced?
The withdrawal period can be reduced during a credit known as “allocated” to a particular purchase. In this case, it will correspond to the delivery date. It can be the provision of a car, or the delivery of a new sofa purchased on credit in store. The deadline can never be less than 3 days, nor more than 14 days.
Is retracting completely free?
To retract within the time limit does not involve costs. You will simply have to reimburse the lender if the money has already arrived in the bank account.
To find out more, see “what is the withdrawal period” on the public service website.