Many examples of translated sentences with “cancel loan” – English-German dictionary and English translation search engine. Hello, I need some hints to cancel a study. I help you! Two months in advance. (“Was a loan to his company”). In some cases it may be necessary to cancel a loan.
to terminate a loan
Is a notice possible after the recording? Under the Civil Code, the consumer is also entitled to a period of two weeks for the revocation of consumer credit and related transactions, as well as loan negotiation agreements, within which he can resign from the conclusion of a so-called consumer contract without stating reasons. Indebtedness and joint and several liability are also credit agreements in this sense.
The right of revocation expires in any case after six months, or if the fee was not refunded within two days. When does the deadline apply? In the case of written contracts, such as loans, the periods of revocation do not begin until receipt of the contract. If the notification takes place after the conclusion of the contract, the deadline for revocation is one month.
A hidden reference in small print means no legally valid instruction, the period does not expire. Furthermore, the order must clarify the statutory right of withdrawal, which does not cancel the contract, but dissolves in a reverse business relationship. The revocation is subject to certain conditions, such as breach of contract or immorality (eg interest on loans that are twice as high as usual) – the obligation of proof is up to the purchaser.
In the case of so-called affiliated contracts under 358 BGB, an effective withdrawal from the credit agreement also releases the consumer from the obligation to deliver a thing or provide a service and vice versa. In the case of (overdraft) loans, which can be repaid without notice and at no additional cost, the right to cancellation expires.
When can a installment loan be terminated?
Under the law, a installment loan can be terminated six months after full receipt with a notice period of three months, provided that a fixed interest rate has been set. When can a variable rate loan be used? Variable Rate Loans may be repaid at any time with a term of three months.
Building loans and other fixed-interest loans, on the other hand, can only be redeemed after ten years with a notice period of six months or, with a fixed rate of interest, with a maximum of one month from the first day after the end of fixed interest. The cancellation conditions are often also stipulated in the contract. As a rule, credit institutions can easily disburse the early withdrawal from a loan agreement without statutory right of termination with a so-called early termination penalty.
If the loan has not yet been paid out, it is also referred to as a non-acceptance payment. The Federal Supreme Court assumes that the borrower has a right of termination, at least in the case of the sale of real estate or the rejection of a commercially necessary credit extension by the banks.