If the credit contract provides for this, the lender may, for objectively justified reasons, terminate the consumer`s right to direct debit. The creditor informs the consumer of the termination and the reasons for termination on paper or on any other lasting medium, as far as possible before termination, no later than after termination, unless the provision of this information is legally prohibited or contrary to public policy or public safety objectives (suspicion of money laundering, etc.). The consumer must be informed of the transfer unless the original lender continues to manage the credit contract with the consent of the transferee. Advertising for credits that include aspects of the cost of this credit (for example. B the interest rate) must provide standard information based on a representative example, including: in the event of a home sale, the lender must respect the consumer`s decision to refuse the sale at home (the installation of a sticker or distinctive sign) and respond to the consumer`s wish to leave the premises and/or not to return. If these elements are not complied with, the creditor may expect severe penalties. On the other hand, the lender can only terminate the credit contract if the consumer must repay the principal already taken and the interest that has expired there no later than 30 days after the lender has notified of its withdrawal. In the event of non-payment within 30 days, the consumer is subject to late interest at the legal rate. The lender is not entitled to consumer compensation, with other than reimbursement of non-refundable fees and amounts that the lender may have paid to a public management authority. The credit contract must also contain similar information in a format similar to that of the pre-contract phase. If you received a credit for services, you will probably be reimbursed if you terminate the credit contract, if you have already made part of the payment, for example. B as a deposit.
If you borrow money, you get credits – this could include overdrafts, credit cards and credits. As a general rule, the lender should provide you with a credit contract that defines the details of the agreement, including your rights. You and the lender must approve the terms of the agreement to seal the contract. If the consumer resides in another Member State, the lender may, if necessary, consult the relevant databases in the Member State where the consumer has his or her normal residence. The lender or, if so, the credit intermediary must also provide the consumer with sufficient information to enable the consumer to compare the various available credit contracts and determine whether the proposed credit contract corresponds to their needs and financial situation. They must also inform the consumer of the risks and consequences of default when repaying the loan. In the pre-contract phase, the lender must provide understandable information on the essential characteristics of the credit offered in a timely manner prior to the conclusion of the contract. This includes the fact that if the lender entrusts its rights under the agreement or agreement itself to a third party, the consumer is entitled to impose on the assignee any defences he could have made against the original lender, including a right to compensation if it is provided for by the contract and authorized by law.