[Note: Article 6, paragraph 1, of the Remote Sales Directive for Remote Contracts, which are consumer credit contracts] Under the Consumer Credit Act, you have 14 days to terminate a credit or loan contract. The legislation applies to all credit contracts, whether they are signed in person, over the Internet or over the phone. If you wish to terminate a credit contract, the first step is to contact the lender concerned to let them know. It is recommended to do this as soon as possible, so call the lender directly, but also be sure to follow this with written correspondence. This ensures that there is a paper path that you can follow if you then have to refer to certain data and information. If you wish to terminate the contract, you must pay the financial company the money you still owe to the car within 30 days. a credit contract that has been terminated in accordance with Rule 15, paragraph 1 of the Consumer Protection Regulation (remote sales) 2000 (automatic termination of a corresponding credit contract) or Regulation 38 of consumer contracts (Information, Cancellation and Additional Charges) 2013 (effects of revocation or termination on ancillary contracts)3; Under the Consumer Credit Act, borrowers have 14 days to write down their personal loan agreement. If the lender does not declare the credit contract as desired, you can file a formal complaint. Here, it may be helpful to provide copies of the correspondence you had up to that time to ensure that there is no misunderstanding about the lender`s end on everything that happened. If that still does not resolve the situation, the next step is to go to the financial ombudsman. “first-benefit contract,” opening a bank account or paying a credit-token contract; and 3 The right to withdraw regulated agreements is governed by Section 66A Consumer Credit Act 1974, which was introduced in CCA 1974 by regulations 2010/1010 (which transposed the European Consumer Credit Directive (2008/48/CEE).
In 2016, the customer informed the German credit institution of its decision to terminate the contract. The credit company objected to the withdrawal and stated that the 14 days had expired and that they had properly informed the consumer of that right. In response to the second question concerning requests for a preliminary decision, the Court of Justice added that the reference to national legislation, which also refers to other legislative provisions of the Member State, is not considered to be a valid option to inform the consumer of the beginning of the withdrawal period and other conditions of its exercise.