Consumer credit: what is the right of withdrawal?
Verified 25 May 2021 - Directorate for Legal and Administrative Information (Prime Minister)
The right of withdrawal may be exercised for a personal loan or for an assigned loan. The personal loan is a loan that can be freely used for any purpose. The earmarked credit is a loan that is for the purchase of a specific good or service and cannot be used for any other purpose.
Personal loan
After signing a loan contract, you have the opportunity to change your mind in a short time. You must exercise your right of withdrawal within 14 calendar days from the date of signature. The right of withdrawal has the effect of blocking the contract already signed during the period provided for its use. Thus, the lender will not be able to make the funds available to you before the expiry of the period of exercise of the right of withdrawal.
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Renunciation of the contract
To exercise your right of withdrawal, you must complete the detachable withdrawal form attached to your contract.
Complete and sign this form. Then send it to the lending institution (bank, credit institution...) by registered mail with acknowledgement of receipt. You will find his contact details on the back of the detachable form.
You have 14 calendar days from the day the contract is signed to complete this process.
Contract Confirmation
If you have not exercised your right of withdrawal within the period of 14 calendar days after the date of signature of the loan offer, the contract becomes final. You must then repay the credit in the manner specified in the contract.
Allocated Credit
After signing a loan contract, you have the opportunity to change your mind in a short time. You must exercise your right of withdrawal within 14 calendar days from the date of signature. The right of withdrawal has the effect of blocking the contract already signed during the period provided for its use. If it is a earmarked credit (linked to a specific purchase), the seller cannot deliver the goods or start the service before the end of the withdrawal period.
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Renunciation of the contract
To exercise your right of withdrawal, you must complete the detachable withdrawal form attached to your contract. If you waive your credit, the purchase of the property or benefit for which the credit was intended will also be canceled.
In addition, if the seller has required you to make a deposit, you must also claim a refund of your deposit.
Request a refund of a deposit paid to the seller if you waive the assigned credit within 14 days
Contract Confirmation
If you do not exercise your right of withdrawal, the seller will deliver the goods or perform the service at the end of the withdrawal period.
However, you can request the reduction of this withdrawal period and thus be delivered immediately (or benefit immediately from the service).
You must then write specific terms on the sales contract by hand.
You can use the following letter template:
Particulars to be indicated in case of purchase of a good with a credit to be delivered immediately
The new withdrawal period must be between 3 and 14 calendar days after the day on which the credit agreement is signed.
Once the goods have been delivered (or the service provided), you will no longer be able to withdraw and you will be committed by your credit.
Formation of the credit agreement
Revolving credit
Formation of the consumer credit agreement
Appropriations allocated
National Institute of Consumer Affairs (INC)