Consumer credit: what is the right of withdrawal?

Verified 04 June 2024 - Directorate for Legal and Administrative Information (Prime Minister)

Have you taken out a consumer credit and change your mind after? You can waive the credit by exercising your right of withdrawal. It is the ability of a consumer credit subscriber to change his mind within a short period of time. There are some differences between the personal loan and the earmarked credit. We present you with the information you need to know.

After signing a loan contract, you can 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.

To exercise your right of withdrawal, you must complete the detachable withdrawal form attached to your contract and send it to the lending institution by registered post 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.

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.

When 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.

The completion of the delivery depends on your decision:

Renunciation of the contract

If you exercise your right of withdrawal, it will apply to the credit agreement and to the contract of sale or service that the credit was to be used to pay.

In addition, the seller will have to refund the deposit you paid.

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 also request a delivery of the goods purchased or a performance of the service before the expiry of the withdrawal period.

In this case, you must write in your hand on the sales contract specific information requesting this immediate execution.

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 will be the day of delivery or performance of the service and it cannot be less than 3 calendar days not more than 14 calendar days after the date of signature of the credit agreement.

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.