How to withdraw from a loan agreement?
For many people, signing a loan agreement / loan agreement seems to be a final and irrevocable decision. However, if you get acquainted with a more profitable offer of another lender, it may be lower interest rates, installment, commission, fees around credit, there is a possibility to withdraw from the originally signed loan agreement. So how do you do it and is it possible in every case?
The deadline is 14 days
According to Polish law, any person who has signed a loan agreement can, without giving reasons, give up the loan. To do this, he only has to provide the lender with a written letter containing a declaration of withdrawal from the contract. The only tightening that must be respected is the behavior of the fourteen-day period in which the letter in question will be sent or deposited in the hands of the financial institution with whom the contract has been concluded. If the declaration is made after this date, it will not be recognized.
Withdrawal can be sent traditionally – by post – within 14 days the date of posting is decisive (date of postmark), not as some believe, the date of delivery to the facility. The statement can also be submitted directly at the company’s headquarters or branch where the contract was signed. If the loan agreement was concluded via the internet, which is a very common situation, if you use the so-called payday loans – quick loans for the statement – you can send a withdrawal by e-mail and mail to the address provided by the loan company. The 14-day period is defined in the Act on consumer credit, which must be observed by both banks and institutions offering payday loans.
Model statement of withdrawal
Most companies, along with the contract, table of fees and commissions and regulations, automatically attach the model statement of withdrawal. In this situation, you only need to print it, or copy it and send it to the lender within the set 14-day period. However, if for some reason you do not have this statement, you will need to write it yourself. The letter should include the date and the city, the borrower’s data and the name to whom the statement is addressed – contact details and name of the lender. The following word should be included: n “In accordance with Chapter 5 of the Act of 12 May 2011 on consumer credit (Journal of Laws of 2016, item 1528 as amended) and § 11 of the Agreement, I hereby withdraw from the Loan Agreement” , then enter the loan or contract number, sign and give or submit a letter.
What about the means?
Of course, after withdrawing from the loan agreement, the borrower is obliged to return the borrowed money. Transfer back the whole amount borrowed and possibly statutory interest for each day on which you had cash. For example – if the funds resulting from the loan agreement were transferred on the first day of the month and were returned to the lender’s 16go account – calculate the statutory daily interest from sixteen calendar days and transfer the loan amount to the loan account. The borrower has 30 days to perform this activity. After this period – if you do not return cash – withdrawal from the loan agreement will be considered invalid, the contract will be in force and all of its provisions and obligations arising therefrom, including repayment of installments, commission fees, etc.
As you can see, making a decision and signing a contract with a loan company is not a final decision. If, in connection with equal situations that can happen, the borrower wants to give up the loan – he has the option. It is protected by the provisions of Polish law. Companies can not refuse to accept a resignation if it is submitted on time. It is worth adding, however, that the situation described above applies only to loans made by natural persons, so-called consumers. In a situation where the contract was signed by a right person or for business purposes – these provisions will not apply. After withdrawing from the loan agreement, it is worth sending a letter to the loan company asking for deletion of the entries and inquiries from the BIK – Credit Information Bureau. The financial institution and this topic should not cause problems with the implementation of such a request. Deleting a query from BIK is important because in the future it may affect the granting of other loans / credits. The Polish law has recently evolved a lot and with the utmost care protects the financial interests of borrowers. In the event of any problems during the withdrawal from the loan agreement, the consumer may submit his objections to UOKiK, the PFSA, the Consumer Federation or to the Consumer Ombudsman competent for the place of residence. It is always worth, however, at the very beginning, before signing a loan agreement, make a sensible and conscientious decision, carefully read the contract and follow the regulations – then you will avoid misunderstanding and the whole procedure of withdrawal from the loan agreement.