If there is one area in which the consumer is helpless in the face of the legal and technical terms used, it is credit. In general, the home pages of the websites of banks or credit companies are user-friendly and understandable. But if you consult the general conditions, you switch to another world. And, unless you have solid legal notions, you are likely to understand nothing.
Everyone knows that in terms of credit, withdrawal periods are provided, this in order to protect the consumer.
But do you know the duration of these delays, and do you know how they are calculated ?
Explanation of the withdrawal period for consumer credit :
These credits are governed by the consumer code. Article 311-12 of this code stipulates that a borrower can retract without having to justify himself, within 14 calendar days.
- This 14-day period runs from the day of acceptance of the credit contract offer.
- This offer must mention various mandatory information and must include a detachable form allowing you to withdraw.
- Useful clarification : We have just seen that the consumer code provides for a withdrawal period of 14 calendar days, but what is a calendar day?
- Answer : To be more precise, these are 14 completed calendar days. Thus, if you sign on May 3, the withdrawal period runs until May 17. May 18 it will be too late!
Regarding revolving credits :
Revolving, replenishing credits or credit reserves, although different from the credits allocated are considered to be consumer credits. Therefore the rule is the same. Renewable credit contracts are subject to the 14 calendar day rule with regard to the withdrawal period.
How to retract ?
- We have seen above that the credit contract offer must include a detachable withdrawal form.
- Simply complete this form, sign it, and send it to the specified address.
- PLEASE NOTE: This letter must be sent by registered letter with acknowledgment of receipt.
The explanations given above only concern consumer loans (car / motorbike credit, work credit, personal loan, etc.). Home loans are subject to a different rule.