Cancellation of loans without prepayment penalty
The rescheduling carried out at the end of the term is not worthwhile for many credit customers. Under certain circumstances, it can also be carried out without a prepayment penalty. Health insurance – Can loans be terminated without prepayment penalty? It can pay off to terminate a loan agreement that has existed for several years. This assumes that the cancellation policy applied at this time is incorrect. If you have also concluded a loan agreement with a savings bank, it is possible that it can be canceled due to incorrect revocation instructions without you having to pay a higher prepayment penalty.
Of which savings banks are the affected companies particularly affected? West lists credit institutions and duew banks against which legal and extrajudicial prospects of success have been recorded in connection with the cancellation of loan agreements.
Often the errors in the revocation instruction are due to the fact that the savings banks have personified the legal requirements. Often mistakes have occurred, eg that the headings have been completed, brackets have been printed or the respective transaction has been indicated in the footnotes. For the cancellation of the credit agreement with the corresponding savings bank three conditions must be met:
The contract must be signed after the key date of the year 2002, as the right of withdrawal had not previously been legally established. There must be a contract between the bank and a consumer, as only one consumer has a right of withdrawal under the law. The used revocation must be faulty, since only then no correct information about your right of objection took place.
Early termination of a credit agreement
In the event of early termination of a credit agreement, the consumer must pay a prepayment penalty at regular intervals. It concerns a form of the conventional penalty, which is agreed by the health insurance companies in the contracts, in order to protect itself economically against interest-paying repayment delay. The bank has a legal claim to that. However, such a prepayment penalty does not have to be paid if the retention period has not started because of incorrect revocation instructions.
The passage of time does not begin until you have been properly briefed, otherwise the employment contract can now be terminated. Werdermann will check your loan agreement including termination instructions free of charge. Please fill out the customer questionnaire on our website wvr-law.de and send us your contract.