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What time to think after taking out a credit?

By taking out a personal loan, you benefit from a reflection period of 14 days. During this time, a waiver of the loan without justification is possible.

Such a period starts on the day you enter into the contract or when you receive the contract containing the information provided by law, when the receipt of this document occurs after the day of the conclusion of the contract.

When you make the decision to waive your loan, you must notify your lender by registered letter within 14 days. Check your contract, however. It may be that you authorize a waiver by sending a simple email.

In case of purchase of a service or a good without the conclusion of the least contract, it is possible to give up this one. Such renunciation can only be made in certain hypotheses:

  • The contract of purchase of service or is concluded at a distance, on the Internet for example. In this case, you can give up within 14 days from the day after delivery of the service or property. This will only be possible if you receive more information such as the characteristics of the service or property purchased, the complete identity of the seller, the existence of a right of withdrawal and the price.
  • The conclusion of the contract takes place outside the premises of the seller, that is to say:
    • In an exhibition, a fair or a salon, provided that the price is not immediately paid or over 200 euros.
    • You buy a motorcycle for € 10,000 and you apply for a personal loan the next day, which is granted to you with a contract providing that this credit was granted to you for the acquisition of this motorcycle.
    • During an excursion organized by the seller or for the benefit of it outside his shop. This is the case for example when you participate in an excursion to an abbey and you are offered to buy a set of glasses that you must pay in 6 monthly installments.
    • At your place of work or at your home. This is the case if you receive at your home a seller of appliances that manages to convince you to buy a vacuum cleaner and you later regret this purchase.

In these situations, you can retract within 7 days from the day after the signature of the contract. No renunciation of the purchase contract is therefore possible outside of these hypotheses referred to above.

Effects of retraction

Effects of retraction

For the determination of the consequences attaching to this waiver, four situations must be distinguished:

  1. A service or a good is bought from a seller A and a personal loan is contracted from a lender B. A waiver in this case has no effect on the contract.
  2. You buy a service or property from a seller A and you apply for a credit linked to a lender B. In this case, the waiver has no consequences on the contract with the seller. This one must be executed.
  3. A service or good is acquired from a seller A and a credit agreement is concluded with a remote lender B. You can in this situation waive the personal loan agreement without affecting the sales contract.
  4. You buy a service or property from a seller A remotely and you conclude a loan from a lender B remote or not. In this case, the cancellation of the purchase contract can be done within 14 days of delivery. This retraction systematically entails that of the loan contract.

Consequences of the right of withdrawal

Consequences of the right of withdrawal

Tangible personal property must be returned as soon as you renounce the credit that made it possible to acquire it.