After accepting a consumer credit, the borrower has a period of two weeks to change his mind without having to justify himself. The standard mail to make the retraction must be sent to the bank by registered mail with acknowledgment of receipt.
Managing your contract: the right of withdrawal of the borrower
After acceptance of an offer of consumer credit (personal loan, assigned or renewable), the borrower retains the possibility to withdraw and terminate the loan without having to justify or even pay compensation to the borrower. the banking organization. This right of retraction lasts for 14 calendar days from the date on which the loan agreement was signed. The borrower can retract by using the detachable form associated with the contract if he has thought to keep it, or by sending the following standard mail to the bank.
Since the lending institution may release the funds of a consumer credit from the 8th day following the acceptance of the loan offer, the borrower will have to repay the capital if the withdrawal takes place after payment according to the terms provided for in the loan agreement. In the case of a loan assigned to the purchase of a product, the problem does not arise since the seller can not proceed with the delivery until the withdrawal period has expired.
The standard letter of withdrawal of a consumer credit
Contact Information Lender Organization
Subject: Retraction of my acceptance of consumer credit n ° (specify file number)
I responded favorably to a prior offer of consumer credit with your organization (specify the date of your acceptance) for an amount of (specify the amount) euros.
After reflection and in accordance with Article L311-12 of the Consumer Code which grants me a right of withdrawal within 14 calendar days, I inform you today of my desire to no longer benefit from this offer of loan whose references are recalled above.
And (if all or part of the capital has already been paid) I send you a check to repay (or) I agree to repay all the funds paid within the time stipulated by the contract.
Please receive, Madam, Sir, the expression of my best feelings.
Name, First Name, Date & Signature