Withdraw from a loan agreement: your 14-day right of withdrawal
You took out a loan and now want out? For consumer loans there is generally a 14-day right of withdrawal. If the withdrawal instructions were faulty, the period may run considerably longer.
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What you should do now
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1. Check the contract and instructions
See when you concluded the contract and whether it contains correct withdrawal information.
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2. Declare the withdrawal in writing
Declare the withdrawal clearly (letter or email) with the contract number and date. No reason is required.
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3. Clarify the consequences
After withdrawal, the benefits received are reversed. Have the settlement explained to you.
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4. In case of linked transactions
If a financed transaction is tied to the loan (for example, a car purchase), the withdrawal may also cover it. Legal advice is worthwhile here.
Frequently asked questions
How long can I withdraw from the loan?
In principle 14 days from conclusion of the contract and proper withdrawal information. If the instructions are missing or faulty, the period does not begin properly and the withdrawal may still be effective later.
What happens after the withdrawal?
The contract is reversed: you return the loan amount, and paid interest and costs are offset. In linked transactions, the financed purchase can also be reversed.
Take action now
We put together the ready-made texts and the right places to contact for you.
General information for self-help, not legal advice (RDG). In case of a high loss or uncertainty: contact a consumer advice center or a lawyer.