Right of revocation

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Right of revocation on a credit application

The right of revocation, enshrined in Article 16 of the Federal Consumer Credit Act (LCC), allows borrowers to withdraw from a private credit agreement without having to provide any justification or incur any costs. This right is an essential measure to protect consumers against impulsive or pressurized decisions that could lead to financial hardship. Since January 1, 2016, the withdrawal period has been extended from 7 to 14 days. This extension gives consumers extra time to think calmly about their financial commitment.

Mandatory mention in the contract

To guarantee transparency and consumer protection, the right of revocation must be clearly and explicitly mentioned in the loan contract. Failure to do so may have consequences for the lender, thereby reinforcing the borrower’s security.

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Extension of the Revocation Period

According to some banking institutions, the 14-day cooling-off period can even be extended by a further 10 days. This extension, offered by some lenders, gives borrowers a maximum of 24 days to reconsider their decision, again free of charge and without justification. This is an additional flexibility for consumers wishing to reconsider their commitment with complete peace of mind.

Starting point of the right of revocation

In theory, the revocation period begins on the day the borrower receives a signed copy of the loan contract. However, it is important to clarify this point with the lending institution, as some organizations take the date shown on the contract, and not the day of receipt, as the starting point. This clarification can make all the difference in calculating the exact number of days remaining for the borrower to exercise his right of withdrawal.

How to send a revocation

To exercise your right of revocation, you must submit your request before the deadline. This request can be delivered directly to the lending institution or sent by post. It is crucial to ensure that the request is sent no later than the last day of the deadline, in order to guarantee its validity.

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Impact on disbursement of funds

One of the side-effects of the right of revocation is that the disbursement of funds is automatically delayed. Regardless of the lending institution, the money will only be paid into the borrower’s account once the withdrawal period has expired, i.e. at least 14 days after the contract has been signed. This mandatory period is designed to give the borrower additional time to think things over, thereby reinforcing the security of the transaction.

In short, the right of revocation provided by the LCC is an important safeguard to protect borrowers against hasty commitments. It is therefore essential to fully understand the conditions and implications of this right to avoid any misunderstanding and optimize credit management.

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