Before you sign a contract, get acquainted with the rights that you are entitled to. Thanks to the knowledge about the differences between the annex to the loan agreement and termination and withdrawal from the contract, you will know, for example, whether you must agree to change the terms of the loan during its term.
Termination of the loan agreement by the lender
The termination of the loan agreement can actually take place only at the initiative of the loan company. This is the main element that distinguishes the withdrawal from the contract. The solution is made on the basis of clearly defined prerequisites. The lender may terminate the contract when we do not fulfill our obligations on time.
The Polish law regulates the amount of debt that entitles you to terminate the contract. The loan company may decide to do so if we are in arrears with at least two full installments. Then we should expect a prompt, ie a pre-court demand for payment. It will be sent by registered mail to the last address provided by us. In the summons, the lender is obliged to set a deadline for repayment of arrears not shorter than 14 days from the receipt of the letter, under the pain of termination of the loan agreement.
What to do when we receive a request for payment?
After delivery of the prompt, we have 14 days to settle our debt. If we do not pay back the arrears, the lender has the right to terminate the contract with a 30-day notice period. In the absence of repayment on time, we must reckon with the fact that the company will ask the court to initiate enforcement proceedings. The consequence of such circulation of cases will probably be considerable penalty interest. Timely payment of liabilities is extremely important. Debts will be sooner or later, and we will have to pay, and without complying with the provisions of the contract, we only expose ourselves to additional costs.
Annex to the loan agreement – can you change the terms of the contract during its term?
Is the day of paying the next loan installment approaching and the budget lacks funds? It is worth contacting the lender and knowing if there is a chance to extend the deadline for the installment. Most non-bank companies provide for such a solution. Then the contract is annexed and its terms changed. Usually, this involves a fee, but no more than a penalty interest, which must be paid for late payment of debt.
With the annex to the loan agreement, we can also deal when the law changes, forcing the lender to adapt to the new regulations. The non-banking institution must notify us of changes to the contract. We have 14 days from the time we provide information to consider whether we agree to the new terms. By submitting a written declaration of refusal to accept the amended conditions, the contract will be terminated with 30 days’ notice. If we do not take any action, the annex will take effect after 14 days.
When can you withdraw from a loan agreement?
Are you wondering whether it is possible to withdraw from the online loan agreement, and it has not passed 14 days since its signing? Pursuant to Polish law, any contract concluded with a remote lender may be considered nil. However, the resignation decision must be taken within two weeks of signing the contract. Sometimes loan companies give customers more time, but they can not shorten it.
How to withdraw from the contract? A written statement should be sent in which we will inform the service provider of the desire to give up the borrowed money. The loan company should provide a model of the letter together with the contract. However, we are not obliged to inform you about withdrawal from the contract in this form. We can make a statement yourself.
After delivery of documents to the lender, the period of 30 days begins – it is time to return the entire amount borrowed. We also have to take into account the need to pay interest for the time in which the money was in our possession. However, the lender does not have the right to charge any additional fees for waiving.