Penalty for early repayment of consumer credit

Penalty for early repayment of consumer credit

Excluded is the right to a prepayment penalty for consumer credit. free or whether you will be charged a prepayment penalty. The bank will demand a so-called prepayment penalty as compensation. Get your prepayment penalty back!

International and international banking and financial market law

International and international banking and financial market law

The practice-oriented work systemically explains the entire area of ​​banking law in Germany on the basis of current legal developments. In addition, the development of European and banking law of European countries is presented in the form of country studies. Increasingly, the focus is also on institutions and phenomena as well as areas of law whose relevance has become increasingly clear in recent years as a result of the financial market crisis – for example rating or scoring or data security and banking.

The first part deals with the main features of bank contracts, loans, and collateral, as well as accounts and payment transactions.

Guide to German-speaking and European banking law

Guide to German-speaking and European banking law

Today, banking law establishes the essential elements of today’s economic life. Based on current legal developments, the 2300-page, practice-oriented book consistently explains the entire area of ​​banking law in Germany, including the act of July 2008. 11 more articles have been included in the new edition. In addition, the development of European and banking law of European countries in 28 countries is presented at 550 pp.

The 110 renowned authors from the academic world, who often act as lawyers, mediators and mediators or consultants, as well as scientific practitioners from the legal and legal professions, guarantee a balanced interpretation of the law and a reliable and Timely presentation of the individual sections in condensed and condensed form, in order to allow the educator a practical and expert introduction within shorter periods of time. The editors of

Banking law

Banking law

Following the legal adoption of the option to terminate consumer loans for old contracts as of June 22, 2016, the option to terminate is now also available for new contracts concluded on June 11, 2010. These are (real estate) loans, term loans and prepaid penalties already paid. Not only in the revocation instructions, which often do not quite correspond to the model presented by the legislator, are now errors to recognize, but there are above all also deficiencies in the mandatory information for consumers.

Thus, the opposition period does not expire, so that the consumer can withdraw the approval today. Not only the loan agreements concluded in the above-mentioned period, but also the prepayment fees already paid should be examined. In its decision of 15 February 2009 (Ref No. 17 ZR 45/09), the BGH found that the del credere and residual debt insurance is a so-called “composite business”.

For the consumer, the consequence is pleasing: here, too, he has an unrestricted right of withdrawal. The new provisions include, above all, the lenders’ obligation to provide information before the conclusion of the contract, extended call options and provisions for prepayment penalties. To whom and for what are the new rules applicable?

In the case of consumer credit, the specific rules apply only to monetary interest contracts concluded between a consumer as borrower and a lender as of the balance sheet date of 31 December 2010. In exceptional cases, this does not apply to consumer loan agreements, where the loan amount is less than EUR 200, a thing is left as a pledge and the borrower is liable only for the loan transaction (lending contractors) and the loan transaction is to be repaid within three months and only marginal default interest (eg interest-free or particularly favorable) and in the case of employer loans as an ancillary service are compatible with the employment relationship, provided that the annual percentage is below normal commercial rates.

Therefore, the following references to these contracts are not applicable. For example, the new rules on the default of the debtor and the right of the lender and the borrower to financing contracts for real estate financing. In doing so, the previously applicable general credit law regulations will remain in force.

However, the new information obligations of the borrower to the lender apply. With the new consumer credit law, the borrower receives more information before concluding the contract. The following is important: The consumer must be informed in good time before signing a loan agreement in writing, ie by e-mail or fax, about all important details of his contract.

In this case, the consumer can apply for a credit agreement from the creditor, provided that the supplier is in principle prepared to conclude the contract. After the conclusion of the contract, the creditor shall inform the consumer of all statements or additions in writing or in writing, ie by fax or e-mail. The creditor is obliged to provide information in the following cases: If the consumer agreement does not contain compelling information, such as information about the terms of the contract, it will violate certain reporting obligations or it will not fulfill its written or cryptographic status If the loan contract is null and void, ie the contract is invalid from the beginning.

However, under current law, despite the shortcomings, the loan agreement becomes effective when the consumer receives or has used the loan amount. A new rule provides that the borrower has the right to terminate the loan agreement if the agreement does not contain any information about the duration of the contract or the right of termination. If this right is exercised, the lender is not entitled to a prepayment penalty.

With the new rules on the right of withdrawal will be built on the former. The novelty for consumers is that they can terminate an unlimited credit agreement at any time, unless otherwise specified in the contract. Even in the case of a contractual agreement, which provides a deadline for the end user, it may not exceed one calendar month. However, the borrower will not be terminated if he does not repay the amount due to the lender within two calendar weeks.