What is the withdrawal and reflection period for an offer to buy back credit?
The withdrawal and reflection periods stipulated during a credit redemption are strictly regulated by law. What is it about ?
A borrower wishing to set up a consumer or real estate purchase buyback benefits from a cooling-off period and then an option to withdraw within the days following the signature of the loan offer. What withdrawal and reflection period applies in case of credit redemption? Details.
The withdrawal period for a repurchase of consumer credit
The purchase of consumer credit consists of consolidating several receivables such as personal loans, tax debts, unpaid rents or overdrafts. It is aimed at both homeowners and tenants. In this case, the withdrawal period, which gives the borrower the opportunity to reconsider his commitment decision after signing the contract, is 14 days. During this period, it is possible to accept or reject the offer issued by the bank. In case of refusal, the borrower must return the withdrawal slip attached to the offer. In any case, funds can only be released once this time has elapsed.
The cooling off period for a real estate loan
The question of the repurchase of mortgage lending arises for the borrowers against the backdrop of falling interest rates. This operation makes it possible to reduce its monthly loan payments by extending the duration of its repayments or by taking advantage of a more interesting interest rate. This is for the borrower to rebalance his budget.
Its implementation should not be taken lightly because its cost can be high. This is why the law provides for a reflection period of 10 days from the receipt of the contract. This period should allow the applicant to study the offer well, to compare it with others, to ask for clarification on certain points before committing himself.
The withdrawal period for a repurchase of real estate credit and conso
Your purchase may include real estate loans and consumer loans. In this situation, the delay varies according to the proportion of the mortgage in the total of the repurchased receivables. Thus, if the mortgage represents more than 60% of the total loans, the withdrawal period is 10 days. On the other hand, if consumer credit accounts for more than 60% of the amount of consolidated loans, the applicable withdrawal period is 14 days.
The withdrawal of a credit surrender leads to the termination of ancillary services such as insurance. Thus, it is important to verify that these contracts have actually been terminated by the banking organization. Would you like more information on buying real estate and / or consumer loans? Do not hesitate to call a broker who will provide you with personalized advice. This professional is responsible for completing all the steps for you.