Cancellation policy for construction loans

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Termination policy for construction loans

Termination policy for construction loans

Allianz Lebensversicherung-AG repeatedly informed the borrowers incorrectly about the resignation. Postbank misinformed the borrowers several times about the objection. Many loan agreements can be terminated today due to false cancellation policy of the health insurance. According to applicable law, the notice period expires if the cancellation policy is incorrect, which is why old loan agreements can still be terminated today. This also applies to the limited liability company of the Company which has used false termination instructions in its loan agreements.

Due to the late cancellation of the loan agreement, the borrower now has the chance of a favorable transfer. Unlike the termination, the opposition does not result in a so-called prepayment penalty. In the case of a revocation, however, this is not the case; the credit agreement is only “canceled”. In a bill, the Federal Council stipulates that the “indefinite revocation” of loan agreements is made impossible by false revocation.

In addition to the introduction of a legally prescribed, unlimited notice period, the waiver of so-called “old cases” is only possible up to the twentieth time. This also applies to loan agreements with Arbeitsgemeinschaft Lebensversicherung-AG. Already in many cancellation instructions of the ALPANA life insurance AG the beginning of the opposition period was only unclearly highlighted. It was found that the period “earlier” began with the receipt of the instruction.

This makes it unclear to the consumer when the revocation period begins.

This makes it unclear to the consumer when the revocation period begins.

As a further error in the withdrawal instructions of Alliance Lebensversicherung-AG, the consumer is not sufficiently informed about the essential aspects of the effects of the contradiction due to regularities. The last line of this directive did not regularly mention the effects of the recall. Consumers were informed that in the event of an objection, the services received should be returned by both parties.

The search for a deadline within which this should be done, however, was in vain. However, this is a fundamental part of the consequences of the revocation, which prevents the consumer from having the opportunity to reconcile his own financial position and other open periods with the reimbursement. Due to the lack of this essential information, the instructions of the insurance AG have once again not sufficiently complied with the legal requirement of clarity.

The cancellation of loan agreements under the Acceptance Insurance of Allianz Lebensversicherung-AG with such false revocation instructions is therefore still possible in many cases today. Cancellation policy of other financial institutions that have similar defects: It is certain that errors in the right of revocation even legal disputes are revealed. The law firm Werdermann | von Werdermann | von Röden offers as a special service a free entrance examination of the contract documents of borrowers for revocation of the credit agreement.

You know if your cancellation policy is wrong. In case of a cancellation, we will inform you of your savings potential.

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