Because banks have taught at the completion of a construction loan incorrect revoking, customers can get out of expensive contracts. Without a lawyer that does not work normally.
This form mistake could prove costly financial sector. Many banks and financial institutions have their customers informed when signing a mortgage contract incorrect concerning the right – with the result that customers challenge the contracts and can record a new, cheaper loan. This saves many thousands of euro interest rates generally, such as the “financial” magazine reported. Vulnerable is any contract with incorrect cancellation, which was closed since November of 2002.
The statutory provisions banks have since then explain to their customers to understand how long they can withdraw from a contract without giving reasons – that is possible within 14 days after signing the contract. Many financial institutions apparently become victims of their own efforts to formulate the withdrawal for their customers to understand. Such as “financial test” writes, they would have been with the pattern text of the Federal Ministry of Justice on the safe side. But this was initially controversial. The Bank lawyers attacked itself to spring and, as it now turns out, next in formulating.
Thousands of euros saved by new contracts
The consumer centers of Hamburg, Bremen, and Saxony have analyzed nearly 10,000 contracts and found in 80 percent of cases mistakes. Far more than half of them had already been recognized by the courts, according to the “financial test” report. In individual cases, borrowers were able to save 10,000 euros and more by dissolving the old and the conclusion of a favorable new contract.
It will also benefit those who want to sell their house or apartment before the end of the fixed interest rate. If they successfully revoke their contract, the so-called prepayment penalty is eliminated. This can be up to 39,000 euros, depending on the level of the rate, remaining fixed interest rate and with a 200,000-euro loan as “financial test”, calculates. That banks want to keep the topic most like under the lid no wonder. Too big is the fear that now every second credit customer knocks on the door and wants a better contract. According to “financial test” it goes for banks and savings banks to hundreds of billions of euros.
The contract should be checked when a lawyer
Consumer advocates, who are usually quick too, if there is something to criticize publicly the conduct of the banks, but even understand. “Order cancellation is complicated as hell,” says Christiane about Kienitz, a consultant for mortgage lending at the center for Hesse, firmly. One could assume “evil intention” any bank one. “A bank has an interest that the revocation is correct.”
Exercise restraint, the consumer advocate also for another reason. First of all, it is a question of collecting “gently” experience, says Kienitz. In many cases, there is no supreme court. At the center for bank customers can first be checked by a lawyer, if there is anything objectionable in their contract. The consumer center in Rheinland-Pfalz does this not out of personal reasons, as they say.
70 percent of the contracts in Hesse wrong
In Hesse, there is already a strong demand. “And it is increasing,” says Kienitz. According to the officer, about 70 percent of the contracts do not meet the regulations. With almost a third of them, good opportunities for early withdrawal from the credit agreement existed.
But this is only the first step. “Law enforcement is difficult in many cases,” says Kunitz. “Without a lawyer is then usually comes not.” Also, “financial test” reports of resistance of the financial sector. That the magazine explained in two pages as are “fit for the revocation” bank customers, shows how complicated the matter is.
Kienitz hopes that primarily benefit consumers in need: to reschedule a contract which is forced because of divorce, death or unemployment bank customers, that is, to pay off the old contract to complete a new one with more favorable terms. Or who need to sell their property. The fees, which require banks it would, most are not in the drawer. Because of the contestability of contracts, they would have a better basis for negotiation now. “That’s an ace up his sleeve,” hopes Kienitz.
Only this week the Federation of Consumer Organizations had criticized the high prices charged by banks for the early repayment of a bank loan and called for fairer rules. After an analysis of consumer advocates, the fees in Germany have increased over the past six years, an average of four to nearly eleven percent of the remaining loan amount. This means that Germany lies in Europe at the top. The Consumer advocates demand a percentage of the balance cap.
If a customer drops out of his mortgage contract, he is fundamentally dependent on the goodwill of his bank. Only in two cases, the borrower has an exit right: On the one hand, if he wants to sell his property or if he plans a reconstruction and for a new loan takes the denied his bank. Either way, a bank may require a prepayment penalty for the disadvantage of her arises in such cases if they do not receive fixed interest payments for a terminated credit. If a credit agreement for a revocation error contestable, eliminating the usual Vorfälligkeitsgebühren. This also applies to contracts that are rescheduled for interest reasons