Almost all loan agreements can be revoked - European Court of Justice

2020-03-30 21:01:33

Have you even found a cancellation policy in your KFW contract? I somehow haven't in mine...

No, there's no cancellation at all ops: very mysterious...

2020-03-30 21:43:23

No, there is no revocation mentioned there at all ops: very mysterious...

KFW loan is a promotional loan, not a consumer credit, therefore no right of revocation. Honestly: I try to read up a bit smartly, but I keep coming back to this old issue from before 2016? ... and always either a lawyer’s page with babble or a consumer advice page with a list of lawyers, more or less also babble. My parents fell for such babble, was expensive without success (-> the expensive lawyer, who first checked a lot, had no success) Therefore I am curious about the first person here who shares their story.

2020-03-30 22:02:00

KfW loan is a promotional loan, not a consumer loan, therefore no right of withdrawal.

Promotional loan? Sure, the bank demands money from you. Apart from that, the ruling is not limited to consumer loans, and ultimately you enter into a loan agreement with the issuing bank, not with the KfW. Accordingly, there is also a (sometimes flawed) withdrawal instruction for KfW loans.

Googling "ECJ withdrawal" delivers hundreds of hits, with a strongly increasing trend. Results of any further proceedings will, as a matter of principle, only be available soon.

2020-03-30 22:04:49

"Förder" of course, as you correctly concluded

2020-03-30 22:12:18

Consequently, there is also a (sometimes faulty) revocation instruction for KfW loans.

Unfortunately, I did not find any passage with a revocation there.
Neither in the KfW documents nor in the related documents of the lending bank through which the KfW loan is processed.

Only in the loan agreement of the main loan directly with the bank is there something about revocation, however without reference to the necessary paragraph 492.

Perhaps because the contract was concluded after 21.03.2016.

Quote from a law firm:

What does this mean for me?

Due to this clarification by the European Court of Justice, thousands of revocation instructions used by German banks in real estate loans since 11.06.2010 are likely not to be valid. The start of the 14-day revocation period depends on the bank having properly informed you. If it did not, you may be able to cancel expensive loan contracts in many cases even after years.

For consumer loans not secured by land charges: These can be revoked indefinitely if the revocation instruction was not properly given.

For loans secured by land charges, which were used to finance a property purchase: Contracts concluded between 11.06.2010 and 21.03.2016 can be revoked indefinitely if the revocation instruction was incorrect. For real estate loan contracts concluded from 22.03.2016 onwards, the revocation period is 1 year and 14 days.

2020-03-31 00:32:14

My parents fell for such nonsense, it was expensive without success (-> the expensive lawyer, who first checked a lot, had no success)

I see it similarly. The lawyers just babble. Anyone who is very sure of their case can simply issue the revocation with the bank without a lawyer and see what happens and wait for the judicial clarification. You might even realistically get the interest back for the period between the revocation and the accepted revocation if the clarification drags on for months or years. The repayment within one month is annoying. But for a small loan or a low remaining debt, I would do it if I were in that situation. Anyone who now proactively triggers the bank just to inquire without wanting to revoke will simply be legally informed by the bank about the objection on the spot and the 2-week revocation period will start ticking. Also not nice in times of Corona to find new financing directly.

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Almost all loan agreements can be revoked - European Court of Justice

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