Any clause whereby the lender can unilaterally modify the conditions of the credit agreement is in principle prohibited. However, this rule allows two possible derogations:
- The lender may unilaterally change the costs and rates of withdrawing money from an ATM. In such a case, the personal lending institution must notify the consumer of its decision to change at least two months before its entry into force.
- A unilateral modification of the contract rate by the credit institution is possible. But for these contractual conditions to be changed, three criteria must be met:
- the credit agreement must specify the power not only to change the rate but also the conditions and procedures for adapting it;
- the modification decision must be taken in strict compliance with the minimum rates;
- a notification of this change must be made in writing to the consumer. The one can be informed also by any other durable medium like the cd-rom, the hard disk and much more.
What can I do if the property purchased with the credit does not work or is not delivered?
The repayment of the personal loan can not be done without a delivery of the property purchased on credit. However, the loan contract must specify whether the amount of the loan will be paid directly to the seller or the type of property financed such as a vehicle. A document in which you acknowledge receipt of the goods delivered must be dated and signed at the time of delivery. It is from this moment that you can begin repayment of the loan. In case of malfunction of the property acquired, it is declared non-compliant. In such a case, you must file a complaint with the seller. If this defect is found within two years or one year for a second-hand object, you can demand its replacement or repair without incurring additional costs to you.
During this period, the personal loan is always refunded in a blocked account opened for this purpose and not directly to the seller.
If the seller does not comply with your complaint by not repairing or replacing the defective goods, you are entitled to appeal against the lender. The refund of your credit must be suspended in this case.
The exercise of such an appeal is however subject to certain conditions:
- the seller must have been put in default to deliver you a good according to the one which you ordered. This formal notice must be sent by registered letter to the post office;
- you must have notified the credit institution the non-repayment of the personal loan if the seller does not satisfy within one month. You specify that the money of each monthly payment will be paid into a blocked account. Unlocking this money is always possible either by decision of a judge or by mutual agreement.
You simply cancel the sale when you can not find any solution with the seller. Such a situation leads automatically to the disappearance of the personal loan requested for the purchase of the property of your choice.
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