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Importance of a tear-off withdrawal form for the borrower’s right to repent

When it comes to loans,  borrowers  often have the right to repent and withdraw from their agreement within a specified period. For the borrower to exercise this right, it is essential that a detachable withdrawal form be attached to the loan offer. This serves as proof of the borrower’s intention to exercise his right of withdrawal. However, there are some considerations to keep in mind regarding the inclusion of this form.

Lenders usually include a statement in their credit offers, ensuring that the borrower acknowledges having a copy of the offer with the detachable withdrawal form. This step highlights the importance of providing the borrower with the necessary documentation to exercise their right. The borrower should keep this copy with the withdrawal form to ensure a smooth process if they choose to repent.

Exclusivity of the Detachable Withdrawal Form for the Borrower

Although lenders are required to provide  borrowers  with a copy of the loan offer, there is no legal requirement to include the detachable withdrawal slip in the lender’s copy. The formality of including the detachable withdrawal form only applies to the borrower’s copy and not to the version retained by the lender. This distinction guarantees that the use of the withdrawal form remains exclusively reserved for the borrower.

The absence of the detachable withdrawal form on the lender’s copy does not affect the borrower’s right to repent. The crucial aspect is the possession by the borrower of the withdrawal form attached to his copy of the loan offer. This separation of forms allows the borrower to exercise their right independently, without confusion or interference from the lender.

Confirmation by the Court of Appeal on the importance of the detachable opt-out form

In a notable case, Chamber 2 of the Rennes Court of Appeal confirmed a judgment rendered in 2012. Dated July 7, 2017, this judgment underlined the importance of the detachable withdrawal form. She clarified that the requirement of a double formality applies only to the loan offer itself and not to the detachable withdrawal form.

This legal precedent underscores the borrower’s right to possess the detachable withdrawal form as proof of their intention to exercise their right to repent. It empowers the borrower and ensures that lenders cannot hinder or complicate the withdrawal process. The inclusion of a detachable withdrawal form serves as a safeguard, ensuring that borrowers can exercise their rights with ease.

In conclusion, a detachable withdrawal form attached to the loan offer is essential for borrowers to exercise their right to repent. Although the lender’s copy does not require the withdrawal form, the possession of this document by the borrower is crucial. The confirmation of the Court of Appeal underlines the importance of this form and its exclusivity for the borrower. By adhering to these practices, lenders can maintain transparency and facilitate a smooth process for borrowers who wish to exercise their right to repent.