Debt Repayment Credit repayment


Once the contract is concluded, it can be executed in accordance with the prior offer of credit and becomes the final contract.


It was not until the expiration of the withdrawal period the lender will make the funds available to the consumer and that the borrower will start paying the monthly payments under the contract.


The repayment by the borrower may only be logically after the provision of the loaned amount.


More specifically, the reimbursement will be only from the use of funds made available to the borrower. As it does not use the amount that is offered to him, there is no need to refund and is therefore exempt from paying the monthly payments.


It should be noted that the borrower can make the early repayment of the credit at any time, without either any reasons or pay any compensation. The lender cannot require the capitalization of interest for early repayment or non-payment of consumer credit because it is not entitled to money other than those expressly provided for in the regulations.


The prepayment is to repay all or part of the debt before the dates originally scheduled for payment.


Similarly, the borrower does not have to prove just cause and may proceed to prepay even if its credit agreement does not mention this possibility.


When the borrower repays the loan in advance, the amount and duration of future monthly payments will be reduced proportionately.


It is advisable to consult the credit agreement before a prepayment to the extent that some contracts stipulate a notice period to be observed. This delay allows the lender to organize the processing of the request prepayment. When the notice period is reasonable, it is lawful and the consumer must be met before the early repayment of its debt.


The termination of the credit agreement


Once the contract is concluded, the borrower has the power to request at any time the suspension of the right to use the reserve provision or termination of the credit agreement. In the latter case, it is required to pay under the conditions of the contract, the amount of the reserve money already used and the amount remaining in the reserve will be frozen and recovered by the lender.


The cancellation request must be sent to the lender by registered letter with acknowledgment of receipt.


Finally, if three years of the opening of revolving debt agreement or the payment method associated (map) were not used, the contract renewal, if not signed twenty days before the date is automatically terminated.