If you took out a consumer credit for, say, buying a car or hosting a party And regret it, you have 14 calendar days to cancel the loan without providing any reason. This right is known as the right of withdrawal. The period starts on the day you sign the credit agreement. If you receive the terms and conditions later than the day you sign the credit agreement, the 14-day cooling-off period begins on the day you receive the terms and conditions.

To cancel the loan, you must send a registered letter to the lender within the 14-day period, informing them that you do not wish to proceed with the loan. Check the terms and conditions of your credit agreement as you may be allowed to cancel it via regular letter.

If you cancel the credit contract, you are not obligated to pay the monthly payments. You must return the amount of money you received, along with any interest due within 30 days. Additionally, you must return the goods to the seller.